Two-bedder at 38 Draycott going for $2.5 mil

SINGAPORE (EDGEPROP) - A 1,141 sq ft, two-bedroom unit at 38 Draycott on Draycott Drive in prime District 10, will be put up for its second auction on Dec 11, at a guide price of $2.5 million ($2,191 psf).
According to the auctioneer at Edmund Tie, the freehold property is a mortgagee sale and was first put up for auction on Nov 20 at the same guide price.
The 15th floor unit will be sold with existing tenancy on an “as is where is” basis. The unit is tenanted till November 2020 with monthly rental at $4,100.
“The unit is in a well-kept condition so the new buyer will not need to spend much on its renovation and can enjoy rental returns immediately,” says Joy Tan, Edmund Tie’s head of auction and sales.
The living and dining area of the 1,141 sq ft two-bedroom apartment (Credit: Edmund Tie)
The previous owner purchased it for $2.5 million ($2,191 psf) in January 2008, according to a caveat lodged with URA Realis.
Tan says that every unit in the development enjoys privacy thanks to its single-loading and cross-ventilation layout.
She adds that most two-bedroom apartments in newer developments in the vicinity feature an open-concept kitchen. Meanwhile, units at 38 Draycott offers an enclosed kitchen with yard, as well as a household shelter by the entrance foyer for storage.
Prices of newer launches in the area have already surpassed $3,000 psf. At a guide price of $2.5 million, Tan believes it is “an easy quantum for investors looking at Districts 9 and 10".
The master bedroom with en suite (Credit: Edmund Tie)
Developed by Sing Holdings, the property was completed in 2002 and comprises 30 units spread across 18 floors. Located off Scotts Road, it is a seven-minute walk to the Orchard Road Shopping Belt and Orchard MRT station on the North South Line. When Stage 3 of the Thomson-East Coast Line is completed in 2021, the station...