Properties in Singapore are being sold at exorbitant rates as the housing market continues to heat up.
Earlier this month, a five-room HDB flat in Punggol fetched S$1.198 million, making it the first million-dollar transaction in the relatively young estate.
The six-figure trend certainly isn’t going away anytime soon — this week, a two-storey detached house in Pasir Ris will go on sale at a guide price of S$2.98 million.
The property is on a 99-year lease that started in 1978, which means it has 55 years left on it.
Last Thursday (22 Sep), EdgeProp reported that a detached house with two storeys at 50 Pasir Ris Avenue will go on sale for S$2.98 million.
Source: EdgeProp
Spanning 7,987 sq ft, the asking price works out to S$373 per square foot. It has 55 years remaining on its lease, with its 99-year lease having started in 1978.
According to EdgeProp, the seller of the property is an unnamed company. Singapore Realtors Inc (SR) will be putting it up for auction this Friday (30 Sep).
EdgeProp additionally noted that the house is just one street away from Pasir Ris Park and within walking distance of Pasir Ris Beach.
Source: NParks
It sits in a landed housing area with 120 other properties alongside Pasir Ris Heights, Pasir Ris Road, and Elias Road.
Most of its neighbouring houses have similar 99-year leases. They are believed to be typically used for corporate retreats.
Speaking to EdgeProp, Mok Sze Sze, managing partner of auction and sales at SRI, addressed the building’s potential for redevelopment.
Taking its considerable size into account, a future buyer could transform it into two semi-detached houses upon approval from authorities.
At present, it has five bedrooms, a porch that fits two cars, its own garden, a children’s play area, as well as barbeque pits.
Source: EdgeProp
Additions and alterations can also be made to the existing property before a buyer moves in.
Despite the limited lease, Ms Mok believes that the property will still appeal to both investors and owner-occupiers. This is due to its land size and potential for redevelopment.
She further added that there is already interest in the property, mostly from owner-occupiers.
Besides the beach and park, the house is also located near Changi Village, Downtown East, Tampines Central, and Wild Wild Wet Water Park.
Elias MRT Station on the Cross Island Line, which is set to be completed in 2032, is a 10-minute walk from the neighbourhood.
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Featured image adapted from EdgeProp.
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