UNDER THE HAMMER: Unit at Coastal View Residences going for $785,000

By
/ EdgeProp Singapore
|
August 2, 2019 10:00 AM SGT
Coastal View Residences - Coastal View Residences is a 40-unit, 999-year leasehold condominium in District 17
Coastal View Residences is a 40-unit, 999-year leasehold condominium in District 17 (Credit: ET&Co)
At Coastal View Residences in District 17, an 840 sq ft unit was put up for its first auction on July 31, according to the auctioneer at Edmund Tie and Co (ET&Co). It was a mortgagee sale with a guide price of $785,000 ($934 psf). However, there were no bids, and the unit was withdrawn.It will be put up for auction again on Aug 28 with the same guide price, and is also available via private treaty.
Located along Jalan Loyang Besar off Pasir Ris Drive 3, Coastal View Residences is a 999-year leasehold development by Singapore property developer Sustained Land. Completed in 2009, it has 865 years left on its lease and comprises 40 units in two five-storey stacks. Unit sizes range from 840 sq ft for two-bedders to 2,142 sq ft for four-bedroom units. Joy Tan, head of auction and sales at ET&Co, notes that the development, despite being “low-density”, has a “good-sized” lap pool, jacuzzi, gym and barbecue pits.
The two-bedroom unit on the third floor up for auction will be sold with vacant possession, on an “as is where is” basis. The owner purchased it for $710,820 ($847 psf) from the developer in August 2007, according to caveats lodged with URA Realis.
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Coastal View Residences - The development is well-equipped with a pool, jacuzzi, gym and barbecue pits
The development is well-equipped with a pool, jacuzzi, gym and barbecue pits (Credit: ET&Co)
From the living room of the unit, there is a partial seaview, as well as views of the surrounding housing estate. At 840 sq ft, the unit offers a functional layout with a closed-concept kitchen, notes Tan. “In newer developments, one- and two-bedroom units usually offer an open-concept kitchen, and it is more uncommon to find two-bedders at 840 sq ft,” she adds.
Coastal View Residences is a three-minute stroll from Pasir Ris Beach Park and will appeal to nature lovers, says Tan. The development is a two-minute drive or two bus stops away from Downtown East and E!hub @ Downtown East, where amenities such as supermarkets, F&B options, retail stores as well as a cinema are present. It is also four bus stops away from Pasir Ris MRT Station on the East-West Line and the future Cross-Island Line, as well as White Sands Mall.
Coastal View Residences - Located on the third level, the unit offers partial views of the sea and the surrounding housing estate
Located on the third level, the unit offers partial views of the sea and the surrounding housing estate (Credit: ET&Co)
According to Tan, Coastal View Residences is “surrounded by other higher-density, 99-year leasehold condos”, such as Sea Esta and Ripple Bay, where prices are averaging $922 psf and $920 psf respectively, according to data from URA Realis. Interest levels have been “healthy”, says Tan, who adds that the development may appeal to investors due to potential tenants who work at the nearby Changi Airport and Changi Business Park. It can also appeal to families with children studying at the Overseas Family School, which is just a five-minute drive away.
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Check out the recommended listings near Coastal View Residences, Sea Esta, and Ripple Bay