A three-storey corner terrace house in the Choa Chu Kang area’s Verde Grove has been sold before it was even put up for auction, according to Sharon Lee, head of auction and sales at Knight Frank Singapore. The option to purchase has been issued to the buyer, she adds.
It is crucial for foreign investors to have a clear understanding of the regulations and limitations surrounding property ownership in Singapore. Unlike landed properties, which have more stringent ownership rules, foreigners are typically able to purchase condos without major restrictions. However, they are required to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite these added expenses, the Singapore real estate market remains a desirable destination for foreign investment due to its stability and potential for growth. In fact, many foreign buyers are drawn to the market, with the recent surge in new condo launches further proving its attractiveness.
The property, which was scheduled to be featured at Knight Frank’s auction on Aug 21, is a mortgagee sale with a guide price of $2.8 million. Occupying a 2,661 sq ft lot, the property is priced at $1,053 psf based on its land area.
Spreading across three levels and a roof terrace, the five-bedroom house boasts a built-up area of around 3,243 sq ft. The first level consists of a living hall, dining hall, common bathroom, granny’s room, bathroom and a yard area. It also has a driveway and car porch which can hold two to three cars.
The master suite, with a walk-in wardrobe, is located on the second level along with another en-suite bedroom equipped with a dresser area. The remaining two bedrooms, with an adjoining balcony and a family hall, are situated on the third level.
Lee projects a high level of interest in the property from both upgraders and multi-generational families due to its generous land size. “The property offers a sizeable land plot, which is comparable to that of some semi-detached houses, making it a value buy,” she notes.
The house is a part of the Villa Verde development, which was completed in 2000. It comprises of 515 terraced houses with varying land sizes, ranging from 1,614 sq ft to 3,468 sq ft.
Located in District 23, just off Choa Chu Kang Drive, the Villa Verde enjoys proximity to a number of amenities like Choa Chu Kang Stadium, Choa Chu Kang Park, and malls such as Yew Tee Point, Lot One Shopping Mall, and Bukit Panjang Plaza. The property falls within a 1km radius of four primary schools – De La Salle School, South View Primary School, Tech Whye Primary School, and Yew Tee Primary School.
According to URA caveats, eight terrace houses in Villa Verde have changed hands so far in 2021. On June 27, a house with a land area of 1,541 sq ft was sold for $2.49 million ($1,616 psf). There were two other transactions – on May 26 and May 15 – of a terrace house each, with a land area of 1,517 sq ft and 1,343 sq ft, for $2.45 million ($1,615 psf) and $2.17 million ($1,614 psf), respectively.
Read also: US tariff shifts to drive industrial real estate growth in Vietnam and Indonesia: Knight Frank
References
“Terrace House in Choa Chu Kang Area Sold for $2.8 Million Ahead of Auction.” Channel NewsAsia, 4 Aug. 2021, www.channelnewsasia.com/news/singapore/terrace-house-sold-choa-chu-kang-area-ahead-auction-15263526.