The 510-unit waterfront condo project – Pebble Bay – located in Tanjong Rhu area has seen strong interest from homebuyers since early this year. Prices have jumped to as much as $1,389 psf in January when a 2,099-sq-ft three-room unit on the sixth floor was sold for about $2.9 million, exceeding the previous $1,372 psf record achieved at the condo during the 2007 peak.
Completed 13 years ago, Pebble Bay was a joint development project of CapitaLand and Keppel Land. It has a mix of units which include studio type units measuring 850 sq ft to 947 sq ft, two- to four-room units and penthouses ranging from 1,281 sq ft to 6,469 sq ft.
According to the caveats lodged with URA Realis from May 4 to 11, units at Pebble Bay were fetched for $1,156 psf to $1,209 psf. A 2,336-sq-ft three-room unit on the eighth floor was also sold for $2.768 million, or around $1,185 psf, making an 18.5 percent gain for the seller who acquired it in 2008 for $2.336 million or $1,000 psf.
Another seller also reaped an 83.9 percent gain when his 1,378-sq-ft two-room unit on the third floor was sold for $1.6 million or $1,161 psf. The owner purchased the unit for $870,000 ($631 psf) in 2006.
Sheirly Leo, marketing director at ERA Realty Network, said that the reason behind the sudden increase in interest in Pebble Bay and to other condo projects in the area is the close proximity to Marina Bay, with the opening of its integrated resort and The Helix bridge, which connects the Bayfront and Marina Bay, and the upcoming opening of Gardens by the Bay. With this, property values in the Tanjong Rhu area have sky-rocketed.
Pebble Bay also has perfect views of the Kallang Basin, which the government has allocated for a massive transformation into a waterfront precinct with homes, shopping malls, recreational activities, office spaces and entertainment centres. It is also near the Stadium MRT station and close to the upcoming Singapore Sports Hub.
Other condo projects in the Tanjong Rhu area have also seen an increase in interest. One of them is the 737-unit, 99-year leasehold Costa Rhu condo project, which saw a transaction in May 7 when a 1,647-sq-ft unit changed hands for about $1.647 million. Another one is the 522- unit, 99-year leasehold Sanctuary Green project. It had recorded two transactions from May 4 to May 11, where one unit was sold for $1.35 million or $965 psf and the other one went for $1.316 million or $940 psf.