Ravi Chandran
Edmund Tie on September 16 announced the offer of a Chuan Park unit, located at 244 Lorong Chuan, which has been scheduled for auction on Wednesday, 25 September 2019.
The Chuan Park unit is a 2-bedroom unit with a floor area of approximately 108.98 square metres (sq m) or 1,173 square feet (sq ft). Sitting on the 19th storey of one of the three tower blocks, the Chuan Park unit will enjoy pool and landed views, allowing the unit to enjoy excellent light and air circulation. It will be sold with vacant possession, on an “as is where is” basis.
Developed by Golden Development Pte Ltd and completed in circa 1984, Chuan Park consist a total of 444-units across two, 4-storey blocks of apartments, and three tower blocks of 21 to 23 storeys. Located on a sprawling land plot of approximately 37,209 sq m, facilities such as a clubhouse, convenience store, swimming pool and tennis court are available for its residents’ enjoyment. The development is leasehold 99 years with effect 1980.
Situated off Boundary Road and Ang Mo Kio Avenue 1, the Chuan Park unit is set in a tranquil environment and nestled within the residential enclave of Lorong Chuan.
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Lorong Chuan MRT station on the Circle Line (CCL) is found at the doorstep of the development, and residents will enjoy a convenient access to two other MRT interchange stations in just one stop; Bishan and Serangoon MRT stations, which connects to the North-South Line and North-East Line, respectively.
With this, residents can also easily access to nearby malls such as Junction 8 and NEX, with other amenities in close proximity at Serangoon Garden Way, Chomp Chomp food centre, and other shops and services at the nearby HDB estates. For drivers, the site of the Chuan Park unit is also well-served by the Central Expressway (CTE), enjoying excellent connectivity to the rest of the island.
The Chuan Park unit is surrounded by several notable educational institutions, including St. Gabriel’s Primary and CHIJ Our Lady of Good Counsel within a 1-km radius, as well as Maris Stella School and Kuo Chuan Presbyterian Primary within a 2-km radius from the subject site. Other notable educational institutions in the vicinity include Nanyang Junior College, Raffles Institution Secondary and Junior College, Raffles Girls’ School (Secondary) – under construction, Saint Andrew’s Junior, Secondary and Junior College, Australian International School and Stamford American International School.
Head of auction and sales, Joy Tan, commented, “We expect a very healthy response for the subject unit, given its convenient location at the mouth of the Lorong Chuan MRT Station, and its investment potential for rental purposes and perhaps, a potential for future en bloc opportunities.”
A recent research by Knight Frank said that auction property listings under owner sale owner sale increased 15.8% q-o-q to 227 listings in Q2 2019, and that more owners are seeking auction to divest their properties to expedite their sales. In contrast, the number of auction property listings under mortgagee sale declined 8.2% q-o-q amid a slower economy, said the same report.
Sharon Lee, Head of Auction & Sales at Knight Frank, said: “While the external environment is uncertain, buyers that purchased in auctions during similar market conditions in 2015 and 2017 enjoyed higher returns if they are able to hold out through the downturn.”
The research report highlighted that there were 400 property auction listings in Q2 2019, up 10.5% quarter-on-quarter (q-o-q). Compared to a year ago, the number of auction listings was 47.6% higher. It noted that three properties were sold under the hammer in Q2 2019, amounting to a total sales value of S$3.9 million.
The properties successfully auctioned were an apartment in Skysuites @ Anson, an apartment in Cote D’zur, and a HDB shop at Boon Lay Shopping Centre. The report added that the success rate based on total number of auction listings lowered to 0.8% in Q2 2019.
“The success rate has declined progressively since 2018, falling from 6.4% in Q1 2018, to 1.4% in Q1 2019, and to 0.8% in Q2 2019. More buyers were on the side lines under the current market conditions, but they would still bid if they find value in properties in the listings.”
In view of the continued uncertainty in global macro-economic outlook, Knight Frank envisages number of auction property listings to increase y-o-y by end 2019.
Another report by Colliers International said that property auction market in 2018 reached record high amid slower sales. Colliers said that it expects property auction listings and sales to grow in 2019 as residential cooling measures continue to bite, and interest for non-residential properties grows.
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