At Finland Gardens in District 15, a 1,324 sq ft duplex penthouse unit will be put up for its first auction on July 31, according to the auctioneer at Edmund Tie and Co (ET&Co). This is an owner’s sale with an indicative price of $2.05 million ($1,548 psf).
Located on East Coast Avenue, Finland Gardens is a freehold development by Highland Developments, and was completed in 1984. Finland Gardens is a walk-up apartment that comprises 48 units in two blocks, which are each three storeys high. The development offers only three- and four-bedroom units, with sizes ranging from 1,324 sq ft to 1,916 sq ft.
The top-floor unit up for auction has split levels, and was originally a three-bedroom unit. As they entertained regularly, the owners, a Singaporean couple, converted it into a two-bedder, says Joy Tan, head of auction and sales at ET&Co. They opened up one of the bedrooms on the lower level to enlarge the dining and dry kitchen area. This can be easily converted back as the owners have planned the layout with this in mind, adds Tan.
Besides, the unit went through a major renovation about three years ago, which cost the owners about $300,000, says Tan. It is “tastefully designed to feature a unique & quaint pitched-roof”, with a double-volume ceiling of about 5.5 metres for both levels, she adds. Quality finishes are utilised, like the flooring from riceLAB and lighting from Foscarini, appliance brands like Toto and Hansgrohe, and professional kitchen appliances from Brandt.
As a split-level unit, the dining area, dry kitchen, bathroom and a balcony are on the lower level, while a spacious living area and a master bedroom with en suite bathroom take up the upper level. The balcony is also fully covered, making it a private patio entertainment area. With a single loading layout, the unit also features an air-well in the middle, allowing good natural lighting and air flow throughout the unit, adds Tan. On top of that, the development offers “a very good block-to-block distance” due to it sitting on a sprawling 98,286 sq ft of land, which ensures privacy for the owner, she adds.
Having lived in the house for four years, the couple is now selling the unit to move closer to their parents’ place. Apart from the well-maintained interior, prospective buyers will also enjoy views of the greenery. The living area and master bedroom offer views of the pool.
The unit will be sold with vacant possession on an “as is where is” basis. The owners purchased it for close to $1.59 million ($1,200 psf) in January 2015, according to caveats lodged with URA Realis. Nine years ago, the unit was transacted at $1.2 million ($906 psf), as seen from Realis data.
For a freehold property in the heart of Siglap, ET&Co’s Tan sees the pricing for the unit as “very attractive” at $1,548 psf. Tan notes that new launches in the area, such as the 99-year Seaside Residences, are averaging at $1,755 psf. Other freehold new launches in the district, such as those in the Amber & Meyer Road area, have surpassed the $2,000 psf mark, she adds.
For price trends, recent transactions, other project info, check out the Finland Gardens project details page
Finland Gardens is a nine-minute walk from Siglap MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023. The new owner may look forward to capital appreciation, especially when the Siglap MRT Station is completed, says Tan. The development is also within close proximity to reputable schools, with Victoria School and Victoria Junior College nine and 12 minutes away respectively, by foot.
“We have just been appointed but we anticipate interest levels to be very healthy,” says Tan. This is because the unit is in the popular Siglap estate with a lot of amenities, and topped with the “impressive interior design” it has to offer, she adds.
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