Mortgagee sale of three-bedder at The Peak @ Balmeg for $2.75 mil

By Hailey Yu
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - A freehold three-bedroom apartment at The Peak @ Balmeg, located off Pasir Panjang Road, was put up for sale at One Global’s property auction on Aug 23. It was a mortgagee sale, and the first time the unit surfaced on the auction market. The guide price was $2.75 million ($1,607 psf).
Several parties had made lowball offers at the start of the auction, but as no bids were received, the property was withdrawn, says One Global’s chief commercial officer and auctioneer Clarence Goh. These parties were most likely investors, he adds.
The property at The Peak @ Balmeg will be auctioned again on Sept 20 by One Global at the same guide price of $2.75 million. The unit is attracting interest as it is a corner unit with a patio overlooking the landscaping and a water feature, as well as situated in a quiet environment, says Goh.
Besides investors, the unit is likely to attract interest from owner-occupiers, given that it is a 1,711 sq ft, three-bedroom unit. The Peak @ Balmeg is a 180-unit freehold condominium located on Balmeg Hill and was developed by MCL Land. The project was completed in 2011. It has a mix of two- to four-bedroom apartments ranging from 990 sq ft to 1,938 sq ft and penthouses ranging from 1,948 sq ft to 3,068 sq ft.
The latest transaction at The Peak @ Balmeg was recorded in April when a 1,507 sq ft, three-bedroom unit was sold for $2.6 million ($1,725 psf). Last year, 11 resale transactions saw three-bedroom units of 1,711 sq ft on the ground floor change hands, from $1.92 million (1,122 psf) in February to $2.46 million ($1,437 psf) in May.
This year, there was a flurry of rental transactions at the development. Three-bedroom units ranging from 1,500 sq ft to 1,800 sq ft averaged $5,200 in monthly rental rate, according to URA data. The most recent three-bedroom unit rented out in July fetched a monthly rental rate of $6,000.
The Peak @ Balmeg will appeal to investors and owner-occupiers due to its proximity to the Haw Par Villa MRT Station on the Circle Line, National University of Singapore, Science Park, Mapletree Business City and VivoCity shopping mall. The development is also near recreational areas like Labrador Park, HortPark, Mount Faber and Sentosa.

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