A five-bedroom, semi-detached house on Joo Chiat Lane is on the market for $5 million ($1,242 psf). The freehold, two-storey house sits on a 4,026 sq ft plot of land and has a built-up area of 5,027 sq ft, says Geraldine Tan, associate division director at C & H Properties, who is brokering the sale.
According to Tan, the current owner bought the property for $3.75 million ($933 psf) in 2011 and spent about $400,000 renovating it in 2012. The house was extended outwards on all sides by about 3ft to create more living space, and the bathrooms as well as the wet kitchen were refurbished. The flooring was replaced with marble.
The house has en-suite master and junior bedrooms on the second floor, and the guest room downstairs is also en-suite. There is a dry kitchen in the dining room and a sheltered wet kitchen beside the open-air backyard. The house has parking space for two cars, says Tan. She adds that the property was put up for sale about a month ago and there is already “a serious offer” for it.
The owner had bought the house to be closer to his extended family, who live in the area. He now has his eye on a smaller, corner terrace unit, which will be purchased with the sales proceeds from this house, which is too big for his family of three. The owner’s wife has lived in Joo Chiat for more than 30 years and the family intends to continue doing so.
It would be difficult to find a similar property in the vicinity, especially one with a land plot this size, says Tan. The renovations done five years ago, as well as expansion of the interior space, make the property great value for money. She adds that other semi-detached houses located nearby are older and smaller.
According to URA caveat data, the most recent landed property transaction on Joo Chiat Lane was for a 1,679 sq ft terraced house, which changed hands for $2.18 million ($1,298 psf) in 2012. Other landed properties in the Joo Chiat area have been sold for between $1.55 million ($1,231 psf) and $3.2 million ($1,152 psf) in the past three months.
Many buyers are drawn to the heritage aspect of the Joo Chiat area. Many Peranakans lived here and their widespread influence on the area’s culture and architecture has been conserved, says Tan. The house is close to popular amenities such as Parkway Parade and 112 Katong, and famous eateries in the Joo Chiat area. Its proximity to Haig Girls School and Tao Nan School, and the ease of access to East Coat Park are factors potential buyers can consider.
This article appeared in EdgeProp Pullout, Issue 810 (Dec 18, 2017)