UNDER THE HAMMER: Unit at Wing On Life Garden sold for $5.9 mil

The 3,305 sq ft unit at Wing On Life Garden was sold in a mortgagee sale (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
SINGAPORE (EDGEPROP) - At an auction held by real estate consulting firm EDMUND TIE on Oct 23, an apartment at the Wing On Life Garden condominium in prime District 10 piqued the interest of buyers. Its first mortgagee sale, the 3,305 sq ft unit has a guide price of $5.8 million ($1,755 psf), and opened for bidding at $5.5 million ($1,664 psf).
The firm soon received 14 counter-offers which moved upwards from $5.2 million ($1,573 psf), according to Joy Tan, head of auction and sales at EDMUND TIE. After a battle among five top bidders, the unit was eventually sold to a Singaporean who made the winning bid of $5.9 million ($1,785 psf). The buyer plans to stay in the unit, adds Tan.
Located along Bukit Timah Road, the freehold condominium was completed in 1982. Developed by The Wing On Investment Co, a member of the Wing On Group in Hong Kong, it has 81 units over 28 storeys.
The unit on the 13th floor was in a partially completed state, and was sold with vacant possession, on an “as is where is” basis. The previous owner purchased it for $3.1 million ($938 psf) in August 2006, according to caveats lodged with URA Realis. On the high interest level, EDMUND TIE's Tan notes that units at the development are seldom available, be it via bank or owner sale.
View from the balcony of the dining area (Credit: EDMUND TIE)
In addition, the unit is at the “best-facing stack at Wing On Life Garden that is not overlooking the petrol kiosk”, says Tan. The single-loading, north-south facing unit is not affected by the afternoon sun, has a “very spacious” layout and enjoys a “natural and constant airflow”, she adds.
The unit also has an unblocked view of the greenery and the surrounding area from the balconies at the living and dining areas....