Under the Hammer: Mortgagee sale of semi-detached house off Holland Road for $6.38 mil

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March 1, 2019 11:17 AM SGT
This 999-year leasehold, semi-detached house on Jalan Jelita will be auctioned for the third time on March 27. (Pictures: ET&Co)
A semi-detached house on Jalan Jelita, off Holland Road, will be up for auction by Edmund Tie & Company (ET&- Co) on March 27. A mortgagee sale, it will be the third time that the house will be put under the hammer.
The owner had initially offered the house for sale by private treaty in November and December 2018. As no buyer emerged, it was repossessed by the bank and put up for auction by ET&Co in January and February. After the second auction on Feb 26 which also saw no buyer, the house attracted two offers, but they were below the bank’s reserve price.
The semi-detached house sits on a 3,993 sq ft, 999-year leasehold site. It spans 3½ storeys and has a built-up area of 4,500 sq ft. The house has seven bedrooms and two study rooms.
A screenshot using EdgeProp's Inpector tool show the dimensions of the house. Find our Inpector tool here.
It is located within McMahon Park, a quiet housing estate in prime District 10, comprising predominantly semi-detached and detached houses. The houses were originally built in 1967, and over the years, many of them have been torn down and redeveloped.
As the site has a height restriction of 2½ storeys, the existing property will need to be rebuilt, says Joy Tan, ET&Co’s head of auction and sales. The cost of tearing down the existing structure is estimated to be about $500,000, and it will cost another $1.5 million to $2 million to build a new 2½-storey, semi-detached house.
The house will be sold with vacant possession as the previous owner had moved out of the property in December. The guide price of the property is $6.38 million ($1,595 psf) based on the land area.
The cost of tearing down the existing structure is estimated to be about $500,000