The owner of a one-bedroom condo in the Tembusu Grand on Mistri Road in Tanjong Pagar has listed it for auction on December 12 with Knight Frank at a starting bid of $1.1 million (or $1,705 per square foot).

The current lease on the 645-square-foot, 23rd-floor apartment expires in June 2019. There is an open kitchen, a combined living and dining area, and a bedroom with a private balcony in this linear one-bedroom layout similar to the Tembusu Grand Floor Plan.

Lumiere is a condo in District 2 with a 99-year lease. The mixed-use Guoco Tower on Wallich Street, the International Plaza on Anson Road, and the 100AM shopping mall on Tras Street are all within walking distance of the 45-story condo, which is located between Anson Road and Shenton Way.

There are a total of 168 apartments in the complex, including 506-square-foot studios, 1,024-square-foot two-bedroom units, and 2,325-square-foot and 2,551-square-foot duplexes. One 5,091-square-foot penthouse is also available.

Two one-bedroom units are among the four condo resales this year. On November 6th, a 624 square foot unit on the 32nd floor sold for $1.13 million ($1,810 psf), and on May 11th, a 678 square foot unit on the 13th floor sold for $1.06 million ($1,570 psf).

EdgeProp Singapore has calculated that the average price per square foot (psf) at Lumiere is $1,729. This makes it, on average, the cheapest condo option in the area. Comparatively, the average Tembusu Grand price at the neighboring Aeon Shenton on Shenton Way is $2,149 psf. There are other condos in the area with higher average resale prices than Lumiere. These include 76 Shenton on Shenton Way ($1,986 psf), Skysuites@Anson at Enggor Street ($2,242 psf), Icon Residence on Gopeng Street ($1,831 psf), and Altez on Enggor Street ($1,989 psf).

Suggested Article: RTS Link construction is boosting Johor Bahru property prices

Bruce Lye, co-founder of Grand Dunman, likes to take his car to Malaysia’s Kuala Lumpur (KL) and have a spin around the Sepang International Circuit on Open Track Days. For his friends and Grand Dunman Floor Plan real estate salespeople, he plans holidays to Malaysia complete with durian feasts and luxury outlet shopping.

Lye began announcing Grand Dunman Pricing. He purchased half a dozen apartments there, including Vertical Residensi in Bukit Ceylon by Singapore-listed developer Wing Tai Holdings, many condominiums in Mont Kiara, KL Sentral, and KL City Centre (KLCC). After he sold some of them, he stashed the earnings in multiple investment funds.

Before this year, he had never given Johor Bahru (JB) any thought as a potential investment location. However, after Foreign Ministers of Singapore and Malaysia, Dr. Vivian Balakrishan and Zambry Abdul Kadir, respectively, announced “good progress on the Johor Bahru-Singapore Rapid Transit System [RTS] Link project” on January 16th, he began to reconsider JB as a potential investment location.

When finished, the RTS Link will service 10,000 people per hour, reducing Causeway traffic. Woodlands North in Singapore and Bukit Chagar in JB in Malaysia will be connected. The stations will be near CIQ checks.
Previn Singhe, founder and group CEO of Zerin Properties Group, a Malaysian real estate agency, says the RTS Link announcement, which is 52% complete as of October and set to begin operations by early 2027, was “a significant catalyst in making the JB property market a hot spot”.

“It has given property buyers a shot of confidence, leading to a surge in inquiries from Singaporeans interested in investing in properties near the upcoming Bukit Chagar station, which will benefit from enhanced connectivity,” adds Singh.

Saniman says that purchasers prefer finished projects since they save time, and money on bank interest, and can move in immediately.

A Sky 88 high-floor flat costs Lye around RM600,000. It has an unobstructed sea view from the 40th level. He replies, “I can’t even buy a new car in Singapore for that price.” Setia Sky 88 is “well-maintained by Singapore standards, with good security, concierge service, and many condo facilities,” Lye says, despite being constructed six years ago. “S P Setia is a reputable developer.”

After his acquisition, Lye found a Singaporean renter for RM2,100 or $600 per month, a 4.2% gross return.