Five-room flat in Natura Loft sets resale record of $1.538 mil in Bishan
By Timothy Tay
/ EdgeProp Singapore |
The sale of the five-room flat marks the second time that a resale unit at Natura Loft has exceeded the $1.5 million threshold in terms of absolute price.
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The sale of a five-room flat in Natura Loft set a record resale price in Bishan when it was sold for $1.538 million ($1,190 psf) on May 5. The 1,292 sq ft unit, on the 30th floor, is located at Block 275A Bishan Street 24.
In a press release, the real estate agency ERA Realty Network shared that two of its agents were involved in the transaction. Shawn Kuah, senior marketing director at ERA, and Emily Yeoh, also a senior marketing director at ERA, represented the seller.
The Design, Build, and Sell Scheme (DBSS) flat was listed for $1.589 million last month. The sale of the five-room flat was prompted by the sellers, a multigenerational family with a young child and grandparents, who are relocating overseas.
According to Kuah, this corner unit boasts an unobstructed view, which is reflected in the balcony of the master bedroom. “Higher floor units lack this balcony and instead have bay windows, making this flat even more desirable.”
Natura Loft comprises five 40-storey residential blocks with a total of 480 units. The 99-year leasehold DBSS development was completed in 2012. (Picture: Samuel Isaac Chua/The Edge Singapore)
He adds that the unit was on the market for less than a month before it found a successful buyer. “We issued an option to purchase (OTP) within a week of listing the flat for sale to a buyer that offered to pay $1.538 million.” However, that buyer did not end up exercising the OTP.
“Instead, we found a different buyer willing to commit to the purchase and we immediately issued an OTP at the same price of $1.538 million after the first OTP expired,” says Kuah. He adds that the successful buyer incurred a cash over valuation (COV) of about $100,000.
ERA says the buyers, a couple in their 30s upgrading from an HDB flat, were attracted to the flat's convenient location in Bishan. Natura Loft's proximity to Whitley Secondary School and Catholic High School, as well as its accessibility to Bishan MRT Interchange connecting the North-South and Circle Lines, contributed to its appeal.
Details of the project can be found on EdgeProp's property analytics tool, Landlens. (Map: EdgeProp Singapore)
Natura Loft comprises five 40-storey residential blocks with a total of 480 units. The 99-year leasehold DBSS development was completed in 2012. The sale of the five-room flat marks the second time that a resale unit at Natura Loft has exceeded the $1.5 million threshold in terms of absolute price. Based on HDB resale caveats, a 1,292 sq ft unit was sold for $1.5 million ($1,160 psf) on May 17. A similarly sized five-room flat at the neighbouring block, 273B Bishan Street 24, was sold for $1.458 million ($1,129 psf) on Jan 23.
Kuah, commenting on the sale he facilitated, notes that this record price reflects Bishan's appeal as a prime residential area and the unique features of this unit.
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