Knight Frank’s first auction of 2025 features prime condos in Districts 9 and 10
By Cecilia Chow
/ EdgeProp Singapore |
Tne view of Marina Bay Sands at Marina Bay and the CBD from the balcony of the 19th unit at Hilltops (Photo: Albert Chua/EdgeProp Singapore)
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At Knight Frank’s upcoming auction on Jan 22, half of the 12 properties listed for sale are in prime Districts 9 and 10. Among these six prime properties, two are mortgagee sales, two are sheriff’s sales, and the remaining two are owner sales.
One of the units offered for sheriff’s sale is located at Hilltops, a 241-unit condo on Cairnhill Circle in prime District 9. Developed by luxury developer SC Global and completed in 2011, Hilltops occupies a freehold site of 117,000 sq ft.
The development consists of a 14-storey block and a 20-storey block. It offers resort-style facilities, including a concierge service, a veranda lounge overlooking a 50m lap pool, a clubhouse with a gymnasium, and private dining room.
The resort-style facilities at Hilltops (Photo: Albert Chua/EdgeProp Singapore)
Hilltops features a mix of two- to five-bedroom apartments, with sizes ranging from 807 sq ft to 2,874 sq ft. Additionally, there are six penthouses, measuring between 5,317 sq ft and 12,600 sq ft, some of which include a private pool and roof terrace.
The unit up for sheriff’s sale is on the 19th floor of the 20-storey block. It is a two-bedroom apartment spanning 1,249 sq ft, with “an expansive view of Marina Bay Sands at Marina Bay and the CBD from the living room balcony,” says Sharon Lee, Knight Frank’s head of auction and sales.
The two-bedroom unit has a guide price of $3.7 million ($2,962 psf), slightly below the last transaction of a similar-sized unit on the 10th floor, which sold for $3.9 million ($3,123 psf) in January 2024, according to lodged caveats.
The two-bedroom unit, a sheriff's sale, has a guide price of $3.7 million ($2,962 psf) [Photo: Albert Chua/EdgeProp Singapore]
In comparison, a larger two-bedroom unit of 1,335 sq ft on the 11th floor was sold for $4.325 million ($3,240 psf) in December.
The 1,249 sq ft unit is equipped with full Miele kitchen appliances and will be sold with vacant possession.
URA data indicates that in July and August 2024, there were three rental transactions for two-bedroom units of this size (1,200 sq ft to 1,300 sq ft) at Hilltops, which achieved monthly rental rates of $8,200 to $9,500, or $6.57 psf to $7.60 psf.
A 1,668 sq ft, three-bedroom apartment on the 13th floor of Helios Residences will be offered for mortgagee sale at a guide price of $4.15 million ($2,488 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Mortgagee sale at Helios Residences
Adjacent to Hilltops is Helios Residences, a freehold luxury condo comprising 140 units. Completed in 2011, the development features twin 20-storey blocks and a facilities deck elevated four storeys above street level.
A 1,668 sq ft, three-bedroom apartment on the 13th floor of Helios Residences will be offered for mortgagee sale on Jan 22, at a guide price of $4.15 million ($2,488 psf).
Property title records indicate that the apartment belonged to an Indonesian family. A caveat lodged shows they purchased the unit for $5.99 million ($3,590 psf) in May 2013. The current guide price of $4.15 million represents a 30.7% discount from the purchase price 12 years ago.
Both mortgagee and sheriff’s sales involve the foreclosure of property. However, a mortgagee sale, also known as a bank sale, is initiated by the bank. “It occurs when a homeowner fails to repay their home loan,” explains Clive Chng, associate director and head of relations at Redbrick Mortgage Advisory, an independent Singapore-based mortgage broker. “As a result, a mortgagee sale is a bank-ordered auction.”
In contrast, Chng notes that a sheriff’s sale is a court-ordered auction. “This typically occurs when an individual loses a lawsuit and is unable to repay the resulting debt.”
A sheriff’s sale at Knight Frank's auction will feature a 50% share in a 3,143 sq ft maisonette at Elizabeth Tower (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Sheriff’s sale of half-share unit at Elizabeth Tower
At Knight Frank’s upcoming auction, a sheriff’s sale will feature a 50% share in a 3,143 sq ft maisonette at Elizabeth Tower. The unit comprises four bedrooms, five bathrooms, and a helper’s room. The indicative price for the 50% share is $2.4 million.
According to a High Court judgment in October 2024, the maisonette was purchased in September 2012 for $5.25 million by Malaysian couple Jared Lim (also known as Lim Chih Li) and Lee Cheng Ling, the daughter of Malaysian tycoon Tan Sri Lee Kim Yew, founder of Country Heights Holdings Bhd.
In earlier proceedings in 2023, Argyle Fund Investments obtained a summary judgment against Lim for $10 million plus interest and costs. After Lim failed to respond to payment demands, Argyle initiated proceedings to seize his stake in the property at Elizabeth Tower.
On Sept 27, the High Court authorised the sheriff to seize and sell the 50% share of the property.
Elizabeth Tower is an 80-unit freehold development with a mix of apartments and maisonettes, built in 1980. The strata owners in the development have made several collective sales attempts over the years. Its latest was in 2022, when ETC (former Edmund Tie) was the appointed marketing agent. The reserve price then was $630 million, translating to a land rate of around $2,400 psf per plot ratio (psf ppr).
A 1,981 sq ft three-bedroom unit with a private lift at Gramercy Park will be offered for mortgagee sale, with a guide price of $6.6 million ($3,332 psf) [Photo: Samuel Isaac Chua/EdgeProp Singapore]
Mortgagee sale at Gramercy Park
Over on Grange Road in prime District 10 is Gramercy Park, a 174-unit freehold condo. The project consists of two 24-storey towers spanning 170,000 sq ft and was completed in 2016.
At Knight Frank’s auction, a 1,981 sq ft three-bedroom unit with a private lift will be offered for mortgagee sale, with a guide price of $6.6 million ($3,332 psf).
According to caveats lodged, the unit was the first recorded transaction when Gramercy Park was launched for sale in May 2016. The unit fetched $5.326 million ($2,689 psf). A property title search indicates that the owners were both Indonesian citizens.
The most recent transaction at Gramercy Park was for a 1,270 sq ft two-bedroom unit on the 14th floor, which sold for $3.63 million ($2,858 psf) in November 2024, based on caveats lodged.
A 1,238 sq ft, three-bedroom unit at Dormer Park will be put up for auction as an owner’s sale at a guide price of $2.85 million ($2,302 psf) [Photo: Knight Frank]
Owner’s sale at Dormer Park
Meanwhile, on Jervois Road in prime District 10 lies Dormer Park, a 92-unit freehold development completed in 1993. The project consists of three blocks: two four-storey blocks and one 10-storey block. Units range from two to four bedrooms, with sizes spanning 1,227 sq ft to 2,540 sq ft.
A 1,238 sq ft, three-bedroom unit at Dormer Park will be put up for auction as an owner’s sale at a guide price of $2.85 million ($2,302 psf). The unit on the fourth floor — the top floor of its block — features a high ceiling and two en-suite bathrooms.
Based on caveats lodged, the unit last changed hands in October 2021 for $2.24 million ($1,810 psf) and was previously sold in September 2009 for $1.35 million ($1,091 psf).
The most recent transaction at Dormer Park was for a 1,270 sq ft, three-bedroom unit on the second floor, which sold for $2.55 million ($2,008 psf) in September 2024, according to caveats lodged.
A 1,485 sq ft unit at Gambier Court is listed for auction at an indicative price above $2.6 million ($1,751 psf) [Photo: Knight Frank]
Owner’s sale at Gambier Court
Another owner’s sale at the upcoming auction is a 1,485 sq ft, three-bedroom plus study unit on the eighth floor of Gambier Court. The 23-unit, 99-year leasehold development is on Kim Yam Road, across from the new F&B lifestyle destination at New Bahru.
Gambier Court comprises a 10-storey block housing 20 apartments and three conservation terraced houses. It is near Martin Place and Mohamed Sultan Road, within the Robertson Quay neighbourhood in prime District 9.
The apartments at Gambier Court range from two- and three-bedroom units to four-bedroom penthouses, with sizes from 936 sq ft to 2,530 sq ft. The three terraced houses have strata areas ranging from 2,562 sq ft to 2,885 sq ft.
The 1,485 sq ft unit at Gambier Court is listed for auction at an indicative price above $2.6 million ($1,751 psf). According to caveats lodged, the most recent transaction at Gambier Court was a similar 1,485 sq ft three-bedroom unit on the seventh floor, which sold for $2.5 million ($1,683 psf) in December 2022.
Knight Frank’s Lee anticipates strong interest in all these properties at the upcoming auction. “Given that most are freehold and located in prime Districts 9 and 10, they offer excellent opportunities for both homebuyers and investors,” she says.
After holding property auctions at Amara Hotel for over two decades, Knight Frank is breaking tradition by moving the venue of its monthly auctions to the Network Hub of Guoco Midtown this year. “It is new, modern looking, and we believe it will attract a wider audience,” notes Lee.
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