Estate sales of landed homes

By
/ The Edge Property
|
February 25, 2017 8:00 AM SGT
Up for auction are several landed homes, one of which is a detached house at One Tree Hill. The double-storey detached house, believed to have been built in 1963, sits on a freehold regular-shaped site of 4,520 sq ft. An executor’s sale, the property has a guide price of $12.8 million ($2,832 psf).
According to Mok Sze Sze, JLL head of auction, an executor’s sale is similar to an estate sale. The detached house at One Tree Hill made its debut at JLL’s auction on Feb 23. The site has been seeing “intense interest” from owner-occupiers given its location in prime District 10 and the rarity of a landed housing estate accessible via Grange, Tomlinson and Paterson Roads, just off Orchard Boulevard, adds Mok. The estate has mainly semi-detached and detached houses.
The detached house is also attracting interest as it is zoned for redevelopment into a pair of double-storey semi-detached houses, subject to approval by the relevant authority, says Mok. The most recent sale of a semidetached house at One Tree Hill was for a property sitting on a 4,499 sq ft freehold plot. The property fetched $9.38 million ($2,086 psf), according to a caveat lodged in June 2015.
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This detached house at One Tree Hill sits on a regular-shaped site of 4,520 sq ft that can be redeveloped into two semi-detached houses

Source: JLL

Redevelopment potential
The latest transaction of a detached house at One Tree Hill, based on caveats lodged so far, was in October 2014, when a newly built detached house sitting on a freehold site of 4,499 sq ft was sold by niche developer Wah Khiaw Developments for $17.2 million ($3,826 psf). A caveat lodged earlier showed that Wah Khiaw had paid $3.86 million for the site in February 2006, when a semi-detached house occupied the land parcel.
Subsequent to the purchase, the developer demolished the house and built a detached house on the site after obtaining rezoning approval. Wah Khiaw was able to do that as the land area was bigger than 400 sq m (4,306 sq ft). Based on URA guidelines, a site for a semi-detached house can be rezoned for a detached house if the land area is at least 400 sq m.
Another semi-detached house that is up for estate sale is one where the land area is just 10 sq m short of the minimum 400 sq m required before the property can be rezoned for a detached house. The 1960s single-storey semi-detached house sits on a 999-year leasehold site of 4,201 sq ft (390 sq m) on Farleigh Avenue in Serangoon Garden, another popular landed housing estate.
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The semi-detached house was put up for sale by the estate for the first time at Colliers International’s property auction on Feb 22. The indicative price for the house is said to be $3.85 million ($916 psf).
For price trends, recent transactions, other project info, check out the Landed Property in One Tree Hill details page
This semi-detached house on Farleigh Avenue was put up for auction with a guide price of $3.85 million
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Mortgagee sale
Meanwhile, up for auction for the sixth time by JLL on Feb 23 was a detached house at Eng Kong Garden in the Upper Bukit Timah neighbourhood of District 21. The three-storey detached house was built in 1997, but has been renovated over the years. The six-bedroom house has a built-up area of 5,167 sq ft and sits on a freehold land area of 4,316 sq ft.
This three-storey detached house at Eng Kong Garden was put up for auction by JLL for the sixth time on Feb 23, with an indicative price of $4.5 million

Source: JLL

The indicative price for the property in the JLL auction on Feb 23 was $4.5 million ($1,043 psf). The indicative price for the house reflects a downward adjustment of $1 million from the opening price of $5.5 million when the property was first put up for auction by JLL last September.
Unlike the house at One Tree Hill and Farleigh Avenue that are executor’s and estate sales, the house at Eng Kong Garden is a mortgagee sale. Word on the street is that the house was previously owned by Ivy Lee, one of Singapore’s top realtors.
This article appeared in The Edge Property Pullout, Issue 768 (Feb 27, 2017) of The Edge Singapore
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