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One-bedroom unit at #1 Suites auctioned for $725,000

/ EdgeProp Singapore |

December 16, 2022 8:30 AM SGT

The one-bedroom duplex unit at #1 Suites was sold at an auction on Dec 8

SINGAPORE (EDGEPROP) - A one-bedroom duplex unit at #1 Suites, located at Lorong 20 Geylang, off Geylang Road and Guillemard Road in District 14, was sold at an auction on Dec 8. The property was a mortgagee sale, says Tricia Tan, director of auction and sales at Knight Frank, who handled the auction.

The property had an opening price of $705,000 and was sold under the hammer for about $725,000, which works out to $1,162 psf. The final bid is $15,000 higher than the property’s guide price of $710,000. Based on caveats lodged, the property was previously purchased from the developer for $748,752 ($1,199 psf) in May 2016.

The unit spans 624 sq ft, including a void area measuring 97 sq ft. The duplex apartment has an en suite bedroom and roof terrace on the upper floor, while the lower floor has a living and dining area, kitchen, study area and bathroom. The unit is located on the fourth floor and overlooks the swimming pool, which is located on the same floor.

Before the unit was auctioned on Dec 8, the most recent resale transaction at #1 Suites was on Oct 10, when a 624 sq ft unit on the fourth floor was sold for about $700,000 ($1,121 psf). On Aug 25, a 603 sq ft unit on the sixth floor was sold for about $680,000 or $1,128 psf.

Completed in 2018, #1 Suites is a freehold eight-storey development with 112 apartments comprising one-bedroom duplex units measuring between 538 sq ft and 818 sq ft. It was built by The One Development, a small developer that is also behind #1 Loft, an 80-unit freehold development at Lorong 24 Geylang.

Launched for sale in 2013, #1 Suites saw six units taken up that year at a median price of $1,272 psf, based on caveats lodged. Since then, units at the development were gradually purchased at lower prices, with the final apartment at #1 Suites sold by the developer for $630,000 ($1,027 psf) in February 2017.

The development has seen an uptick in resale transactions in the last two years, with 15 units changing hands in 2021 and another seven units sold before the unit was auctioned. The higher volume has corresponded with a rebound in psf prices transacted at #1 Suites. On Aug 5, a 560 sq ft unit on the fourth floor was sold for about $690,000 or $1,233 psf, the highest psf price transacted at the development since 2013.

Tan says given its duplex configuration and layout, the unit auctioned has the potential to be converted into a dual-key unit, enabling the owner to get higher rental yields on the property.

She adds that the property is close to an array of amenities, including numerous 24-hour eateries along Geylang Road, a supermarket just outside the development, and the Aljunied MRT Station, which is less than a 10-minute walk away. PLQ Mall at Paya Lebar Road is within a five-minute drive.