Unit at One Shenton going for $2.2 mil

At One Shenton in District 1, a 1,206 sq ft unit will be put up for its first auction with Edmund Tie and Co (ET&Co) on July 31. Up for mortgagee sale, the unit has a guide price of $2.2 million ($1,824 psf). Its previous unsuccessful auction with JLL in April this year had a higher guide price of $2.23 million ($1,849 psf).

One Shenton is situated in the heart of Marina Bay, on Shenton Way. It is a 99-year leasehold, mixed-use development by Singapore-listed property giant City Developments Ltd (CDL). A redevelopment of the former Robina House, it has commercial units on the ground floor. It was completed in 2011 and has 85 years left on its lease. One Shenton’s twin towers comprise 341 units, and offer one- to four-bedroom units, as well as sky villas. Unit sizes range from 517 sq ft for one-bedders, to 9,139 sq ft for sky villas.

The two-bedroom apartment on the 33rd floor to be auctioned will be sold with vacant possession, on an “as is where is” basis. The owner purchased it for $2.25 million ($1,867 psf) from the developer in February 2007, when it was newly launched for sale, according to caveats lodged with URA Realis.

Being on a high floor, the unit on Tower 2 offers “unblocked views”, says Joy Tan, head of auction and sales at ET&Co. The two bedrooms enjoy sea views, while the living room has unobstructed views of the city, she says. As a corner unit, it is also shielded from the sun in the afternoon, Tan adds.

The unit’s living and dining area comes with a balcony, while the master bedroom has an en suite bathroom. There is also a closed-concept kitchen.

Located in the CBD, One Shenton is a three- minute walk from Downtown MRT Station on the Downtown Line, and a five-minute walk from Raffles Place MRT Station on the East-West Line and North-South Line.

F&B options are in abundance, for Lau Pa Sat Festive Market is diagonally opposite from the development, while Asia Square is just across the road.

Having just put up the unit for sale in the July 1 week, ET&Co’s Tan notes there have been a number of investors enquiring on the price, and a few viewings over the last weekend.

With the recent announcement of the Draft Master Plan 2019 in which the Central Area can expect rejuvenation, Tan says more investors will opt for District 1, where there is potential for future capital appreciation.