A rare 2½-storey conservation intermediate terraced house on Kim Yam Road has been listed on EdgeProp.sg for $2.78 million ($2,468 psf). The property sits on a land area of 1,130 sq ft and has a 99-year lease starting from 1997. It has a built-up area of about 1,800 sq ft and comes with three en suite bedrooms.
The conservation house is located off Mohamad Sultan Road in the prime River Valley area.
(Picture: Samuel Issac Chua/The EdgeSingapore)
The house is leased to three expatriate employees of a Singapore-listed company at $5,200 a month until 3Q2019. There has been a downward rental revision because of a softening of the overall rental market. Previously, an expatriate family had occupied the house from 2012 to 1Q2017 at a monthly rental rate of $7,700, according to Elaine Goi, senior division director at Knight Frank, the managing agent for the property.
The owner has been holding on to the property as an investment since 2012. Because the gross rental yield has fallen from 3.36% to 2.27%, the owner decided to put the property up for sale last month.
The house is located off Mohamad Sultan Road in the prime River Valley area of District 9. Goi says the property is expected to attract buyers who want to own a rare conservation terraced house.
The last transaction on that row was in February 2017, when another terraced house sitting on a 99-year leasehold land area of 1,195 sq ft changed hands for $2.5 million.
This article appeared in the EdgeProp Pullout, Issue 812 (Jan 8, 2018)