ET&Co sees sales of auction properties hit nearly $20 mil in July

By Charlene Chin

/ EdgeProp Singapore |

August 7, 2019 1:37 PM SGT

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Sales for five auction properties under Edmund Tie & Co’s (ET&Co) auctions in July totaled almost $20 million.

Four of these properties – condo units at Cairnhill Plaza, Finland Gardens, and Leville iSuites, as well as a three-storey corner terrace at Penaga Place – were actually sold before the auction date, according to Joy Tan, head of auction and sales at ET&Co. This marks the first time this year that ET&Co has sold so many properties before the auction was held.

The buyers were Singaporeans looking for places for their own stay, shares Tan.

The fifth property, which was sold under the hammer, was a factory unit at 8 Kaki Bukit Avenue 4, off Bartley Road East. It is zoned for B2 industrial usage with a floor area of 3,079 sq ft. The factory includes a toilet and two private carpark lots. It lies opposite a food court and is near a lift lobby.

Tan believes that the higher property prices in the residential market have led to a rise in sales under auction listings. “As market prices increased in the past year across the island, buyers are now turning to the auction listings, probably in hopes of snagging good deals,” notes Tan. “The auction is also a more transparent negotiation process in which bidders are more comfortable to put in their bids progressively.”

The property at Finland Gardens, on East Coast Avenue, is a 1,324 sq ft, duplex penthouse unit with two bedrooms. The topfloor unit has split levels and was originally a three-bedroom unit: one bedroom had been opened up to enlarge the dining and dry kitchen area.

The unit went through a major renovation about three years ago, which cost the former owners about $300,000, shares Tan in an earlier interview with EdgeProp Singapore. It is “tastefully designed to feature a unique & quaint pitched-roof”, with a double-volume ceiling of about 5.5m for both levels, she adds. Quality finishes are utilised, such as flooring from riceLAB and lighting from Foscarini, appliance brands like Toto and Hansgrohe, and professional kitchen appliances from Brandt.

For price trends, recent transactions, other project info, check out the project details page of Cairnhill Plaza, Finland Gardens, Leville iSuites, Penaga Place

The property sold at Finland Gardens is a 1,324 sq ft, duplex penthouse unit with two bedrooms (Credit:ET&Co)

Finland Gardens is a freehold development by Highland Developments and was completed in 1984. A walk-up apartment that comprises 48 units in two three-storey blocks, the development offers only three- and four-bedroom units, with sizes ranging from 1,324 sq ft to 1,916 sq ft.

At Cairnhill Plaza, the unit that was sold is a 3,305 sq ft, four-bedroom corner unit, with the largest layout in the development. It is part of an estate sale. The home has private lift access, is spacious and enjoys good ventilation and natural light.

It was previously purchased on the resale market for $3.05 million ($923 psf) in January 1997, according to a caveat lodged with URA. Larger units at Cairnhill Plaza on higher floors are “seldom available on the market”, Tan had previously pointed out.

Cairnhill Plaza is within proximity to Orchard MRT Station and Newton MRT Interchange Station, giving its residents access to the North-South and Downtown Lines. Paragon Shopping Centre and Paragon Medical are also within close walking distance.

The corner terrace house sold at 11 Penaga Place, in Sembawang, is on a land area of 2,779 sq ft. It has five bedrooms across three storeys, and a private lift.

Meanwhile, a 614 sq ft two-bedder on the second floor of Leville iSuites, on Ceylon Road in Katong, is the fourth property sold before auction. It is within a 15-minute walk to Tao Nan School and Tanjong Katong Primary School.

“We do see a slight improvement in the market this month, a year after the latest cooling measures were introduced on July 5, 2018,” comments Tan. “There is a lot of pent-up demand in the market, and after a year, buyers may have finally come to terms with it.” She also foresees interest from foreigners looking for investments opportunities in Singapore “in view of the current political and economic situations in neighbouring countries”.

Tan expects more transactions to occur. “We are still in negotiations with some buyers, and hope to conclude some more transactions before our next auction on Aug 28,” she says.