SINGAPORE (EDGEPROP) - A three-bedroom unit at Centro Residences — located at Ang Mo Kio Avenue 8 in District 20 — will be put up for auction for $1.48 million ($1,478 psf) on March 24 by Edmund Tie, which is handling the bank auction.
Centro Residencies is a 329-unit development located at Ang Mo Kio Avenue 8 (Credit: Albert Chua/ The Edge Singapore)
The 1,001 sq ft unit was first put up for auction on Feb 24. Although many auction bids were received at that time, all offers were below the auction opening price, says Joy Tan, head of auction and sales at Edmund Tie.
The unit on the 17th floor of the development will be sold without tenancy. It has an unblocked view of Ang Mo Kio estate and enjoys ample natural light, says Tan. In addition, it faces the south directly, and is breezy throughout the day, she adds. This is also helped by the layout of the property, which allows for cross-ventilation.
The unit has an unblocked view of Ang Mo Kio estate and enjoys ample natural light (Credit: Edmund Tie)
“Although the unit has a three-bedroom compact layout, the space is efficiently used, with no odd corners, and even allows for a closed-concept kitchen, yard area and utility room,” says Tan. She also observes that “the master bedroom is very spacious, and is able to fit a king-sized bed, while the second bedroom can fit a queen-sized bed”.
The unit was initially acquired for $1.23 million ($1,233 psf) in August 2009, based on caveats lodged with URA.
Tan estimates that the property should be able to fetch rentals of between $3,650 and $3,800, based on past rental transactions lodged with URA. This would translate to a rental yield of more than 3% for a potential landlord, she adds.
So far, Tan says the unit has received “very good interest levels”. She also believes that it will attract both owner-occupiers and investors.
Spanning 1,001 sq ft, the unit is located on the 17th floor of the development (Credit: Edmund Tie)
Centro Residences is a two-minute walk from Ang Mo Kio MRT Station on the North-South Line. The development has facilities which include a 50m lap pool, tennis court, half basketball court, gym, dining room and BBQ pavilions. There is also back-gate access to the surrounding HDB estate for more amenities, says Tan.
“For a more laid-back environment, the property is a short drive to Upper Thomson where many cafes are found, and near nature parks such as MacRitchie Reservoir, Thomson Nature Park, and Ang Mo Kio Town Garden East and West,” she says.
The most recent transaction at the development was on Feb 20, when a 904 sq ft unit on the 22nd floor was sold for $1.31 million ($1,450 psf). On Feb 3, a 1,001 sq ft unit on the 26th floor was transacted at $1.47 million ($1,463 psf).