A 5,048 sq toes condo at Lien Towers is on the market for $9 million ($1,783 psf). Completed in 1970, the 24-unit, freehold Lien Towers is placed alongside Holland Park in top District 10.
The 12-storey undertaking is recognized for its spacious units: Each ground consists of simply two units, and each unit is a 5,048 sq toes simplex, served by using a non-public lift. It carries 5 bedrooms, 5 lavatories (four of which are en suite) and a spacious dwelling and eating area. Facilities at the improvement consist of a swimming pool and a gym.
Very few flats amongst the 24 gadgets at Lien Towers have entered the market in current years. The closing time such a unit modified arms used to be in October 2012 when a five-bedroom, 5,048 sq toes condominium on the ninth flooring used to be offered for $9.5 million ($1,882 psf).
The unit that is now on sale is placed on the sixth floor. It is supplied for sale by means of non-public treaty with Knight Frank as the advertising and marketing agent. The information rate of $9 million or $1,783 psf is “very reasonable”, says Tricia Tan, Knight Frank’s deputy director of public sale and sales. Another promoting factor is its region as Lien Towers is shut to the Botanic Gardens, Dempsey Hill, Tanglin and the Orchard Road buying belt.
Recent transactions of 99-year leasehold residences in the Holland-Leedon Road vicinity have already been performed at expenditures nicely above $2,000 psf, she adds. For instance, 124 devices in the 99-year leasehold venture One Holland Village Residences, placed in the Holland Village enclave, have been bought at an common fee of $2,733 psf. Launched in November remaining year, the mission is phase of a large mixed-use improvement to be carried out by means of end-2024.
Two different freehold projects, which had been launched at the begin of the year, are redevelopment of en bloc sites. One is the 69-unit Van Holland (formerly Toho Mansion), the place sixteen gadgets had been offered at an common charge of $2,920 psf, in accordance to caveats lodged to date.
The different is the 638-unit Leedon Green (the former Tulip Garden). Also launched in January, forty three gadgets have been offered at an common rate of $2,678 psf as at May 6, in accordance to caveats lodged with URA Realis.
Many old, freehold rental blocks with massive gadgets have been bought en bloc and redeveloped over the previous two decades, says Tan. Hence, such simplexes (units on single floors) in low-density traits are increasingly more rare, she adds. They enchantment to proprietors of landed property who favor to downsize or these with large households who like the proximity to services such as schools, MRT stations, F&B stores and shops.
Such devices are additionally sought-after via expatriate families, with month-to-month condominium charges ranging from $9,000 to $12,500 in January and February, in accordance to URA data.