Three-storey corner terraced house at Joo Chiat Place selling for $5.2 mil
By Timothy Tay
/ EdgeProp Singapore |
The freehold terraced house at Joo Chiat Place sits on a 2,764 sq ft plot and has a built-up area of 3,845 sq ft. (Picture: PropertyLimBrothers)
SINGAPORE (EDGEPROP) - Fronting a row of conservation shophouses in the historic Joo Chiat neighbourhood is a row of terraced houses. Sitting on a corner lot at Joo Chiat Place is a three-storey terraced house that is on the market at $5.2 million.
The freehold house sits on a 2,764 sq ft plot and has a built-up area of 3,845 sq ft. Hence, the guide price translates to a land rate of $1,881 psf.
The property is marketed by Shawn Tay, listing manager at PropertyLimBrothers, which is a team of agents under PropNex Realty. PropertyLimBrothers was founded by Adrian Lim and Melvin Lim (who are incidentally not brothers).
Adrian Lim (left) and Melvin Lim, the two founders of PropertyLimBrothers. (Picture: PropertyLimBrothers)
Recently renovated home
The terraced house was renovated about three years ago and the current design of the house emphasises natural light and open spaces, without undermining the privacy of the owners, says Tay.
Wide floor-to-ceiling windows and a glass door help to create a visually uninterrupted space that extends the living room to the outdoor space. (Picture: PropertyLimBrothers)
The entryway of the house has enough parking space to fit two cars. On the ground floor, wide floor-to-ceiling windows and a glass door help to create a visually uninterrupted space that extends the living room to the outdoor space.
This is an example of the open-space design that is prevalent throughout the house, says Tay.
The living room connects to the dining room and a dry kitchen area, while the back of the house features a wet kitchen and an en suite helper’s room. The areas are relatively uninterrupted by columns or structural walls, enhancing the sense of open space while allowing lots of natural light to filter into the home.
The design of the house emphasises natural light and open spaces. (Picture: PropertyLimBrothers)
However, privacy is still maintained by the high wall and greenery that surrounds the house, especially on the side facing the street, says Tay.
The second floor of the house features three en suite bedrooms, while the top floor has a fourth en suite bedroom and the en suite master bedroom that leads to an open terrace.
East Coast amenities
The property is in the highly desirable Joo Chiat neighbourhood in the East Coast area. Joo Chiat is a low-density landed neighbourhood with several conservation shophouses and properties.
Directly in front of the property is a row of conservation shophouses. According to Tay, this ensures that the houses at Joo Chiat Place will continue to enjoy a low-density neighbourhood, without the fear of future redevelopment interruptions.
Joo Chiat is a low-density landed neighbourhood with several conservation shophouses and properties. (Picture: PropertyLimBrothers)
One of the main locational attributes of the area is its proximity to amenities. Nearby shopping malls include Joo Chiat Complex, Tembeling Centre, and Parkway Parade. There are many eateries in the area, as well as Dunman Food Centre, Geylang Serai Market, and Haig Road Market.
Families with school-going children will also find the property located conveniently close to several popular schools. These include primary schools such as Haig Girls’ Primary School, Eunos Primary School, and Tao Nan School. Other schools in the area are Tanjong Katong Secondary School and Chung Cheng High School.
Transport accessibility comes from nearby MRT stations such as the future Marine Parade Station on the Thomson-East Coast Line, Paya Lebar Interchange on the Circle and East-West Lines, and Eunos Station on the East-West Line.
Strong demand for homes in move-in condition
Proactive marketing efforts for the sale of this freehold property started in mid-September this year but were interrupted when tighter safe management measures once again kicked in from Sept 27, says Tay. This included limiting property viewings to two unique visits per day.
Despite strict safe management measures, the viewing schedule of the house is full for the next three weeks. (Picture: PropertyLimBrothers)
Despite the challenges and limitations, the schedule for in-person viewings of this property is full for at least the next three weeks, says Tay.
“The Covid-19 pandemic has helped boost demand in the landed housing market over the past few months. We have also noticed that houses that are close to or in move-in condition are more highly sought-after,” says PropertyLimBrothers’ Adrian.
This is especially the case for buyers representing large families or multi-generational families who intend to move in together, says Adrian.
The living room connects to the dining room and a dry kitchen area. (Picture: PropertyLimBrothers)
He says that buyers are concerned that delays in the construction sector will continue, affecting any renovation work that might be necessary for a house that is not in a move-in condition. “Anecdotally, we have seen that some landed home renovation projects could take two years to complete,” he notes.
This means that more buyers are willing to fork out extra cash for landed properties that are in a suitable move-in condition, he adds.
Home buyers hunt for more living space
Over the past few months, Adrian has observed that more home buyers are looking for larger properties, such as four- and five-bedroom condo units and penthouse units. In the landed property segment, this translates to an increase in demand for bigger houses. (Discover insightful data of any Singapore condominium with our condo directory)
Given that the supply of available landed homes in Singapore remains tight, some landed home buyers are turning to properties with a 99-year lease when they cannot afford a freehold alternative, says Adrian.
Landed home buyers are driven by the search for more living space as a result of the pandemic experience. (Picture: PropertyLimBrothers)
“While freehold landed properties are still the most desirable, the prices of some 99-year leasehold landed properties are suitable for those buyers whose budget puts them outside of the top range of landed homes,” he says.
He expects the average price of landed homes in Singapore to continue climbing over the next six months; the rate of increase is likely to be relatively gradual and demand from condo upgraders will help sustain the market.
Check out the latest listings near Joo Chiat Place, Marine Parade MRT Station, Haig Girls’ Primary School, Eunos Primary School, Tao Nan School, Tanjong Katong Secondary School, Chung Cheng High School
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