This week in property: “Skeleton house” sold, seller of Sentosa Cove penthouse suffers massive losses, Hollandia sold en bloc above reserve price

By EdgeProp Singapore / EdgeProp | March 3, 2018 9:00 AM SGT
Property highlights of the week from February 26 to March 2:
1) “Skeleton house” sells for $2.23 mil at auction
An abandoned house that was once occupied by two reclusive sisters, Pearl and Ruby Tan, was sold for $2.23 million at a Knight Frank’s auction on Feb 27. They shot to fame posthumously when their skeletal remains were found in their home at 17 Jalan Batai, located off Upper Thomson Road on two separate occasions.
The opening price for the 1,720 sq ft, single story terrace house was $1.7 million ($988 psf), with the first bid at $1.72 million. Twelve minutes and 21 bids later, the property was sold under the hammer for $2.23 million ($1,297 psf) to Goh Tee Kia, chairman of GC Group of Companies, a local contractor specialising in infrastructure and civil construction projects.
Goh, who said he paid $500,000 more than he had expected for the house, shared that he intends to hold the property for the long term. The property can be redeveloped into a 2½-storey house, pending approvals.
2) Sentosa Cove penthouse auctioned at $2.4 million loss
A duplex penthouse on the six-storey of The Berth by the Cove became the first Sentosa Cove property to be sold under the hammer this year. It was sold for $3.25 million ($1,105 psf) – $2.4 million (42%) lower than the $5.64 million ($1,919 psf) paid by the previous owner in 2011 – at an auction held by Edmund Tie & Company (ET&Co) on February 28.
The penthouse spans 2,939 sq ft and has four bedrooms. It comes with unblocked views of the marina, as well as the landed enclaves of Paradise and Coral Islands. It includes a double-volume ceiling in the living area, private lift access and a private spa pool, ensuite to the master bedroom.
More properties on Sentosa Cove was expected to be put up on auction this year.
3) Hollandia sold en bloc to FEC Properties at $20.23 mil above reserve price
The 48-unit Hollandia in District 10 has been sold to FEC Properties, a wholly-owned subsidiary of Hong Kong-listed Far East Consortium International, for $183.4 million - $20.23 mil above its reserve price of $163.15 million, or $1,515 psf ppr. The price reflects a land rate of about $1,703 psf per plot ratio (ppr).
Owners of each unit can expect to receive gross sale proceeds ranging from $3.3 to $4.2 million which works out to over $2,000 psf on strata area, says Savills, which brokered the deal.
The property sits on a 53,505 sq ft site which is zoned for residential use under the 2014 Master Plan, and has a GPR of 1.6. The site may be redeveloped up to 12-storeys with an allowable GFA of 107,688 sq ft, subject to approvals.