Freehold penthouse at Spottiswoode Residences up for auction at $5.1 mil

By Nicholas Lam

/ EdgeProp Singapore |

March 28, 2024 6:05 PM SGT

A 2,486 sq ft, three-bedroom penthouse at Spottiswoode Residences will be put up for on April 24 (Photo: Samuel Isaac Chua / Edgeprop Singapore)

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A 2,486 sq ft, three-bedroom penthouse at Spottiswoode Residences, along Spottiswoode Park Road in District 2, will be put up for auction by SRI on April 24. The duplex has a guide price of $5.1 million, which translates to $2,051 psf.

The lower floor of the unit features the main living areas, including two en suite bedrooms, a third bedroom, a common bathroom, the kitchen, and the living room, which features a balcony. The upper floor of the duplex consists of an open-air deck with an unblocked view that overlooks Tanjong Pagar and Sentosa.

According to Mok Sze Sze, managing partner of auctions at SRI, this unit catches the sea breeze, which helps cool and ventilate the living room and balcony. She adds that the large outdoor terrace on the second floor is ideal for entertaining guests against the backdrop of the scenic panoramic views.

Read also: Three-bedroom unit at Watertown for sale at $2.2 mil

The upper floor of the duplex consists of an open-air deck with an unblocked view that overlooks Tanjong Pagar and Sentosa (Source: SRI)

Mok says this unit will also be sold with an existing tenancy that ends in August 2025. “This allows the future owner to reap immediate rental returns.”

Based on URA rental caveats compiled by EdgeProp Singapore, the average monthly rent at Spottiswoode Residences over the past 12 months is approximately $6.20 psf. This implies an average rental yield of 3.3% over the same period.

An owner’s sale, this will be the second consecutive month the unit has been put up for auction. The unit was on the block in SRI’s last auction with the same guide price on March 22. As there were no bidders, the property was withdrawn.

The same unit was also put up for auction in April 2023, although it was not sold. It was priced at $5.38 million at the time, translating to $2,164 psf on the floor area.

According to caveats lodged, the owner bought the property from the developer for $4.58 million ($1,842 psf) in December 2010.

Mok says there has been “sizeable” interest in the unit from buyers intending to purchase it for their own use. The outdoor terrace space and views are a major selling point.

Only 10 units have changed hands at Spottiswoode Residences in the last 12 months. In terms of psf, prices have ranged from $1.95 million ($2,035 psf) for a 958 sq ft two-bedroom unit on the third floor that was sold in February to $2.35 million ($2,539 psf) for a 926 sq ft two-bedroom unit on the 35th floor that was sold last April.

(Source: EdgeProp Singapore, URA)

Spottiswoode Residences is a 351-unit development comprising one- to three-bedroom units and seven penthouses on the 36th floor. The one- and two-bedroom units range from 592 sq ft to 926 sq ft, while the three-bedroom units range from 1,399 sq ft to 1,421 sq ft, and penthouses range from 1,281 sq ft to 2,906 sq ft.

At 2,486 sq ft, the unit on auction is the second smallest of the seven duplex penthouses in the development.

Spottiswoode Residences is located on the CBD’s fringe and is conveniently situated near Tanjong Pagar and Outram, providing easy access to the city. Several medical institutes are in the Outram area, including Singapore General Hospital, Outram Community Hospital, National Heart Centre, and National Cancer Centre.

The development also benefits from its proximity to public transportation and road networks. Outram MRT Station, located less than 300m from the condo, serves the East-West, North-East, and Thomson-East Coast Lines. Additionally, the upcoming Cantonment MRT Station — part of the final phase of the Circle Line — is less than 200m away and is slated for operation in 2026. Residents also have straightforward access to the Ayer Rajah Expressway (AYE) via Keppel Road and the Central Expressway (CTE) via Outram Road.

Check out the latest listings for Spottiswoode Residences properties

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