SINGAPORE (EDGEPROP) - A three-bedroom unit at Laguna Park, along Marine Parade Road in District 15, has been put up for auction for $2 million ($1,238 psf) on June 23. The property did not receive any bids at the auction, according to Edmund Tie, which is handling the owner auction. (See also news about Laguna Park en bloc)
Spanning 1,615 sq ft, the unit is on the 24th floor of the 25-storey development. It offers “stunning, unblocked views” of the sea and East Coast Park, says Joy Tan, head of auction and sales at Edmund Tie. All three bedrooms have views of the sea, and each can fit a king-sized bed, she adds.
The owner is a Singaporean who is looking to upgrade his property, and currently still resides in the unit, says Tan.
The owner purchased the property in March 2010 for $1.5 million ($929 psf) and later renovated it. “Although it has been 11 years, the unit is still in a good, well-kept condition,” she notes.
“The unit is one of the largest three-bedroom layouts available at Laguna Park,” says Tan. The dining area can “easily accommodate an eight-seater table”, she notes, while the kitchen space extends to a yard area, utility room and toilet.
Laguna Park, comprising 516 units on a 99-year leasehold, occupies a plot of nearly 670,000 sq ft which “ensures excellent block-to-block distance”, says Tan.
The development is right opposite the upcoming Siglap MRT Station on the Thomson-East Coast Line, which Tan believes “will add to future capital appreciation” upon its completion in 2024. It is also located next to Victoria School, while Temasek Primary School and Temasek Junior College are a short drive away from the development.
She notes that owners of Laguna Park have attempted to launch the development for collective sale. “The last en bloc attempt in 2019 had an asking price of $1.48 billion, which would translate into approximately $2.8 million per unit,” she says.
So far, the unit has “received good interest from families looking for their own stay, and from investors looking at future capital appreciation once the MRT station is up, and its en bloc potential”, says Tan. (See: See potential condos with en bloc calculator)
Facilities at the development include a swimming pool, two tennis courts, a function room, and 16 commercial shops including a mini-mart and a restaurant.
Rentals fetched at similar-sized units at Laguna Park this year have ranged from $2,500 to $4,000 per month, according to URA data.
The most recent transaction at Laguna Park was on Feb 15, when a 1,615 sq ft unit on the 10th floor changed hands for $1.61 million ($994 psf). On Feb 1, another similar-sized unit on the 10th floor was transacted at $1.68 million ($1,041 psf), based on URA caveats lodged.
Check out the latest listings near Laguna Park, Siglap MRT Station, Victoria School, Temasek Primary School, Temasek Junior College