A duplex, two-bedroom unit at Sant Ritz in Potong Pasir will feature at Edmund Tie & Co’s (ET&Co) auction on May 22. Offered in a mortgagee sale, the unit has a guide price of $1.55 million ($1,253 psf), says Joy Tan, head of auction and sales at ET&Co. This is the second time the unit will appear at an auction; it was first featured at ET&Co’s auction last month.
The 1,238 sq ft unit is one of 39 SOHO-style row units. They are two- and three-bedroom units of 689 sq ft to 1,786 sq ft. The entire condo comprises a 19-storey residential block of 202 units, as well as a five-storey block of row units. The 99-year leasehold development was completed in 2016.
The subject unit might appeal to singles or young couples who want to live in a convenient location next to an MRT station (Potong Pasir), a shopping mall, and served by a major expressway. It also features a roof terrace that offers extra space for a small garden and entertainment area, says Tan.
The unit is being sold on an “as is where is” basis. The previous owner was in the midst of renovations to the living area, kitchen, and the roof deck. “Unfortunately, works were not completed and thus the new owner will have to undertake all further renovation works on the unit and obtain any required approvals and documentation,” she says.
The mortgage is aware of the state of the unit, but the guide price of $1,253 psf is below those fetched in recent transactions at Sant Ritz as well as other developments in the area. “Prices in the area have also been inching above $1,700 psf at newer developments. Thus, investors can look forward to further capital appreciation as the Potong Pasir and Woodleigh areas evolve,” says Tan.
The previous owner bought the unit for $1.185 million ($957 psf) from the developer in August 2015. The most recent sale at the condo was for a 1,076 sq ft, three-bedroom unit which fetched $1.66 million ($1,542 psf) on Jan 2 this year.
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At the relaunch of The Woodleigh Residences over the weekend of May 11 and 12, prices ranged from $1,733 psf to $2,330 psf. Park Colonial across the road has seen units sold for $1,800 psf to $2,000 psf, says Tan. Nearby older freehold developments like Platinum Edge and Parc Aston have no pool or gym, and units there have been transacted at $1,200 to $1,300 psf; while 18 Woodsville, which was completed in 2015, has seen units change hands for $1,600 to $1,700 psf, based on caveats.
Sant Ritz also faces the landed Sennett estate. It is near Cedar Girls’ Primary and Secondary Schools, and is close to St Andrew’s Village which comprises the primary and secondary schools, as well as junior college. These educational institutions could support rental demand from student tenants, says Tan.