SINGAPORE (EDGEPROP) - A 5,048 sq ft apartment at Lien Towers is on the market for $9 million ($1,783 psf). Completed in 1970, the 24-unit, freehold Lien Towers is located along Holland Park in prime District 10.
The unit has five bedrooms, four of them ensuites, a private lift lobby and a balcony (Photo: Knight Frank)
The 12-storey project is known for its spacious units: Each floor contains just two units, and every unit is a 5,048 sq ft simplex, served by a private lift. It contains five bedrooms, five bathrooms (four of which are en suite) and a spacious living and dining area. Facilities at the development include a swimming pool and a gym.
Very few apartments among the 24 units at Lien Towers have entered the market in recent years. The last time such a unit changed hands was in October 2012 when a five-bedroom, 5,048 sq ft apartment on the ninth floor was sold for $9.5 million ($1,882 psf).
The unit that is now on sale is located on the sixth floor. It is offered for sale by private treaty with Knight Frank as the marketing agent. The guide price of $9 million or $1,783 psf is “very reasonable”, says Tricia Tan, Knight Frank’s deputy director of auction and sales. Another selling point is its location as Lien Towers is close to the Botanic Gardens, Dempsey Hill, Tanglin and the Orchard Road shopping belt.
Facilities at Lien Towers include a swimming pool and a gym (Photo: Knight Frank)
Recent transactions of 99-year leasehold properties in the Holland-Leedon Road area have already been done at prices well above $2,000 psf, she adds. For instance, 124 units in the 99-year leasehold project One Holland Village Residences, located in the Holland Village enclave, have been sold at an average price of $2,733 psf. Launched in November last year, the project is part of a larger mixed-use development to be completed by end-2024.
Recent transactions at Lien Towers
Source: URA Realis
Two other freehold projects, which were launched at the start of the year, are redevelopment of en bloc sites. One is the 69-unit Van Holland (formerly Toho Mansion), where 16 units were sold at an average price of $2,920 psf, according to caveats lodged to date.
The other is the 638-unit Leedon Green (the former Tulip Garden). Also launched in January, 43 units have been sold at an average price of $2,678 psf as at May 6, according to caveats lodged with URA Realis.
Many old, freehold apartment blocks with large units have been sold en bloc and redeveloped over the past two decades, says Tan. Hence, such simplexes (units on single floors) in low-density developments are increasingly rare, she adds. They appeal to owners of landed property who want to downsize or those with big families who like the proximity to amenities such as schools, MRT stations, F&B outlets and shops.
Such units are also sought-after by expatriate families, with monthly rental rates ranging from $9,000 to $12,500 in January and February, according to URA data.
Recent rental transactions of five-bedroom apartments at Lien Towers
Source: EdgeProp Singapore