Three cluster houses at Eleven @ Holland are selling for more than $1,050 per square foot

PropNex Realty has announced the sale of three semi-detached cluster houses located at Eleven at Holland through tender. The three houses were sold at a price of $1,050 per square foot and $1,079 psf. The price ranges from $3.91 millions up to $4.02 million. The vendor’s expectations were exceeded” states Tracy Goh, head of Investment and Collective Sales at PropNex.

Grand Dunman land cost equivalent to $1,350 per square feet per plot ratio (psf ppr).

PropNex was chosen as the buyer’s agent by Char Yong (Dabu) Association, Singapore, to market the properties that comprised seven houses within Eleven @ Holland. The houses comprise seven semi-detached residences of approximately 3,735 square feet. They are all three-story with the attic as well as basement which have 5 bedrooms, and 5 bathrooms.

The houses’ sale came as part of the tender which ended on the 12th of June. PropNex states that the purchasers of the three houses sold are residents of the area. The properties were constructed in 2014 and were an 99-year leasehold. “There are potential buyers that have indicated an an interest in buying the remaining four units, which will be sold by private treaty sales,” says Goh.

The transaction comes added to the sale of 48 semi-detached cluster homes at Eleven @ Holland that PropNex recently concluded. On June 8, the agency revealed that it had gathered 48 checks from buyers who wanted to buy the properties that were offered for sale to mortgagees. PropNex was chosen as the marketing agent by Hong Leong Finance as the marketing agent.

As per Silas Tan, a PropNex Realty agent who assisted his client get one of the 373 sq feet semi-detached units that was included in the 48 units, lots of interested buyers flocked to this firesale because of the price. “District 10 has an exclusive attraction that many Singaporean buyers are aspiring to. Additionally, the average per square foot price for semi-detached houses with 99 years of age (cluster and non-cluster homes) in that area this year has already reached around $1,505 per square foot, and houses that are less that 10 years of age have an average of $2,430 per square foot”.

The client was able to purchase his property for $1,019 per sq ft. Lee states that the property was bought as part of an existing tenant and that the new owner is planning to lease the property for investment purposes. “While the land properties typically have a lower rental yields (compared with other types of residential properties) Our clients are experiencing an instant 4.4% gross rental yield an uncommon situation that many non-landed properties are unable to attain,” says Tan.