Apparently one exceptional landed home was purchased recently for the whopping price of SG$958,000. As much as the media were astounded by the said figures, it was a very uncommon for the resale market to witness such deal for a public home.
This highly exceptional property was built by the Singapore Improvement Trust and is now currently under the management of HDB. Designed as a terrace house with three rooms and 2-storeys, this property situated in Jalan Bahagia is the biggest among the other units that were turned over recently. In Queenstown and Whampoa, where the rare house is located, there were only 285 units that almost have the same features as this rare terrace house.
If you would compute for its value per square foot, prepare to pay as much as $370. But believe it or not, this is still reasonably priced compared to the private terrace homes within the Whampoa and Queenstown area. Some were even sold for as much as $2,200 psf including Parc Imperial, Queens, or One-North Residences to name a few.
According to the statement released by SLP International Property Consultants, it is now difficult to close a deal for a landed house which is less $1.5 million. As for the private properties such as the North Park Residences, Botanique at Bartley, Highline Residences and the Adana at Thomson that are priced beyond that, buyers can avail it thru the 99-year leasehold or freehold tenure.
The said rare terrace house which is comprised of 241 sqm only has 60-year lease remaining since it was completed in 1972. While it’s attractive to buy such properties, the investor should also consider the expenses that come with renovating the area. But regardless how long these terrace homes are, they are still considered as one of the most sought-after properties. Other than this mentioned rare home, there was also another terrace house that was sold for as much as $1.06 million last March.