SINGAPORE (EDGEPROP) - A freehold, three-bedroom unit at Dynasty Lodge on Sixth Avenue, in District 10, is on the market for $2.99 million ($1,587 psf). The property was originally scheduled to be put up for an owner’s auction in April, but was withdrawn due to ongoing en bloc proposals then, says Edmund Tie, which is handling the property sale. The unit is currently marketed under private treaty.
Spanning 1,885 sq ft, the unit is on the third storey of Dynasty Lodge, a walk-up development comprising nine units in total. Freehold apartments such as Dynasty Lodge are “rarely available” as it is located within a landed enclave, says Joy Tan, head of auction and sales at Edmund Tie.
The interior of the unit has several draws. While the living area is bright and spacious, there is also a split-level dining area which can easily fit in an eight-seater dining table, as well as a study area, she says. All three bedrooms have an en suite bathroom, and are large enough to fit in a king-sized bed, says Tan.
“When we marketed the unit for a short time last April, there was [already] interest among investors, especially those who were looking for properties with en bloc potential,” she says.
The property is currently tenanted on a lease that ends in June, and this will be extended month by month. “Between tenancies, the owner ensures the place is freshened up. And thus, it is in well-kept and move-in condition,” she adds. Tan estimates that a three-bedroom unit at the development can fetch between $4,500 and $5,000 in monthly rents.
The owner, who is a local, wants to sell the unit to diversify his property portfolio, shares Tan. The unit has not undergone any major renovations.
Dynasty Lodge is near reputable schools such as Hwa Chong Institution, Raffles Girls’ Primary and Nanyang Girls’ Primary.
The National University of Singapore and Singapore Polytechnic are within a 12-minute drive away. The development is a 14-minute walk to Sixth Avenue MRT Station on the Downtown Line.
The last transaction at Dynasty Lodge was for a 1,916 sq ft unit that changed hands for $2.74 million ($1,428 psf) in June 2018. Prior to that, a 1,851 sq ft unit transacted for $2.48 million ($1,340 psf) in December 2017.
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