A detached house in Sembawang was just sold for S$5.7 million. This marks the highest transaction for a landed house in D27 in the past two years.
Located at Jalan Serengam in Sembawang Springs Estate, the 999-year corner land plot spans 5,035 sq ft. It comes with a built-up area of 6,500 sq ft, which translates to S$876.92 psf.
Standing three storeys tall, the seven-bedder comes with an attic and basement, as well as a lift and private pool. You can check out more details about the house here.
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Shawn Tan, Associate Branch Director from PropNex, shares that transactions in the area are usually those with smaller land plots. So it’s harder to get a buyer for those with a bigger land plot, such as this particular one he sold.
“At a $5.7m budget, they’re able to get a small unit in a prime area.”
But as there’s no more supply in D28, people have started looking into properties in D27, Shawn adds.
In the case of this detached house, it took only a single viewing for the buyers to fall in love with its layout and size, and eventually close the deal. They’ve bought it for their own stay, but will only move in after the tenancy has ended.
Sold with a S$10,000 a month tenancy
Another notable aspect about the transaction is that it’s sold with a S$10,000 tenancy that lasts until February 2023. So what made the seller let go of the property?
Turns out, the seller, a local boutique developer cum main contractor, is restructuring their investment portfolio.
“This property has been on the market since 2017. At that point of time, most buyers couldn’t accept such a high quantum in D27. So the developer started renting it in 2020,” Shawn reveals.
Back then, the asking price was S$5.68m. So it was only recently that it was raised to S$5.8m, before the deal was sealed at S$5.7m, ending a two-year drought in the district.
Do you have a similar home record-price sale or purchase to share? Let us know in the comments section below or via our Facebook post.
If you found this article helpful, 99.co recommends 3-bedder at Trevose Park sold at second-highest record price of S$3.22m and Good Class Bungalow (GCB) house-hunting: Confessions from agents.
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Frequently asked questions
What is a landed property in Singapore?
A landed property refers to a house that is built directly on the land it sits on, in which the land also belongs to the owner. There are a few types of landed properties in Singapore, such as terrace houses, semi-detached, detached and good class bungalows.
Are all landed properties freehold?
Not all landed properties are freehold. There are quite a number that are 99-year or 999-year leasehold.
Can PR own landed property in Singapore?
Under the Residential Property Act, a PR is considered to be a foreigner. As a foreigner, they’ll need to get approval from the SLA before the purchase.
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