|Starting in Singapore: Prime Apartments in Town|
Prime Apartments in Town
Spring Grove is another attractive development because it is close to town. A two-bedroom flat (of about 1,000 sq ft) will set you back as much as $4,000-$4,500, a three-bedroomer (about 1,300 sq ft) for $5,000 and the largest units of about 1,600 sq ft for around $7,000.
Regency Park in Nathan Road is also attractive: its draw, apart from its location, is the design of the flats with extra large balconies. The units in the development are also large -- from 2,000 sq ft to 3,600 sq ft. The smaller units can rent for around $7,000, while the larger, four-bedroom apartments go for $9,000 to $11,000 a month.
The recently completed Valley Park attracts tenants for its range of facilities and quality of finish. A four-bedroom apartment (about 1,700 sq ft) now goes for $6,000. However, when it first came on the market in late-1997, the rent would have been closer to $8,000.
In a competitive climate, older properties are losing out. The Claymore, for instance, has lost some lustre because its competitor, Four Seasons, is newer with better finishes and facilities. However, its location is still attractive to tenants-- being close to Orchard Road, and a stone's throw from the American Club and Tanglin Club.
Further down the scale, Tanglin Park is also losing out to newer developments like Spring Grove. A 1,000 sq ft unit there now fetches $3,000, against over $4,000 at its peak.
Rents overall have dropped drastically -- by 33 per cent in 1998 alone for prime properties.
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