SINGAPORE (EDGEPROP) - A 344 sq ft retail unit at The Midtown along Upper Serangoon Road in District 19 will be put up for auction on Jan 24. This is a mortgagee’s sale with a guide price of $1 million ($2,907 psf), says Singapore Realtors Inc (SRI), which is handling the auction. A mortgagee’s sale occurs when a borrower cannot make repayments to service their property loan, and the bank forecloses on the property.

The second-floor unit is bare and sold with vacant possession, says Eric Liew, manager (auction) at SRI and the marketing agent for the sale of the unit. He adds that this is the first time the unit is put up for auction.

The unit features a floor-to-ceiling window that faces Hougang Avenue 10 and Holy Innocents’ High School on Upper Serangoon Road. Based on caveats lodged, The Midtown saw only one transaction last year when a 764 sq ft unit was sold for $1.8 million ($2,355 psf) in October.

Read also: Guoco Midtown launches retail spaces with 100% take-up rate

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Based on URA sales data in the last 12 months, retail units at the development sell for an average price of $2,308 psf and have an average rental of $10.20 psf per month.

Completed in 2016, The Midtown is a one-block mixed development at 1187 and 1189 Upper Serangoon Road. Comprising 12 storeys, it houses 107 commercial units between 258 sq ft and 3,066 sq ft and 160 residential units between 441 sq ft and 1,570 sq ft.

Amenities at the 99-year leasehold development include a swimming pool, kid’s pool, fitness corner, playground, basketball half-court, pavilions, roof garden and gymnasium. The Midtown is accessible through the nearest Hougang MRT Station on the North-East Line and Cross Island Line.

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