THE PROMENADE@PELIKAT
UrbanLens Analysis
THE PROMENADE@PELIKAT trades at $1,532 PSF, sitting 4% above the District 19 median of $1,472 PSF. At 8 minutes from Kovan MRT (618m), transit access is passable but not a differentiator. CHUAN PARK fetches $2,596 PSF nearby -- that 41% gap frames THE PROMENADE@PELIKAT's relative value proposition.
A 10.6% appreciation over two years is healthy without looking frothy. 7 transactions over two years is modest; the trend is directional, not definitive. For context, RIVERFRONT RESIDENCES has gained 6.8% over the same period.
Freehold tenure eliminates lease-decay risk entirely -- no CPF restrictions, no LTV erosion, no shrinking buyer pool as the asset ages. At 4.9% gross yield versus the OCR average of 3.4%, rental returns are above-market. The $4,490/month median rent makes this genuinely compelling for income investors.
The 164-unit size hits a practical sweet spot -- enough scale for decent facilities without the oversupply risk of mega-developments.
Nearby Comparables
| Development | Median PSF | Yield | 2Y Change |
|---|---|---|---|
| CHUAN PARK | $2,596 | 1.3% | 0.0% |
| THE FLORENCE RESIDENCES | $1,779 | 3.4% | +0.8% |
| AFFINITY AT SERANGOON | $1,794 | 3.5% | +2.6% |
| RIVERFRONT RESIDENCES | $1,706 | 3.7% | +6.8% |
| THE GARDEN RESIDENCES | $1,829 | 3.9% | +2.7% |
PSF Trend
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