Mortgagee sale of three-bedder at Lakeville for $1.65 mil

By Valerie Kor / EdgeProp Singapore | February 5, 2021 6:00 AM SGT
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The three-bedroom apartment on the ground floor will be offered at Edmund Tie’s auction in February (Photo: Edmund Tie)
SINGAPORE (EDGEPROP) - A three-bedroom apartment at Lakeville measuring 1,281 sq ft is now available for sale at a guide price of $1.65 million ($1,288 psf). A bank sale, the unit will be offered at Edmund Tie’s in-person auction on Feb 24.
The apartment’s master bedroom comes with an en suite bathroom. Aside from a common bathroom, there is also a washroom in the enclosed kitchen. The spacious living and dining area has sliding doors that open out to a patio facing greenery in the condominium compound.
“As the property achieved TOP [Temporary Occupation Permit] in 2017, it is only three years old and is in a well-kept condition,” says Joy Tan, head of auction and sales at Edmund Tie. “Investors do not need to spend too much on renovations.”
The spacious living and dining area, which faces the outdoor patio (Photo: Edmund Tie)
The 99-year leasehold property has 92 years left on its lease. The property will be sold with vacant possession.
Lakeville is a 696-unit development along Jurong Lake Link developed by MCL Land. Facilities at the condominium include a clubhouse, 50m lap pool, aqua gym and tennis court.
The property is an eight-minute walk to Lakeside MRT Station. Schools located within 1km of Lakeville include Shuqun Primary School, Rulang Primary School and Jurong Primary School. Jurong Point, JCube, West Gate, JEM and IMM shopping malls are within a 15-minute drive from the property. Additionally, nature spots such as Chinese Garden and Jurong Lake Park are within walking distance.
Lakeville property - EDGEPROP SINGAPORE
Common bedroom in the ground-floor unit (Photo: Edmund Tie)
Tan says: “Potential investors can rent out to tenants who work in the commercial hub in Jurong. Plus, there will be a larger tenant pool in the future with the upcoming Jurong Lake District, touted to be Singapore’s second CBD.” Jurong Lake District, which will be fully developed in 20 to 30 years, will provide more than 100,000 new jobs in the maritime, infrastructure and technology sectors.
“The upcoming Jurong Region Line nearby will also increase connectivity for those who work in Pioneer and Tuas, adding to the area’s tenant pool,” adds Tan. According to recent rental transactions for three-bedroom units at Lakeville, the unit could fetch a monthly rent ranging from $3,400 to $4,200.
Transactions at Lakeville within the past two years have ranged between $1,262 and $1,548 psf. Compared to the recent transaction of a ninth-floor, three-bedroom unit of a similar size, which sold for $1.7 million ($1,327 psf) in March 2020, the psf pricing of $1,288 is competitive, says Tan.
At nearby Lake Grande, a 99-year condominium also by MCL Land, recent transactions in the past year have been between $1,344 and $1,655 psf. The condominium, completed in 2015, consists of 710 units.
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