More High-End Properties Up For Auction

Source : The Business Times, June 18, 2009

They include Belmont Road bungalow, Fernhill Road site and condo units

As action in the property market drifts up to the high end, more top-notch properties are surfacing at auctions.

A good-class bungalow (GCB) on Belmont Road, a 7,000-square-foot freehold site on Fernhill Road and condo units at St Regis Residences, Leonie Towers and Gallop Gables are among properties that will go under the hammer next week.

Up for sale: This 30-year-old good-class bungalow on Belmont Road has been put up for sale at an indicative price of $26 million to $30 million

The GCB at 62 Belmont Road has been put up for sale at an indicative price of $26 million to $30 million. This works out to $797 to $919 per square foot (psf) based on the sprawling site of 32,627 square feet.

The existing single-storey bungalow, which will be offered at Knight Frank's auction on June 23, is more than 30 years old.

'The property can be rebuilt into a new two-storey bungalow with a basement. And there's space for a tennis court and swimming pool,' says Knight Frank executive director and auctioneer Mary Sai.

Colliers International's auction on June 24 will feature a recently renovated two-storey freehold bungalow with six bedrooms and a maid's room at 2 Branksome Road, off Tanjong Katong Road.

The property is being offered at an indicative price of $9 million or $815 psf of land area, says Colliers deputy managing director and auctioneer Grace Ng. The bungalow has a swimming pool and Balinese-style decor.

A trustee sale of a 7,232-sq-ft freehold vacant site in Fernhill Road is indicatively priced at $6.5 million to $7 million, which reflects a unit land price of $641 to $691 psf of potential gross floor area (GFA). This excludes any development charge that may be payable.

The site is zoned for residential use with a 1.4 plot ratio - the ratio of maximum potential GFA to site area. It can be developed into a small apartment project or a landed housing development.

Jones Lang LaSalle (JLL) is auctioning the property on June 26.

Another property at the event will be a sheriff's sale of a maisonette on the 12th floor of Leonie Towers, a freehold condo at Leonie Hill. The indicative price is $2.6 million to $2.8 million or $895-$964 psf of strata area.

The sheriff's sale is being held to recover a debt owed by the owner, which is a company, to two individuals. The unit will be sold with vacant possession.

Colliers is also offering at its auction an apartment with four bedrooms plus a maid's room on the 13th floor of St Regis Residences. It is also selling a two-bedroom unit with a utility room on the third level at Gallop Gables.

The Gallop Gables unit, which is leased until August 2013, has a prospective price of $1,400 to $1,500 psf of strata area, working out to $1.6 million to $1.7 million. That translates to a net annual yield of about 2.7 per cent.

The St Regis unit's indicative pricing is $5 million or $2,358 psf. The property is subject to a two-year tenancy starting this month, with a monthly rental of $11,000.

If all of the above properties are sold at the various auctions next week, it would provide a fillip to auction sales this year, which totalled $47.7 million in the first five months.

The figure for the whole of last year was $83.7 million - an 11-year low.

JLL's head of auctions Mok Sze Sze says 'the competitive method of auction bidding is the best way to fetch the optimum price for owners of high-end properties, especially if they are rare and few in supply'.