Monday, September 21, 2009

Prices at Frankel Estate hit $974psf

There has been a pick-up in sales of landed property at Frankel Estate recently. An established landed residential enclave, it’s located within a short driving distance of the Kembangan MRT station and within walking distance of eateries along Siglap Road. It is also in the proximity of good schools like Victoria Junior College, St Patrick’s School and Tao Nan School.

According to caveats lodged with URA Realis, there were five transactions done on the week of Aug 21 to 28 in the price range of $830 to $974 psf.

For instance, a 3,121 sq ft semi-detached house at Lothian Terrace, off East Coast Road, was sold for $3.04 million or $974 psf. The seller had purchased it for $2.23 million in 2006. The semi-detached house and the neighbouring one are a redevelopment of a former bungalow sitting on a land area of 6,307 sq ft, which was purchased in 2004 for $2.25 million.

Homeowners were also able to make a profit on their sale. At Bowmont Gardens, a semi-detached house went for $2.55 million or $853 psf. The original owner had purchased the house for $1.69 million in 2002, translating to a profit of 51%.

Moving across Frankel Avenue Road, along Dunbar Walk, a 5,844 sq ft bungalow was sold for $4.85 million. The house was sold last year for $4.3 million, giving the latest seller a profit of 12.8%. In 1999, the house changed hands at $2.4 million.

At Greenfield Drive, an old semi-detached house was sold for $4.8 million or $866 psf. The house sits on a sprawling land area of 5,543 sq ft, located at end of a row of houses. It’s also nestled within a quiet and leafy neighbourhood with a park.

There was also a pick up in home sales near Lower Peirce Reservoir Park at Sembawang Hills Estate. With prices ranging from $432 to $580 psf, homeowners managed to profit from their sale.

For instance, a terraced house along Jalan Gelenggang was sold for $1.35 million or $518 psf. The previous owner had bought it just three months earlier for $1.08 million. A smaller terraced house on Jalan Menarong was sold for $1.16 million. Before that, it changed hands for $835,000 in 2001.

Meanwhile, along Jalan Chengam, the seller of a bungalow managed to get a buyer at $1.95 million, a 7% gain over the price paid in 2007.

With new launches of suburban 99-year leasehold condos going for $1,000 psf, it’s not surprising why people find better value in buying landed homes.

Source: The Edge, 21 Sep 2009

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