Penthouse at Chelsea Gardens going for $4.9 mil
By Bong Xin Ying
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - A 2,809 sq ft penthouse at the freehold, 40-unit Chelsea Gardens has been put up for sale with a price tag of $4.9 million or $1,744 psf. The property on the market was originally a four-bedroom penthouse. At the start of this year, the owners – an Australian family – decided to embark on renovations and convert the four bedrooms into three large bedrooms with en suite instead. Their children have grown up and are no longer living in the penthouse.
“The owners wanted bigger bedrooms so that when their family came to visit, they would have more space,” says Kaizar Karkaria, associate group director of PropNex’s luxury team, who is marketing the unit.
The view from the penthouse (Photos: Samuel Isaac Chua/EdgeProp Singapore)
However, in the midst of the six-month renovation, one of the owners received a job posting in Australia. Instead of leaving the renovation half-done, the owners decided to complete it. Despite not being able to enjoy their reno- vated home, the owners did not scrimp on the renovations, spending some $600,000 to engage Design Intervention, an award-winning interior design firm, for the project.
The refurbishment of the Chelsea Gardens penthouse included installing scratch-resistant, pre-pressurised flooring; hacking the walls to create a larger living and dining area; fitting in brand-new plumbing and electrical wiring; and polishing the original marble flooring.
For price trends, recent transactions, other project info, check out the Chelsea Gardens project research page
The owners spent $600,000 to engage Design Intervention, an award-winning interior design firm, for the refurbishment
The rooms were fitted with Victorian-style doors, complete with brass handles. The master bedroom has a walk-in wardrobe, and the en suite has his-and-hers bathroom sinks. In the kitchen, white quartz countertops and new appliances from Bosch were installed.
“These are all the little touches and details that you would pretty much expect in a luxurious space,” says Karkaria.
Apart from the indoor living space, the pent- house has a 400 sq ft roof terrace with views of Scotts Road. There is ample space for the new owner to fit a jacuzzi pool, or leave it as an outdoor pavilion. The penthouse also comes with its own private lift.
Intended as a family home, the penthouse was purchased by the owners for approximately $5.82 million ($2,071 psf) in August 2007, according to caveats lodged with URA Realis. “The owners are letting go of the unit below their purchase price because they have already relocated to Australia,” explains Karkaria.
The penthouse has three-bedrooms with en suite
While the penthouse has not been leased to tenants before, Karkaria estimates rentals for such units in the area to be around $8,000 to $9,000 per month. “That’s for the ones that are not renovated. For a renovated unit, it could be anywhere close to $10,000 a month,” he says.
Since the penthouse’s first open house two weeks ago, Karkaria has seen interest from 12 prospective home buyers, comprising a mix of locals and expatriates. According to him, four prospective buyers are currently renting units at Chelsea Gardens and looking for their own place within the development. “One of the [prospective] buyers has been renting a unit here for 10 years. They knew that this pent- house was being renovated so they came to view,” he adds.
According to Karkaria, prospective buyers living in Chelsea Gardens said that they like the development because with just 40 units, it is “not overly crowded”. It is within prox- imity to good schools such as Singapore Chinese Girls’ School and Raffles Girls’ School (Secondary). It is also a short bus ride to the Orchard Road shopping belt and Singapore Botanic Gardens. Developed by City Developments Ltd, Chelsea Gardens was completed in 2000.
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