SINGAPORE (EDGEPROP) - A three-storey cluster bungalow at Lornie 18 will be put up for its fourth auction by Knight Frank Singapore on Jan 20 next year, at a guide price of $5 million ($1,060 psf). At its previous auctions, it was listed at a guide price of about $4.9 million ($1,039 psf). As there was no bid at its most recent auction on Dec 9, the property was withdrawn.
Completed in 2009, Lornie 18 is a freehold cluster housing development in prime District 11. Developed by Clydesbuilt Capital, it comprises a total of 18 units.
The 4,715 sq ft property will be sold with vacant possession. The owners, a married couple, are looking to downsize, according to Noelle Tan, auction and sales manager at Knight Frank Singapore. They have always lived in the house.
She also notes that if the new owner chooses to lease out the house, the current owners would stay on until they find a suitable property to move into.
The property comprises four en suite bedrooms, and has a basement and a roof terrace. There are also a private carpark as well as a lift. The living room, the master bedroom, and the second bedroom face the 25m pool, which is surrounded by trees and is in a “peaceful” setting, says Tan.
The owners enjoy the resort-like setting in the development, says Tan. Furthermore, the development, a five-minute drive from the MacRitchie Reservoir, is surrounded by parks and golf courses, and the area is “great” for walking and jogging, she adds.
Lornie 18 is also near reputable schools. It is a 10-minute drive from Raffles Girls’ Primary School, Nanyang Girls’ High School, National Junior College, and Hwa Chong Institution.
According to a caveat lodged with URA Realis, the house for sale was previously purchased in August 2007 for $5.43 million ($1,150 psf). Knight Frank’s Tan says that the valuation for the house is at $5.3 million ($1,124 psf), while other units within the same development are asking for about $5.2 million to $7 million. “The owner is selling at below valuation,” she says.
Tan adds: “Cluster houses have always appealed to a very niche group of people who want to own a landed property, enjoy communal facilities like a lap pool, and security, and care for the gardens, building facade and roof.”
For price trends, recent transactions, other project info, check out Lornie 18 project research page
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