The two-storey with 6,412 sq ft plot and features a 14m frontage along Sennett Avenue
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A freehold semi-detached home situated on Sennett Avenue in District 16 is available on auction at $8.66 million. The two-story property is situated over an elevated, 6,412 square feet parcel and boasts an enviable 14m frontage on Sennett Avenue. The asking price is $1,350 per square foot of parcel.
The sole agent who is marketing this property for the property is Cheong Choon Ghee. She is the senior associate vice-president for List International Realty. The property is in the market for less than two months.
According to Cheong, the home was constructed over 30 years ago, and has been owned by the same person since the period. It is a semi-detached property was constructed in the same time as the semi-detached house of its neighbor The two properties were later sold to members from the family.
In the past, family members wanted to have easier access between the two homes The partition wall was torn down, which resulted in the car-porch that was shared in front.
But there is only one semi-detached homes is being offered to be sold. “In this instance the house which is being put up for sale is owned by one of the families who feels it’s the time to move. their family members living next to them are content staying in their current location,” says Cheong.
The owner of both houses have retained the walls of internal division which separate the two properties It would be an easy task of restoring the front dividing wall in the event of a change in the ownership.
The house on the market is located in a 3-storey mixed-landed housing estate that is bordered with Bedok South Road to the north and Upper East Coast Road to the south. The property and the estate sit alongside Temasek Junior College and close to the Bedok Integrated Transport Hub, as well as the Bedok Mall.
In the mature, land-based housing estate The house is located on the top of a hill which has views of the surrounding landed neighborhood. Cheong claims that the 14m-long width along Sennett Avenue is uncommon among homes in this region. “It is extremely rare to find a comparable-sized plot in this area that has a 14m frontage. The freehold area of 6,410 sq. ft. in this region is hard to locate in the current market,” he says.
Cheong says that the majority of detached plots in this area are between 10 and 11 meters wide, but after taking into account 2m setback on both sides , the maximum width of the building is 6m, which isn’t any different from an inter-terrace’s build dimensions of about 6m, Cheong says.
The 14m wide of the house he’s marketing implies that the buyer will have more space for living according to him, adding: “based on my experience homeowners typically pay close to $4 million in order to remodel or remodel their house according to their needs and lifestyle.”
The huge area of the site will provide the new owner with various architectural options. For instance, a basement carpark is an attractive option, and a contemporary double-volume ceiling above the lounge.
The neighborhood is classified as a three-storey mixed-landed area, meaning that the property could be converted to a three-storey attic property.
“Thus the locational and site characteristics make it attractive to discerning homeowners searching for a new home located in the East Coast area,” Cheong states.
The house is expected to be a magnet for the owner-occupier that is searching for a substantial piece of freehold land on which to build their dream home or an developer who is looking to renovate and then sell the property in the future.
“A new owner could be considering the cost of redevelopment of approximately $2 million to construct an property that is of comparable standard to houses in the neighborhood. But, according to my view that if the homeowner seeks a unique luxury home, it may be priced between $3.5 millions to $4.5 million based on their lifestyle,” says Cheong.
In the last two years, there have been extremely positive price trends in the land segment of District 15. This positive trend in prices has carried over to District 16, where the house which he’s selling is in the report of List International Realty in March 2022.
According to an investigation of trends in prices within the Sennett Avenue area conducted by EdgeProp There has been an upward trend in prices in the last 20 years, with semi detached houses trading higher than houses with inter-terraces.
EdgeProp’s Landlens research tool reveals that a number of houses within the neighborhood have been sold in the last two years. The most recent one was the 65 Sennett Lane. It was sold for $8.65 million ($2,211 per sq. ft.) on March 15 of this year. Another house on 48 Sennett Avenue was auctioned off to the highest bidder for $3.028 million ($1,641 per square foot) on January 6 of this year.
“Although that asking cost of the home (being advertised as a sale) will be higher relative to recent sales for older homes in the region however, it’s comparable to the price rises we’ve observed in District 15 which is adjacent. Buyers who are familiar with about the East Coast area are generally interested in buying a piece of land to redevelop in District 16 too,” says Cheong.
The property has been up for sale for one month, however it has already received more than 50 inquiries from buyers who are interested. Cheong has received around five offers from buyers who are serious. The agent says discussions are still in progress and believes that the property may be sold before the end of the year.