A freehold bungalow at 14 Brighton Crescent in the Serangoon Garden area will go under the hammer at a auction later this month.
The property is understood to have been put up for sale by the estate of the late Raffles Girls’ School principal Noel Evelyn Norris, who died earlier this year.
The indicative price for the rectangular site is S$7.7 million or around S$890 per square foot (psf) on the land area of 8,666 square feet.
On site is a single-storey detached house. Under Master Plan 2014, the site is zoned for “two-storey mixed landed” use.
The site can be subdivided to accommodate either two bungalows of about 4,333 sq ft each or three terrace houses of some 2,000-3,000 sq ft each.
Both configurations would appeal to owner occupiers seeking a huge space for multi-generation households and/or immediate relatives to live next to one another and yet enjoy privacy.
Moreover, the freehold tenure of the property would boost its appeal to developers.
The auction will be held on Sept 24 at The Amara Hotel in Tanjong Pagar.
Another property that will go under the hammer at the same auction will be a two-bedder of 1,109 sq ft on the 12th floor of One Shenton. It is being offered for sale by its owner, with an indicative price of S$2.03 million or S$1,830 psf. One Shenton is on a site with about 90 years’ balance lease. The project received Temporary Occupation Permit (TOP) about two years ago.
Buyers were found for four properties – three residential properties and an industrial unit – at its auction last month. The 1,614-sq-ft factory unit, on the fourth level of The Spire in Bukit Batok Crescent, fetched S$650,000, or S$403 psf. The unit was put up for sale at the auction by its owner, as was a two-bedroom apartment with private enclosed space at the first level of UE Square in the River Valley area. It sold at nearly S$1.57 million, or S$1,400 psf. The property has 929-year leasehold tenure from Jan 1, 1953.
The other two properties that transacted at that auction were put up for sale by mortgagees (or lenders).
A two-level apartment at Orchard Scotts on Anthony Road was sold for S$3.3 million. This translates to S$1,565 psf based on its strata area of 2,109 sq ft. Located on the ninth floor, the unit has three bedrooms plus a study room. The project is on a site with a balance lease term of 86 years.
The other mortgagee sale property that found a new owner Aug 27 auction was a freehold, three-storey corner terrace house at Eng Kong Drive in the Toh Tuck area. It changed hands at S$3 million. The property is on 2,827 sq ft of land area and has five bedrooms and a maid’s room.
Mortgagee sales have gained momentum since the second quarter of this year.
Agents expect the number of properties put up for auction by mortgagees or lenders to rise because of difficulty that financially stretched borrowers face in securing buyers for their properties since the implementation of the total debt servicing ratio (TDSR) framework in June last year. As a result, financial institutions have had to repossess more properties and put them up for auction.
Source: Business Times – 11 September 2014