72 story SkySuites and Okio residences Launching this weekend

EXCLUSIVE: SDB Pte’s “Okio Residences” at Balestier and Allgreen Properties’ “Skysuites” at Anson, which at 72 stories is the highest residentail condo in Singapore, will open this Saturday April 2.

Okio Residences, located at District 12 could give a buyer a rental yield of at least a 4.5% for a residential unit, according to property specialist Valerie Tan from acepropertyhub.com. The yield could even be higher for commercial spaces.

“It's very difficult to find such a good rental yield. Currently, if you can get a 3.5%. It's consider very good,” said Ms. Tan noting that rental yield for residential units in prime districts usually averaged to 2%.

The property is a mix development of a block of 18-storey residential apartment and 4-storey commercial retail offices. It's a SOHO Concept where the residential units can be converted into an office.

Another attraction of Okio residences, according to real estate agents, is its close proximity to Medical Hub. “Do you know that government had a target to bring in 1M people to "tour" our medical Hub? Therefore, you don’t’ have to worry about getting tenants if you rent out in the future,” added Ms. Tan.

The expert also said that the area is also popular to Indonesians and is customer-fitted where almost everything is provided by the developer except the bed and TV.

Jonathan Tan, a real estate consultant from www.CondoExpert.sg concurred adding that Okio Residences is in an advantageous location at City Fringe which is very much sought after by investors.

Balestier, to which Okio Residences, according to the expert was named by the government as a Singapore ‘identity node’ in 2002 due to its heritage value and old world charm.

A unit at Skysuites located at District 2, meanwhile, according toproperty specialist Jason Ng from propwall.com will be sold at "soft" launch price but with high rental yield expectation.

“For example, a 1BR unit of 398sqft is priced at 820k but it can fetch rental of 3.8k~4.5k when it is ready,” said Mr. Ng.

According to Knight Frank which markets SkySuites, the property is set to be the tallest residential building in Singapore with 72 storeys. “Set in the heart of the CBD, the launch of Skysuites will certainly take the market by storm!” it said.

To contact the journalist, send your message to [email protected]

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