Mortgagee sale of three-bedder at Alba for $4.75 mil
By Valerie Kor
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - A 1,905 sq ft, three-bedroom apartment at Alba, located on Cairnhill Rise, has been put up for sale at $4.75 million ($2,493 psf) via private treaty. The property was put up for auction previously on March 4 at an opening price of $4.7 million, and then withdrawn as there were no bids. It will be auctioned again on April 8 by Knight Frank. It is a mortgagee sale.
The 10-floor unit at the freehold condominium has three en suite bedrooms, high ceilings, and unblocked views from the master bedroom and one of the other two bedrooms, according to Sharon Lee, head of auctions at Knight Frank Singapore. Every unit at the condominium has private lift access.
The swimming pool in the development (Photo: Samuel Isaac Chua/The Edge Singapore)
The unit was previously bought in November 2012 for $5.81 million ($3,050 psf) as a new sale.
Lee says that the guide price of this property is “much lower” than the asking prices for other listings at the development. Listings of three-bedders of a similar size on EdgeProp Singapore’s portal range between $6.5 million and $6.58 million, which translates to between $3,412 and $3,454 psf.
The unit is currently tenanted until the end of March 2021. Based on EdgeProp Singapore data, similar three-bedroom units at Alba have fetched $7,200 to $8,000 per month in rent in the past few months. Lee also says that a higher-floor unit in the same stack was most recently rented out for $11,000 per month.
Alba is a 50-unit luxury condominium developed by Far East Organization, and was completed in 2015. It is a short drive to the Orchard Road shopping belt as well as amenities such as Newton Food Centre. Schools within 1km include Anglo-Chinese School (Junior).
The development is designed by renowned US architectural firm Arquitectonica. The building has a unique ‘Y’ shape, which offers scenic views.
Residents at Alba are served by a concierge service. Facilities in the condominium include a swimming pool, children’s splash play area, lounge pavilions and a gym.
Lee says that the unit will attract both owner-occupiers and investors as it is located in prime District 9. She has received enquiries from locals, permanent residents as well as foreigners.
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