Unit at Wing Fong Mansions on the market for $1.12 mil
By Charlene Chin
/ EdgeProp Singapore |
Wing Fong Mansions was launched for collective sale in June last year (Credit: Samuel Isaac Chua/ The Edge Singapore)
A three-bedroom unit at Wing Fong Mansions, along Lorong 14 Geylang in District 4, will be put up for owner auction for $1.12 million ($982 psf) on Sept 29.
Spanning 1,141 sq ft, the unit is on the eighth floor of the development with three bedrooms and a utility room. The latter is “large enough to be used as a fourth bedroom”, says Joy Tan, senior director, head of auction and sales, at Edmund Tie, which is handling the auction.
“For those who prefer a fully functional layout, this unit does not come with a balcony or yard area, ensuring every area can be fully utilised for liveable space,” she says.
The unit is located on the highest floor of the development and overlooks the city and Singapore Sports Hub. The development houses two units per floor, which will offer privacy to potential homeowners.
Tan says: “The owner is a local and uses this property as one of his investment units for rental purposes. As they have held the property for more than 10 years now, they believe now is the right time to move on with their investment.”
The unit is currently tenanted, and can be sold with its existing tenancy, depending on the buyer. Tan notes that “with the option to sell with tenancy, there will be immediate rental returns for investors”.
Rentals fetched at a similar-sized unit at Wing Fong Mansions this year ranged from $2,200 to $3,300 per month, according to URA data.
“There have not been any major renovation works done in the last few years, but the owner has kept the unit in a good and liveable condition,” says Tan.
She believes the unit will attract investors who are looking at it for rental purposes and future capital appreciation. “Geylang is known to attract healthy rental turnover as its location is attractive to those who work in the city centre with its good connectivity of public transport,” she adds.
(Credit: Edmund Tie)
Tan highlights that the development has en bloc potential. Wing Fong Mansions and the adjacent condominium, Wing Fong Court, were launched for collective sale in June last year. The guide price was $1,280 psf per plot ratio for the combined site.
However, “as Singapore was fresh out of the circuit breaker period with [demand for] properties not yet at its peak, the collective sale was not successful at that time”, says Tan.
The most recent transaction at the development was on June 12, 2018, when a 1,227 sq ft unit on the second floor changed hands for $945,000 ($770 psf). On March 15 in the same year, a 947 sq ft unit on the second floor was transacted at $805,000 ($850 psf), based on URA caveats lodged.
Completed in 1997, Wing Fong Mansions comprises 218 freehold units. It is a 12-minute walk to Mountbatten MRT Station on the Circle Line.
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