PropNex Realty has announced the sale of three cluster semi-detached homes located at Eleven@ Holland through tender. The three houses were sold at between $1,050 and $1,079 per square foot, and the prices range from $3.91 million up to $4.02 million. The price was higher than the vendor’s expectations” Says Tracy Goh, head of Investment and collective sales at PropNex.
PropNex was selected by the buyer, Char Yong (Dabu) Association, Singapore, to market the properties comprising seven houses within Eleven @ Holland. The units are comprised of seven semi-detached houses that are approximately 3,735 square feet and are all three-story plus basement and attic units, which have five bedrooms and five bathrooms.
The houses’ sale was part of an auction which ended on the 12th of June. PropNex claims that the purchasers of the three houses sold are residents of the area. The properties were constructed in 2014 and were the leasehold for 99 years. “There are also potential buyers that have indicated an an interest in buying the remaining four units which will be sold through a private treaty sales,” Goh says. Goh.
This deal comes on top of the sale of the cluster of semi-detached homes located at Eleven @ Holland that PropNex recently concluded. On June 8th, the agency announced that it had received 48 cheques from buyers to buy the 48 properties that were placed up for sale as mortgagees. PropNex was chosen by Hong Leong Finance as the marketing agent.
According to Silas Tan, a PropNex Realty agent who assisted his client get one of the 3,735 sq feet semi-detached homes that were sold as part of 48 units, a lot of interested buyers were attracted to the firesale due to the cost. “District 10 has an exclusive appeal that many Singaporean buyers want. In addition the average psf of a semi-detached house with a 99-year-old age (cluster and non-cluster homes) in the district has already been around $1,505 and those less than 10 years old have an average of $2,430 per square foot”.
His client was able to secure his property at $1,019 per square foot. Lee claims that the property was purchased with an existing lease and that the new owner plans to lease the property to invest in. “While the land properties tend to have a lower rental yields (compared with other residential properties) however, our clients are able to enjoy an immediate 4.4% gross rental yield which is a rare thing that properties that are not landed properties struggle to attain,” says Tan.