UNDER THE HAMMER: Duplex penthouse at Northoaks going for $1.25 mil

/ EdgeProp
February 3, 2019 9:16 AM SGT
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Northoaks comprises 720 units in a total of six residential blocks (Credit: Samuel Isaac Chua/ The Edge Singapore)
A 2,347 sq ft duplex penthouse at Northoaks in District 25 will be put up for auction on Feb 21 by Colliers International. The property is a mortgagee sale, and this will be the second time it’s on the block. It was previously put up for auction by Colliers on Jan 22.
The opening price then was $1.25 million. While there were two counter-offers after the auction, both were below the reserve price, according to Colliers International auction & sales department. The opening price this time around will remain unchanged at $1.25 million, says Colliers.
The penthouse on the 15th storey overlooks the swimming pool. Northoaks is a 720-unit executive condo (EC) developed by Hong Leong Holdings and completed in 2000. Located at the junction of Woodlands Avenue 7 and Gambas Avenue, it is in the vicinity of amenities such as supermarkets – Giant at Woodlands Mart and NTUC FairPrice at 888 Plaza. It is a 12-minute walk from the Admiralty MRT station on the North-South Line, as well as a 11-minute drive from the Woodlands Checkpoint.
The project has a wide range of unit types, from two-bedroom units of 1,055 sq ft to 1,173 sq ft, to three-bedroom units of 1,216 sq ft to 1,636 sq ft. The largest units are duplex penthouses with sizes from 1,948 sq ft to 2,486 sq ft.
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The living and dining area of the duplex penthouse has double volume ceiling (Credit: Colliers)
As the Northoaks EC was completed more than 10 years ago (it is 19 years old today), units can be traded in the resale market like other 99-year leasehold private condos. The project has 77 years left on its lease.
When the project was first launched in 1998, prices averaged about $400 psf. Between October and December 2018, seven units changed hands at prices ranging from $580 psf for a ground-floor unit to $675 psf for...