A semi-detached property on Vaughan Road off Upper Serangoon Road will be put on the market on 25 May with a suggested value at $5.5 million. This is an owner’s auction according to Mok Sze Sze, the managing associate SRI Auction. SRI Auction, who is in charge of the sale. This property is to be auctioned off along with vacant possession.
The property is located on a freehold land area of 5,647 sq feet and has an 10.4m-wide frontage on Vaughan Road. On the basis of land size the price guide is $973 per square foot. The property is zoned for two-storey mixed land use in the Master Plan 2019. Based on caveats filed in the land, the property has been sold July 2013 when it was sold for $4.7 million ($832 per square foot).
The house is two stories high and has the roof terrace, and was completed in the year 1985. It houses six bedrooms and a total area of around 7700 sq feet. Because of the old home’s condition and the large space this site is perfect for development as per SRI’s Mok. “Subject to the approval of the appropriate authorities the buyer is able to develop the property and build a new detached house in the site,” she remarks.
The two-story house comprises Vaughan Garden, a mixed-use residential estate that is landed located in District 13. This year it was reported that the property next to it — a two-storey semi-detached property was auctioned off in an auction held by SRI at $6.3 million ($948 per square foot) on Feb. 28. It was a property is an estate auction.
Three properties located in Vaughan Garden were sold last year. The three properties were terraced homes. In July of last year, a property on Lorong Biawak with a land size of 3,168 sq ft was sold for $4.63 million ($1,461 per square foot). In August, a property located in Lorong Biawak with a land area of 3,182 sq feet was sold to the tune of $5.26 million ($1,653 per sq ft). In December of last year, a house that had a land size of 3,067 square feet was bought to the highest bidder for $5.25 million ($1,712 per sq ft).
Mok believes that the site to draw a significant amount of interest because of its freehold status potential for redevelopment and its position close to the amenities. For instance the site is just a 6-minute stroll from Serangoon Central, the Nex shopping mall in Serangoon Central, connected to the Serangoon MRT Station on the North-East and Circle Lines. “There are also numerous restaurants and other services in the vicinity of Upper Serangoon Road,” she says.
The property is a great choice for parents with children who attend school due to its close proximity to numerous schools, including Yangzheng Primary School, Zhonghua Secondary School and Nanyang Junior College — all of which are located along Serangoon Avenue 3.