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UNDER THE HAMMER: Unit at VisionCrest going for $2.25 mil

By Bong Xin Ying

/ EdgeProp Singapore |

December 2, 2018 12:00 PM SGT

A 1,324 sq ft, two-bedroom unit at VisionCrest, on Oxley Rise in prime District 9, will be put up for auction for the second time on Dec 14, according to the auctioneer at Knight Frank. This is an owner’s sale and the property has an indicative price of $2.25 million ($1,699 psf).

The fourth-floor unit was first put up for auction on Nov 14 at a higher price of $2.28 million ($1,722 psf). As there were no bids then, it was withdrawn.

VisionCrest is a freehold mixeduse development by Wing Tai Holdings, and was completed in 2007. The 265-unit development comprises four residential blocks of up to 14 storeys. VisionCrest Commercial, a 12-storey office block, is adjacent to the residential blocks. The unit types at VisionCrest range from studios of up to 947 sq ft, to two-bedroom units of up to 1,356 sq ft, as well as three-bedroom units of up to 1,475 sq ft and penthouses of up to 2,131 sq ft.

The owners, a Singaporean couple, purchased the unit as investment for $2.359 million ($1,782 psf) in July 2007, when it was newly launched. According to Sharon Lee, senior director and head of auction and sales at Knight Frank, the couple has never stayed in the unit. Instead, it has always been rented out, and is currently tenanted to an Australian expatriate who has stayed there for a couple of years, says Lee. The unit can be sold with either vacant possession or an existing tenancy agreement.

The unit comes with a private balcony, which Lee says the tenant likes to use for “barbecue nights”. The master bedroom comes with an en-suite bathroom. There is also a separate bathroom. The draw of this unit is the location, Lee notes. Both Somerset and Dhoby Ghaut MRT stations on the North-South Line are an eight-minute walk away.

For price trends, recent transactions, other project info, check out the VisionCrest project details page

This 1,324 sq ft, two-bedroom unit comes with a private balcony (Credit: Knight Frank)

There have been eight resale transactions at VisionCrest so far this year. The units involved range from 753 to 1,195 sq ft. The most recent transaction was that of a 1,195 sq ft, three-bedroom unit on the fourth floor, which changed hands for $2.4 million ($2,009 psf) on Nov 1. In October, a 753 sq ft studio on the fourth floor fetched $1.535 million ($2,037 psf).

In 2016 and 2017, a total of 22 units at the condo was transacted at an average of $1,925 psf each. “For this unit at a psf price of $1,699, it is great value for money,” says Lee.

For the Latest Listings near VisionCrest, Click Here

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