A three-bedroom home located in Fernwood Towers located on Fernwood Terrace in District 15 which is up for auction on August 15. A private sale by the owner of the property is expected to fetch a price that is $2.88 million, according to Lock Sau Lai, senior manager of auctions and sales of Knight Frank, which is responsible for the sale and the sole agency to market the property.
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The apartment is 1,647 sq feet that means the recommended cost is $1,749 per square foot. Lock states that the unit is a corner unit, which is situated away from the elevator lobby and offers security. It is situated on the 11th floor the living space is situated at the intersection of Marine Parade Road and Siglap Road and also has partial views of the sea.
Apart from being three bedroom, the apartment also has a spacious kitchen, a service yard, storage room, and helper’s area. Lock states that all rooms of the apartment face either north or southeast and thus avoid the intense afternoon sun and its elevated position ensures that the space is well-lit with plenty of sunlight and airflow.
In 1994, the development was completed. Fernwood Towers is a freehold development that has 216 condominium units. It is situated located on an site located at the intersection of Marine Parade Road and Siglap Road. The condominium’s amenities include a pool, a children’s pool squash court, playground table tennis area, the function room, along with a minimart.
In 2018, the owners of Fernwood Towers tried to offer the property for sale in a collective auction with a reserve of $688 million, but could not find an interested buyer.
Lock anticipates high interest in the property for auction, due to Fernwood Towers’ location within the District 15 area, which is a popular one, as well as its status of freehold. It is located near Siglap Center located on Siglap Road, Siglap V on East Coast Road and Parkway Parade on Marine Parade Road and is within 10 minutes of driving distance and it is also near the East Coast Park is accessible by 7 minutes of walking by way of an underpass. The property is also 6 minutes walk from the planned Siglap MRT Station on the Thomson-East Coast Line. The line is scheduled to open in 2024.
The unaffordable property will be sold empty which gives the prospective buyer the option of renting or occupying out the property. Based on URA information, recent rental transactions have revealed three-bedroom units earning monthly rents of between $3,300 and $5,200.
The latest unit that changed hands within Fernwood Towers was a 3-bedder with 1,636 square feet. It was purchased the 28th of June at $2.7 million ($1,650 per square foot). The previous one-bedroom unit measuring 1,195 sq feet sold to the buyer for $2.02 million ($1,691 per square foot) on June 6.