A 1,981 sq ft duplex unit at the low-rise Rosewood Suites will be put up for auction by Edmund Tie & Co (ET&Co) on July 25, at a guide price of $1.26 million ($636 psf). The five-storey condominium by EL Development is located on Rosewood Drive, in District 25.
This is the first mortgagee sale at the condo in two years, according to Rachel Lee, senior marketing executive at ET&Co. The unit will be sold with vacant possession on an “as is where is” basis. The owner bought the unit for $1.136 million ($574 psf) eight years ago, when it was newly launched for sale.
The unit to be auctioned off is on the top floor, has a functional layout and is in good condition, says Lee. Originally a three-bedder, the unit was partitioned into a four-bedder by its previous owner. The living room boasts a double-volume ceiling height, and the master bedroom on the second level has a high ceiling as well.
There have been four resale transactions at Rosewood Suites this year, and they all involved bigger units, ranging from 1,066 to 1,938 sq ft, as seen from caveats lodged. The most recent transaction was that of a 1,518 sq ft, four-bedroom unit on the third floor, which changed hands for $1.24 million ($816 psf) in June. In May, a 1,938 sq ft penthouse fetched $1.23 million ($635 psf).
In 2016 and 2017, a total of 12 units at the condo were transacted at an average price of $811 psf. “At $636 psf, [the unit to be auctioned off offers] quite a good price,” notes ET&Co’s Lee.
Completed in 2011, Rosewood Suites has 89 years left on its 99- year lease. Causeway Point and Woodlands MRT Station on the North-East Line are a three-minute drive from there. “The development is at a fair location, with Singapore Sports School, Singapore American School and Republic Polytechnic just a short five-minute drive away,” says Lee.