UNDER THE HAMMER: Mortgagee sale of unit at The Scotts Tower for $2.85 mil

/ EdgeProp
November 11, 2018 12:00 PM SGT
A two-bedroom unit at The Scotts Tower, located at the junction of Scotts Road and Cairnhill Road in prime District 9, will be presented at Edmund Tie & Co’s (ET&Co) auction on Nov 21. The 840 sq ft unit is on the 21st floor and has a guide price of $2.85 million ($3,393 psf). Bought for $3.16 million ($3,759 psf) in June 2013, it is being sold in a mortgagee sale. This is the first time it is being offered for auction.
The Scotts Tower by Far East Organization was completed in 2010 (Credit: Samuel Isaac Chua/The Edge Singapore)
The Scotts Tower was completed in 2010 and is a 103-year leasehold development by Far East Organization. The 231-unit single residential tower comprises one- to three-bedroom units of 624 to 904 sq ft, as well as four-bedroom penthouses of 1,227 to 1,389 sq ft.
Only one unit at The Scotts Tower has changed hands so far this year, and only two units were sold last year. The developer sold an 807 sq ft, one-bedroom plus loft study unit on the 20th floor for $2.82 million ($3,493 psf) on July 23 this year. Last year, it sold a unit on the 24th floor for $2.96 million ($3,389 psf) on Oct 24, while a resale unit on the 20th floor fetched $2.85 million ($3,269 psf) on Oct 23. The seller of the resale unit had bought it for $3.15 million ($3,613 psf) in January 2013.
Private terrace on the first level (Credit: Samuel Isaac Chua/The Edge Singapore)
Most residents at The Scotts Tower are foreigners who find the development’s central location and proximity to the Orchard Road shopping belt appealing, says Joy Tan, head of auction & sales at ET&Co. The Scotts Tower is also near Cairnhill Mansions, which was purchased en bloc by Singapore-listed property developer Low Keng Huat for $362 million this year. The price translates into $2,311 psf per plot ratio. Some owners at Cairnhill Mansions may be looking for interim housing before purchasing their next property, says Tan.