SINGAPORE (EDGEPROP) - A two-bedroom penthouse at Belle Vue Residences on Oxley Rise is on the market for $3.68 million ($1,624 psf), and will appear at the Colliers International auction next month. The 2,271 sq ft unit is being sold in a mortgagee sale. It was first offered by the auction house this month with a guide price of $3.88 million ($1,712 psf), but did not attract any bids.
Located off Oxley Rise in prime District 9, Belle Vue Residences is a freehold development by Wing Tai Holdings and was completed in 2010. The 176-unit condo comprises nine five-storey blocks with two- to five-bedroom units of 1,378 to 5,005 sq ft.
Belle Vue Residences is a 176-unit, freehold development that was completed in 2010 (Pictures: Samuel Isaac Chua/EdgeProp Singapore)
The unit up for sale was initially purchased for $4.7 million ($2,069 psf) in 2013. Located on the fifth floor, it features a roof terrace with views towards Orchard Road and Beach Road, and a balcony in the living room.
“Properties in prime districts – including Oxley Rise, which is in District 9 – are particularly appealing to buyers, such as high-net-worth individuals and foreign buyers who are buying properties for investment or their own stay,” says Steven Tan, director of sales and auction at Colliers International.
Belle Vue Residences is located between Orchard Road and River Valley, and is close to Dhoby Ghaut Interchange which serves the North-East, North-South, and Circle Lines. It is also close to Fort Canning Park and Fort Canning MRT Station, as well as the lifestyle areas around Robertson Quay and Clarke Quay.
“Oxley Rise is centrally located and near the famous Orchard Road shopping belt which is undergoing transformation. Plenty of amenities are within easy reach and the area is also within walking distance to the MRT station. These locational attributes make the area attractive to buyers,” says Tan.
The last time a penthouse unit at Belle Vue Residences changed hands was in 2014, when a 3,897 sq ft unit fetched $5.85 million ($1,500 psf), according to URA Realis. The most recent sale of a unit at the development occurred last September when a 2,002 sq ft unit on the fourth floor changed hands for $4.3 million ($2,148 psf).
“Units in the Oxley Rise area are tightly held and hard to come by. Given the limited supply, we believe buyers should assess opportunities seriously if they do come up,” says Tan. “In view of the expected owners’ profile and the limited supply in the Oxley Rise area, we expect prices of units in this area to be firm, with not much room for negotiation.”
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For price trends, recent transactions, other project info, check out Wing Tai Holdings' projects research page: Belle Vue Residences, The Crest, The Tembusu, Le Nouvel Ardmore, and The Garden Residences