UNDER THE HAMMER: Penthouse at The Petals going for $1.38 mil

/ EdgeProp
July 29, 2018 12:00 PM SGT
This 10th floor unit at The Petals has a private roof terrace that offers unblocked views (Credit: Samuel Isaac Chua/The Edge Singapore)
A 1,905 sq ft penthouse at The Petals was put up for auction by Knight Frank Singapore on July 18, at an opening price of $1.38 million ($724 psf). There were no bids for the two-bedroom unit. The Petals is a 270-unit, 10-storey freehold condominium located on Hillview Avenue, in District 23.
This is the second time that the unit went on the block. It was previously put up for auction on June 19, with a calling price of $1.4 million ($735 psf). Tricia Tan, deputy director of auction and sales at Knight Frank Singapore who is marketing the unit, is currently “still in talks” with the owner on putting the unit up for next month’s auction. She also notes that while there has been some indication of interest from the public, it waned after the property cooling measures kicked in on July 6.
The owner, a Singaporean, is still residing in the unit. However, it will be sold with vacant possession. He purchased the unit for $718,000 ($377 psf) in 2006.
“As the owner travels frequently for work, he cites the nature of his job as the main reason to sell off this unit,” says Tan.
The top floor unit has a roof terrace, and boasts unblocked views. According to Tan, the owner has “done a fair bit of furnishing, such as raising the platform to create a Japanese-style platform”. The master bedroom is an en suite.
“This is for someone who enjoys a relaxing lifestyle and appreciates the unblocked views. As the area is full of low-lying landed houses, the views are expansive, with plenty of greenery,” she says.
There have been eight resale transactions at The Petals so far this year. The units involved ranged from 1,076 to 2,831 sq ft, as seen from caveats lodged. The most recent transaction was that of a 1,076 sq ft, two-bedroom unit on the third floor, which changed hands for $1.18 million ($1,097 psf) in May. In the same month, a 1,227 sq ft unit fetched $1.35 million ($1,099 psf).
In 2016 and 2017, a total of 11 units at the condo was transacted at an average of $832 psf. “For a freehold property at $724 psf, [the unit put up for auction is] quite a steal, especially if one has a budget of below $1.5 million,” notes Tan.
Completed in 2002 by Anchor Developments, The Petals is accessible via the Bukit Gombak and Hillview MRT stations.