A two-storey unit in the 999- year leasehold Glentrees condominium is on the market for $4.3 million ($1,171 psf). The 3,672 sq ft unit on the ground floor has four bedrooms and a basement and comes with a private car porch for two cars.
The 999-year leasehold Glentrees was completed in 2005 and comprises 176 units (Picture: The Edge Singapore)
The unit was bought by a Singaporean investor for $4.2 million ($1,144 psf) in 2007. An Australian family has been living there for the past three years and their lease will expire in October. While the owner does not want to disclose the exact monthly rent, it is between $8,500 and $9,000, says Foo Hoo Seng from ASPAC Property Consultants, the agent marketing the property. This translates into a gross rental yield of about 2.5%.
The living and dining room is located on the first floor, together with a dry and wet kitchen. On the second floor are three bedrooms, including the en-suite master bedroom. The basement houses a bedroom, courtyard and lounge, which Foo says can be converted into a helper’s room.
According to Foo, the unit has drawn more attention from potential owner-occupiers than investors, with nine out of 10 enquiries coming from the former.
The last time a unit of this size was sold was in 2015, when it went for $4.2 million ($1,144 psf). The latest unit sold at Glentrees was a 1,991 sq ft, three-bedroom unit on the fifth floor. It fetched $2.65 million ($1,331 psf) on Feb 2. Prices of units at the condo have risen and some investors have put their properties on the market to cash in, says Foo. In 2016, the average psf price was $1,278 across five transactions, but in 2017, it was $1,315 psf across seven transactions.
Glentrees is in prime District 10 and located off Holland Road. It is beside Henry Park Primary School and Eunoia Junior College. The condo was completed in 2005 and comprises 176 units, with a mix of two to four-bedroom units ranging from 1,346 to 3,672 sq ft.
This article appeared in the EdgeProp Pullout, Issue 819 (Feb 26, 2018)