A 1,130 sq ft unit at Skies Miltonia in District 27 was put up for its first auction on April 30, according to the auctioneer at Edmund Tie & Co (ET&Co). This is a mortgagee sale, with a guide price of $1.14 million ($1,008 psf). As there were no bids, the unit was withdrawn.
It will be put up for its second auction on May 22, and the guide price is likely to remain the same.
The fifth-floor unit will be sold with vacant possession, on an “as is where is” basis. The previous owner purchased it for $1.13 million ($1,000 psf) from the developer in October 2014, according to a caveat lodged with URA Realis.
Located at the junction of Miltonia Close and Yishun Avenue 1, Skies Miltonia is a 99-year leasehold condo by TG Development, and was completed in 2016. It has 92 years left on its lease. The development comprises 420 units in eight 13-storey blocks, and 10 townhouses. The units range from 484 sq ft one-bedders, to townhouses of 4,672 sq ft.
The unit enjoys partial pool views (Picture Credit: ET&Co)
Tucked away from the main road at Yishun Avenue 1, the three-bedroom unit up for auction has “quiet” surroundings, says Joy Tan, head of auction and sales at ET&Co. The master bedroom comes with an en suite bathroom, while the two other bedrooms share a common bathroom. The unit also comes with a closed-concept kitchen and a household shelter.
Meanwhile, the living room and all the three bedrooms offer partial swimming pool views. Tan adds that the unit is “still in a good, well-kept condition” as the development was completed just three years ago.
Based on caveats, Skies Miltonia saw six resale transactions this year. The most recent transaction was for a 721 sq ft two-bedroom apartment on the 10th floor that changed hands on April 2 at $780,000 ($1,082 psf). Meanwhile, a 1,076 sq ft, three-bedroom unit on the 10th floor was transacted at $1.08 million ($1,003 psf) at end-March.
When it comes to similar-sized units as the one listed for auction, an apartment on the eighth floor was sold for $1.22 million ($1,079 psf) in August last year, according to caveats. “At $1,008 psf, we believe we have the lowest psf price for a typical three-bedroom unit (excluding penthouses) available for sale now,” says Tan.
She adds that while many other condos race to keep up with the current uptick in the property cycle, the new buyer would be able to enjoy old prices today.
Given the development’s proximity to GEMS World Academy, Khoo Teck Puat Hospital and Seletar Airport, Tan highlights that Skies Miltonia could benefit from a ready tenant pool. Furthermore, Orchid and Seletar Country Clubs are both less than a 10-minute drive away.
“With most buyers looking to buy for their own stay, interest levels have been fairly healthy,” says Tan.