Ravi Chandran
The freehold detached bungalow is situated at the highest point along Garlick Avenue and sits on an elevated site that is rectangular in shape
A single storey detached bungalow at 72 Garlick Avenue in District 10 has been put up for sale by Expression of Interest (EOI) for S$16.5 million.
The freehold detached bungalow is situated at the highest point along Garlick Avenue and sits on an elevated site that is rectangular in shape with a frontage of approximately 27 metres and average depth of approximately 31 metres. The site has a land area of 856.7 sqm (approx. 9,221 sq ft).
The freehold detached bungalow is located within walking distance are Sixth Avenue MRT station, daily conveniences such as Cold Storage and eateries at Guthrie House. Prime local shopping belt Orchard Road is also a quick 15-minute drive away from the freehold detached bungalow.
Additionally, the freehold detached bungalow is within the vicinity of some of Singapore’s most prestigious schools, including Raffles Girls’ School, Hwa Chong Institution, Nanyang Girls’ High School and Henry Park Primary School.
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Linda Chern, Head of Residential Prime Sales and Corporate Leasing, Knight Frank Singapore, shares, “The property is ideal for both Singaporeans or PRs and is located in a prime residential estate that is also within a GCB zone.”
Recent property transactions for homes in the area have also been promising. Chern further comments, “17 detached homes in District 10 were transacted from January to July 2019, recording a total of S$337 million in sales. Of the 17 homes sold, 11 transacted during the May to July period.”
The EOI for the freehold detached bungalow at 72 Garlick Avenue will close at 3pm on 15 October 2019.
Mr Paul Ho, chief mortgage officer at iCompareLoan commenting on the freehold detached bungalow along Garlick Avenue said, Ho said that “as the sales proceeds start to come in from the en bloc sales completion from now till end 2019, landed properties will seem attractive to some buyers. Especially the Inter-terrace segment will hot up.”
This Mr Ho believes is because en bloc sales homeowners who are flush with cash, will resort to value hunting instead of choosing smaller condominiums which are beginning to sell at unbelievable prices.
Dr Lee Nai Jia, Senior Director and Head of Research at Knight Frank Singapore said in an op-ed in Business Times in Sep 2018 that “now is the right time to buy landed property.”
“The supply of landed homes has been limited. From Q4 2008 to Q2 2018, the total stock of landed homes rose 6.4 per cent, from 68,761 units to 73,150 units. Yet, the total stock of non-landed homes went up by about 70 per cent from 172,443 units to 293,593 units over the same period.
With a lack of a strong supply of landed homes, it appears that prices of landed homes tend to trend up more than prices of non-landed homes during an upswing in prices. The Urban Redevelopment Authority’s (URA) residential price index for landed homes rose 87.7 per cent during the upswing from Q2 2009 to Q3 2013, while prices of non-landed homes appreciated 56.2 per cent over the same period.”
https://www.icompareloan.com/resources/demand-landed-properties-will-heat-heels-en-bloc-sales/
An earlier research by CBRE said that the total number of transactions for landed projects in 2018 is expected to be around 300 units, with the majority of units sold outside the Core Central Region. CBRE added that freehold projects will present a better value over leasehold projects in the growing landed property market.
Joseph Tan, Executive Director at CBRE Asia Pacific, speaking at a Propertyguru seminar in May 2018 said:
“As of now, the total number of housing units offered in the market is 380,000. Landed properties only consist of 1.5 percent of the total housing stock, a small supply compared to non-landed properties which comprise 98.5 percent. Around 90 percent of landed properties are freehold while the remaining 10 percent are leasehold.
“Non-landed homes priced at $1 million to $2 million remain most favoured amongst Singaporeans. For landed homes, most investors prefer those priced at $2 million to $3 million. However, the gap between property prices for 99-year leasehold and freehold landed properties is quite narrow due to the scarcity in this category.”
Mr Ho said that given the land scarcity in Singapore, demand for landed property in Singapore will continue to rise over the long term. He pointed out that Singapore continues to be a global financial centre and a trade hub with high livability scores – all of which attracts high net worth investors to the Republic. All these factors will inevitably fuel demand for landed property in Singapore he added.
“The value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1,000, but the bigger challenge for buyers of landed property is securing the best home loans. With the right loan, the buyer can save thousands, if not tens of thousands of dollars. Which is why they would have to work with established mortgage brokers who can provide them this free service.” – Paul Ho
How to Secure a Home Loan Quickly
If you are eyeing freehold landed site like the one at 537 Upper Changi Road, but are ensure of funds availability for purchase, our mortgage consultants at iCompareLoan can set you up on a path that can get you a home loan in a quick and seamless manner.
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