SINGAPORE (EDGEPROP) - A freehold, one-bedroom unit at Loft @ Stevens in Tanglin, District 10, is on the market for $1.7 million ($1,795 psf). The property was originally scheduled to be put up for sale at an owner’s auction in March, but the owner decided to hold it off due to concerns over Covid-19, says Edmund Tie, which is handling the sale of the property. As property auctions still have not been allowed to continue, the unit is being marketed under private treaty.
Spanning 947 sq ft, the one-bedroom unit is located on the second floor of Loft @ Stevens. It is well-maintained and in a move-in condition, describes Joy Tan, head of auction and sales at Edmund Tie.
The owner first purchased the property as an investment in March 2011 for $1.3 million ($1,299 psf), and now wants to sell it to diversify his property portfolio.
The price tag of the unit, being below $2,000 psf, is attractive, says Tan. “Recent new launches in the area have surpassed $2,000 psf, such as Dalvey Haus, just a minute walk away, [in which one unit] transacted at $3,228 psf; and Kopar at Newton, which launched at an average price of $2,350 psf,” she explains.
Typical one-bedroom units in Loft @ Stevens have been rented out at between $2,000 and $2,500 per month, says Tan. However, she believes this unit could fetch a higher rent as “it has a very unique layout with a private pool”. It is in fact the only unit in the development with a private pool, according to Tan.
Tan believes the strongest draw of the property is its prime location along Stevens Road, which is off Bukit Timah Road. It is a two-minute walk to Stevens MRT Station on the Downtown Line. The development is also near schools such as Singapore Chinese Girls’ School and St Joseph’s Institution. Residents at Loft @ Stevens also have easy access to amenities at Balmoral Plaza, a five-minute drive away.
The unit on the market is suitable for couples or small families, for their own stay, or for investment purposes, says Tan. “As it is near several prestigious schools and a stone’s throw to Orchard Road, it would attract both families with school-going children looking to enter the schools, and tenants working in the Orchard Road area.”
Loft @ Stevens was completed in 2013, and comprises 44 freehold units. The most recent transaction at the development was in September 2019, when a 355 sq ft unit on the second floor changed hands for $760,000 ($2,140 psf).
Prior to that, another 377 sq ft unit on the fifth floor sold for $760,000 ($2,017 psf) in June 2019.
Read also: