Freehold corner terraced house on Sixth Avenue going for $6.58 mil

By
/ EdgeProp Singapore
|
August 31, 2019 11:00 AM SGT
SINGAPORE (EDGEPROP) - A freehold house at the corner of Lily Avenue and Sixth Avenue in prime District 10 was offered at PropNex Realty’s private property auction on Aug 29. The two-storey terraced house sits on a 4,593 sq ft plot and has a built-up area of 1,884 sq ft.
It has a guide price of $6.58 million, or $1,432 psf on the land area. It was the first time the house was offered at an auction, and this was an estate sale, says Leonard Lee, associate group director (auction services) at PropNex Realty.
The property is located in a two-storey mixed landed estate off Bukit Timah Road, and is between the Good Class Bungalow areas of Fourth/Sixth Avenue and Garlick Avenue. The property is primed for redevelopment and could be transformed into a 2½-storey corner terraced house, says Lee.
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For price trends, recent transactions, other project info, check out these projects' research page: Lily Avenue, Sixth Avenue, Lantana Avenue, Lasia Avenue, Garlick Avenue
The freehold property at the corner of Lily Avenue and Sixth Avenue can be redeveloped into a 2½-storey corner terraced house (Pictures: PropNex Realty)
The freehold property at the corner of Lily Avenue and Sixth Avenue can be redeveloped into a 2½-storey corner terraced house (Pictures: PropNex Realty)
“Depending on the extent of the rebuild or addition & alteration works, and other factors such as eventual gross floor area and materials used, it may cost upwards of $1 million to maximise the potential of the property,” he says.
The property’s location at the end of a cul-de-sac gives it an unblocked vantage towards the nearby Guthrie House, and it is less than 300 metres to Sixth Avenue MRT Station on the Downtown Line.
The neighbourhood has seen at least seven transactions over the past three years, and one of the most recent was at the nearby Lantana Avenue. The 3,821 sq ft, freehold house changed hands for $6.1 million ($1,595 psf) in January this year. Another 4,166 sq ft house at Lasia Avenue was sold for $7.3 million ($1,752 psf) in June last year.
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The terraced house is likely to attract wealthy homeowners who are looking for a plot of land to build a house that suits their taste and requirements, says Lee. This is a “unique buying opportunity”, he says, because Singapore’s landed housing stock comprises just over 5% of the total housing supply. Terraced and corner terraced houses in the Bukit Timah area are also rarely available for sale as the neighbourhood has a greater proportion of detached and semi-detached houses, Lee adds.
Check out the latest listings near Sixth Avenue, Lily Avenue, Lantana Avenue, Lasia Avenue, MRT Stations and Schools
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