SINGAPORE (EDGEPROP) - A two-bedroom unit at Southbank, located on North Bridge Road in District 7, will be put up for auction on Jan 20. The 958 sq ft unit will be offered with a guide price of $1.68 million ($1,753 psf) in a mortgagee sale, according to Edmund Tie, which is handling the auction.
The unit is on the 24th floor and commands panoramic views of the Kallang River Basin and Singapore Sports Hub. The unit layout features an open concept kitchen and adjacent living and dining areas. The master bedroom has an en suite bathroom, and there is also a common bathroom.
According to Edmund Tie’s head of auction and sales Joy Tan, there have been a “healthy” number of enquiries for this unit over the past three weeks, given its good location, views and overall condition of the unit.
“This two-bedroom unit is of a generous size of 958 sq ft compared to many newly launched two-bedroom units that average 500 sq ft to 700 sq ft in today’s market. It will suit couples or small families for their own stay,” says Tan. She adds that they have also received enquiries from investors keen to put their money into a city-fringe investment asset.
The unit could also benefit from the rejuvenation of the nearby Beach Road area and from upcoming developments such as the integrated Guoco Midtown project and a redeveloped Shaw Towers, which are located close to the area. The government has also released a 8.29ha white site opposite Southbank and is accepting tenders to masterplan the development of a new waterfront residential precinct.
“The regeneration plans at Beach Road and neighbouring Kallang area will allow the areas to become new hotspots for work-live-play. Thus, owners at Southbank will get to enjoy more amenities conveniently, such as the beautiful waterfront, sports and recreational venue as well as an enhanced accessibility to CBD areas,” adds Tan.
Even now, Southbank boasts proximity to the city centre. The development is located opposite Lavender MRT Station on the East-West Line and is connected to the city via the Central Expressway (CTE), East Coast Parkway (ECP) and Nicoll Highway.
Based on caveats lodged with URA, the unit that is up for auction previously changed hands for $1.48 million ($1,545 psf) in December 2011. It had been bought from the developer for $582,000 ($608 psf) in August 2006.
The 99-year leasehold condominium by mainboard-listed developer UOL Group was completed in 2010. Southbank comprises 197 residential apartments, 60 separate SOHO units and 16 retail units. The residential units at the development are made up of a mix of two- to four-bedroom units ranging from 592 sq ft to 1,313 sq ft. There are also three penthouses on the 39th floor that are 3,251 sq ft, 3,843 sq ft and 4,155 sq ft in size respectively.
Two other two-bedroom units at Southbank were sold last year — a 958 sq ft unit on the 38th floor changed hands for $1.52 million ($1,587 psf) on Sept 8, while another similarly sized unit on the 21st floor was sold for $1.61 million ($1,681 psf) on Dec 4.
Check out the latest listings near Southbank, Lavender MRT Station