NEPTUNE COURT
UrbanLens Analysis
NEPTUNE COURT commands $1,026 PSF -- 39% below what District 15 typically fetches ($1,689 PSF). Marine Terrace MRT is 701m away (9-min walk), functional but not a headline selling point. Against MEYER BLUE at $3,205 PSF, the 68% discount is worth examining closely.
Prices have essentially flatlined over two years (+1.1%), suggesting a market in equilibrium. 57 transactions over two years gives deep liquidity and reliable pricing signals. For context, TEMBUSU GRAND has lost 1.7% over the same period.
Only ~49 years left on the lease. LTV ratios tighten, CPF usage faces restrictions, and the realistic buyer pool compresses. A discount to freehold peers is warranted. At 4.3% gross yield versus the OCR average of 3.4%, rental returns are above-market. The $5,416/month median rent makes this genuinely compelling for income investors.
At 751 units, this is a mega-development. Maintenance economies and extensive amenities are the upside; oversupply during downturns is the risk.
Nearby Comparables
| Development | Median PSF | Yield | 2Y Change |
|---|---|---|---|
| EMERALD OF KATONG | $2,628 | — | 0.0% |
| THE CONTINUUM | $2,869 | — | +5.0% |
| GRAND DUNMAN | $2,533 | — | +0.4% |
| TEMBUSU GRAND | $2,419 | — | -1.7% |
| MEYER BLUE | $3,205 | — | 0.0% |
PSF Trend
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