Unit at The Esparis on auction for $950,000

SINGAPORE (EDGEPROP) - A three-bedroom unit at The Esparis along Pasir Ris Drive 4 in District 18, was put up for auction for $950,000 ($802 psf) on Jan 19, but was unsuccessful, according to Edmund Tie, which is handling the auction.

Edmund Tie has been appointed to manage the auction by the Management Corporation Strata Title (MCST) of The Esparis. This can happen when the MCST of a development decides to put a unit up for sale after the owner defaults on the monthly maintenance fees and sinking fund, according to Section 43 of the Building Maintenance and Strata Management Act.

The 99-year leasehold property spans 1,184 sq ft on the fifth floor of the development, says Joy Tan, senior director, head of auction and sales at Edmund Tie. It comes with a yard and household shelter, and faces the tennis court, she adds.

Units of similar sizes at the development have fetched $2,800 to $3,400 psf from August last year, based on URA caveats lodged.

The condominium boasts a full range of facilities, which include a 50m lap pool, tennis court, spa beds, BBQ pits, gym and clubhouse, says Tan.

It is a short drive to Pasir Ris MRT Station on the East-West Line, and is within 1km of Casuarina Primary School, Pasir Ris Primary School, Loyang View Secondary School and White Sands Primary School, says Tan. It is also a five-minute drive to Overseas Family School and The Japanese School. Malls within close proximity include White Sands shopping mall, E!Hub @ Downtown East and Elias Mall.

Tan believes the unit would be attractive for smaller families looking for a place for their own stay, as well as investors who are looking at acquiring the property for rental purposes. The property’s location would suit the tenant pool working in Changi Airport and Changi Business Park or those who have children attending the nearby schools, she adds.

The most recent transaction at the development was on Oct 27 last year, when a 1,496 sq ft unit on the second floor changed hands for $1.13 million ($755 psf). On Aug 13, a 1,184 sq ft unit, also on the second floor, was transacted at $895,000 ($756 psf), based on URA caveats lodged.