Mortgagee sale of Rosewood Suites penthouse for $1.33 mil

By Valerie Kor / EdgeProp Singapore | November 20, 2020 6:00 AM SGT
Rosewood Suites - EDGEPROP SINGAPORE
The penthouse has a spacious living and dining area, with double-volume ceiling height (Photo: Edmund Tie)
SINGAPORE (EDGEPROP) - A three-bedroom penthouse on the fifth storey of Rosewood Suites in District 25 will be put up for auction by Edmund Tie on Nov 18. The 2,045 sq ft penthouse will be offered with a guide price of $1.33 million ($650 psf) in a mortgagee sale.
On the first floor, the unit has a spacious living and dining area with double-volume ceiling height. There is also an enclosed kitchen, bedroom with en suite bathroom, another bedroom and common bathroom. The spacious master bedroom on the upper floor with an en suite bathroom leads to a terrace. Facilities at the condominium include a gym, 50m lap pool, jacuzzi pool, children’s playground, tennis court and clubhouse.
Developed by EL Development, the 99-year leasehold development on Rosewood Drive comprises 200 one-, two-, three- and four-bedroom units. As the property achieved TOP in 2011, it is “well-kept and in move-in condition”, according to Joy Tan, head of auction at Edmund Tie. She adds that the price is attractive as recent transactions in the development this year have been between $761 and $940 psf.
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rosewood suites - EDGEPROP SINGAPORE
The spacious master bedroom on the upper floor with an en suite bathroom leads to a terrace (Photo: Edmund Tie)
The last three-bedroom penthouse that changed hands in Rosewood Suites was in October 2019. The 2,304 sq ft unit was sold for $1.35 million, or $586 psf.
Recent transactions this year of two- to three-bedroom units at the 478-unit Casablanca, also on Rosewood Drive, have been between $699 and $789 psf. Casablanca was developed by Far East Organization and completed in 2006.
Parc Rosewood, which is located on the same street and comprises 689 units, has seen recent transactions of two- to three-bedroom units (581 to 1,701 sq ft in size) range between $659 and $1,078 psf. Parc Rosewood was developed by Kensington Land and completed in 2014.
Meanwhile, transactions for two- to four-bedroom units at another project in the vicinity, 437-unit Rosewood, have been between $650 and $757 psf for the year to date. The property, completed in 2003, was developed by Centrepoint Homes.
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Rosewood suites facilities - EDGEPROP SINGAPORE
Facilities at the condominium include a 50m lap pool, jacuzzi pool, children’s playground, tennis court and clubhouse (Photo: Edmund Tie)
Rosewood Suites is a three-minute drive to Woodlands MRT Station and Causeway Point. It is also in proximity to Vista Point and The Woodgrove shopping malls.
Edmund Tie’s Tan says that the unit will attract families with school-going children as it is near Innova Primary School, Innova Junior College, Singapore American School, Singapore Sports School, Si Ling Primary School, Woodgrove Primary School and Fu Chun Primary School.
At the same time, investors may also be keen to target tenants who work in Woodlands, such as in Admiralty Medical Centre, Khoo Teck Puat Hospital and the upcoming Woodlands Health Campus, slated to open progressively from 2023. “In the long term, the property will also attract Malaysian tenants who are working in Singapore as it is close to the Johor-Singapore Causeway,” says Tan.
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