UNDER THE HAMMER: One-bedder at Balcon East going for $775,000

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/ EdgeProp Singapore
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December 6, 2019 7:00 AM SGT
The 624 sq ft, one-bedroom unit at Balcon East will be up for its second auction on Dec 11 (Credit: Edmund Tie)
SINGAPORE (EDGEPROP) - A 624 sq ft, one-bedroom unit at Balcon East, along Upper East Coast Road in District 16, will be put up for its second auction on Dec 11 with a guide price of $775,000 ($1,241 psf).
According to the auctioneer at Edmund Tie, this is a mortgagee sale and the freehold property was first put up for auction on Nov 20 with the same guide price. The second-floor unit will be sold with vacant possession, on an “as is where is” basis.
The unit is “very spacious” and the en suite bedroom is “able to fit a king-sized bed”, says Joy Tan, head of auction and sales at Edmund Tie. She adds that the one-bedders at newer developments “now range from about 400 to 500 sq ft”.
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Tan says that the unit, despite being on the second level, is “bright and airy”. It comes with a living and dining area, an open-concept kitchen, and a balcony.
The unit on the second floor is bright and airy (Credit: Edmund Tie)
According to a caveat lodged with URA Realis, the previous owner purchased the unit at the same price in October 2011. “At $1,241 psf for a freehold development, it is certainly attractive, as newer launches such as freehold Sea Pavilion and the 99-year leasehold Seaside Residences caveated at the $1,600–$1,700 psf range for lower-floor units,” says Tan.
Developed by Feature Land, Balcon East was completed in 2011, and comprises 37 units across five floors. It is a six-minute walk to the upcoming Bayshore MRT Station on the Thomson-East Coast Line, which is due to open in 2023. According to Tan, the development is also within walking distance of East Coast Park.
There has been interest in the unit from singles, small families, and younger investors, says Tan. “The development will attract tenants working in Changi Airport and Changi Business Park – both within a 10-minute drive away – and also those looking for future capital appreciation once Bayshore MRT Station commences operation,” she adds.
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