The two-storey property sits on an elevated 6,412 sq ft plot and features a 14m frontage along Sennett Avenue. The asking price translates to $1,350 psf on the land area. (Picture: Cheong Choon Ghee/List International Realty)
SINGAPORE (EDGEPROP) - A freehold semi-detached house on Sennett Avenue in District 16 is on the market for $8.66 million. The two-storey property sits on an elevated 6,412 sq ft plot and features a 14m frontage along Sennett Avenue. The asking price translates to $1,350 psf on the land area.
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The sole marketing agent for the property is Cheong Choon Ghee, senior associate vice-president of List International Realty. The property has been on the market for less than two months.
According to Cheong, the house was built more than 30 years ago and has been occupied by the same owner during that time. The semi-detached property was built at the same time as its adjacent neighbour’s semi-detached house, and the two properties were sold to members of the same extended family.
At the time, the family members wanted easier access between the two houses, so the original dividing wall was torn down, resulting in the existing shared front car-porch.
The original dividing wall was torn down to facilitate a combined front car porch. (Picture: Cheong Choon Ghee/List International Realty)
However, only one of the semi-detached houses is up for sale. “In this case, the house that has been put up for sale belongs to one side of the family that feels it is time to move, while their relatives living beside them are still happy staying where they are,” says Cheong.
He adds that both houses still retain the internal dividing walls that separate the two properties, so it would be a straightforward issue of reinstating the front dividing wall upon a change of ownership.
The house for sale in located in a three-storey mixed landed housing estate that is bounded by Bedok South Road to the north and Upper East Coast Road to the south. The house and the landed estate are beside Temasek Junior College and close to the Bedok Integrated Transport Hub and Bedok Mall.
Within the mature landed housing estate, the house sits on top of a hill that overlooks the surrounding landed neighbourhood. Cheong says its 14m frontage along Sennett Avenue is uncommon among houses in this area. “It is rare to find a similar-sized plot in this neighbourhood with a 14m frontage. The freehold land size of 6,410 sq ft in this area is also difficult to find on the market these days,” he says.
Cheong adds that most detached plots in this neighbourhood are 10-11m wide, but after allowing for 2 meters setback on both sides the actual building width will be 6m, which is not much difference from an inter-terrace’s building width of typically 6m, he says.
However, the 14m width of the house he is marketing means that the new owner would be able to enjoy a wider interior living space, he says, adding: “based on my experience, owners typically spend close to $4 million to redevelop or refurbish the house, depending on their lifestyle needs."
EdgProp's Landlens research tool compiles relevant property data for home buyers and developers to use. (Picture: EdgeProp Singapore)
The large size of the site provides the next owner with the flexibility of many architectural possibilities. For example, a basement carpark could be a possible feature as well as a modern, double-volume ceiling over the living room.
This area is designated as a three-storey mixed landed neighbourhood, so the new house could be developed into a new three-storey plus attic property.
“Thus, all these locational and site attributes make it especially attractive for discerning homeowners looking for a new landed house in the East Coast area,” Cheong says.
He expects the house to attract an owner-occupier who is looking for a sizeable plot of freehold land to build their dream home, or a developer who is keen to redevelop and sell the property down the line.
“A new owner might be looking at a redevelopment cost of about $2 million in order to build a property that is a comparable quality to the neighbouring houses. However, in my opinion, if the owner is looking for a standout luxurious home, it could cost from $3.5 million to $4 million, depending on their lifestyle choices,” says Cheong.
The two-storey property sits on an elevated 6,412 sq ft plot and features a 14m frontage along Sennett Avenue. (Picture: Cheong Choon Ghee/List International Realty)
Over the past 2-3 years, there has been very strong positive price movements in the landed segment in District 15, and this positive price trend has spilled over into District 16 where the house he is marketing is located, according to a report by List International Realty in March 2022.
Based on an analysis of price trends in the Sennett Avenue area by EdgeProp, there has been an upward price movement over the past 20 years with semi-detached houses transacting higher than inter-terraced houses.
EdgeProp’s Landlens research tool shows that several houses in the area have changed hands over the past two years. The most recent was 65 Sennett Lane, which fetched $8.65 million ($2,211 psf) on March 15 this year. Another house at 48 Sennett Avenue was sold for $3.028 million ($1,641 psf) on Jan 6 this year.
“Although the asking price for the house (being marketed for sale) is on the high side compared to recent transactions for older houses in the area, it is in line with the price increases we have seen in neighbouring District 15. Buyers who know the East Coast area are generally open to the idea of purchasing a plot for redevelopment in District 16 as well,” says Cheong.
The house for sale has only been on the market for about a month, but it has attracted close to 50 enquiries from interested buyers. Cheong has received about five offers from serious buyers. He adds that negotiations are still ongoing and thinks that the property could be sold by end-July this year.
Check out the latest listings near Sennett Avenue, Temasek Junior College