Unit at Braddell View hits $676 psf, The Gardens at Bishan at $829 psf

Large apartments are becoming scarce in Singapore as developers continue to shrink the sizes of newer units these days. For those who aspire to a bigger apartment and are looking at a value-for-money purchase, HUDC flats are an attractive option.

This is clearly the case at the 918-unit Braddell View located on Braddell Hill, where there were four transactions from Aug 13 to 20. “The main attraction is the size of the apartments in Braddell View, which range from 1,400 to just under 1,800 sq ft,” says Sherry Tang, sales director of DTZ Debenham Tie Leung.

At other HUDC estates in District 20, such as the newly privatised 358-unit Shunfu Ville on Shunfu Road, apartments measure 1,658 to 1,700 sq ft. Also, at the 240-unit Lakeview Estate, typical units are 1,615 sq ft, with penthouses of 3,035 sq ft.

Braddell View’s appeal also lies in the fact that it is the only HUDC estate in District 20 with full-condominium facilities, such as tennis courts, a swimming pool and a clubhouse, says Tang. The development consists of 16 blocks of residential units; five blocks were completed in 1978 in Phase One and 11 were completed in 1981 in Phase Two. “Most buyers at Braddell View are buying for their own occupation,” she observes.

The latest asking price for a three-bedroom unit at Braddell View is $700 to $780 psf, says Tang. Three-bedroom units can fetch rental rates of $3,000 to $3,800 a month.

From Aug 13 to 20, there were four transactions at Braddell View with prices from $559 to $676 psf. At Block 10C, a 1,615 sq ft three-bedroom unit on the ninth floor was sold for $1.08 million ($669 psf), representing an 18.6% gain for the seller, who bought the unit for $910,000 ($564 psf) in January 2008. Prior to that, the unit changed hands for $650,000 ($403 psf) in May 2007, with the seller having purchased the unit for $415,000 ($257 psf) in September 2004.

At Block 10G, a seller made a whopping 140% appreciation on his 1,701 sq ft unit on the sixth floor after six years. The seller had purchased it in 2003 for $480,000 ($282 psf) and sold it for $1.15 million ($676 psf) on Aug 18.

At Block 10F, the owner of a similar-sized unit on the third floor saw a 46% price gain when he sold his unit for $950,000 ($559 psf) on Aug 13. The seller had bought the unit for $650,000 ($382 psf) in May 2007. A fourth unit at Braddell View that changed hands recently was a three-bedroom apartment on the 10th floor at Block 10E that went for $945,000 ($650 psf).

Another 99-year leasehold development in District 20 that has seen interest among homebuyers is GuocoLand Group’s The Gardens at Bishan development. Located at Sin Ming Walk, there are 756 units in four 20-storey blocks within the six-year-old development.

“The condo is popular among young families and expatriates,” says ERA marketing director Edmund Lim, because of the Ai Tong Primary School nearby and the Australian International School on Lorong Chuan.

Two units at The Gardens at Bishan were sold at $827 to $829 psf for the Aug 13 to 20 period, according to caveats lodged with URA Realis.For instance, an 883 sq ft two-bedroom on the sixth floor went for $732,000 ($829 psf). The seller reaped a significant 60% capital gain as he had bought the unit for $460,000 ($521 psf) in March 2007. The last time the property changed hands was in January 2004 for $443,000 ($502 psf). The original owner had bought the unit for $400,160 ($453 psf) from the developer in January 2002.

A similar-sized two-bedroom unit on the eighth floor of a neighbouring block was sold for $730,000 ($827 psf). The seller, who had bought it for $580,000 ($657 psf) in the resale market in July 2007, made a gain of 26%. The original owner had bought the unit for $450,200 ($510 psf) from the developer in June 2003.

According to marketing agents, the latest asking prices for smaller-sized two- and three bedroom units are $800 to $910 psf.

Source : The Edge – 13 Sep 2010

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