SINGAPORE (EDGEPROP) - A 99-year leasehold, detached house at 50 Pasir Ris Avenue will be put up for sale at a guide price of $2.98 million.
The house sits on a land area of 7,987 sq ft. Hence, the asking price works out to $373 psf. As the 99-year lease on the land started from 1978, there are 55 years remaining on the lease.
The seller of the detached house is a company, and the property will be put up for sale by auction on Sept 30 by SRI.
The house at Pasir Ris Avenue is one street away from Pasir Ris Park and a short walk from Pasir Ris Beach. It is located within a landed housing area with about 120 houses, bordered by Pasir Ris Heights, Pasir Ris Road and Elias Road.
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Dining area (SRI Auction)
The houses fronting the park and the beach, especially those along Pasir Ris Avenue and Pasir Ris Road, are predominantly detached and semi-detached houses, and were built sometime in the early 1980s. They tend to have 99-year leases from 1978.
Many of these houses are believed to have been sold to companies over the past decades to be used for corporate retreats, given the idyllic location.
The double-storey house that is currently on the market is one such house. The property is just a short walk from the park and beach. It has a built-up area of 3,789 sq ft and a total of five bedrooms. According to Mok Sze Sze, managing partner of auction and sales at SRI, given the land size of 7,987 sq ft, the future buyer could redevelop the property into two semi-detached houses, subject to approval from the authorities.
Living area (SRI Auction)
Alternatively, additions and alterations could be made to the existing house before the buyers move in, adds Mok. The house has a car porch large enough for two cars. There is also a garden, with a children’s play area and barbeque pits.
Despite its shortening lease, Mok expects the property to appeal to both investors and owner-occupiers due to the attractive land size, and possible redevelopment potential. Interest has come mainly from owner-occupiers, she notes.
The houses in this enclave of Pasir Ris are near Downtown East mall and Wild Wild Wet water park, Changi Village and malls in Tampines Central. The upcoming Elias MRT Station on the Cross Island Line is about a 10-minute walk from the neighbourhood. It is scheduled for completion in 2032.
The latest detached house to change hands in the neighbourhood this year is located along Elias Road. The property sits on a 999-year leasehold site of 4,793 sq ft and changed hands for $5.49 million ($1,145 psf). Previously, another detached house along Pasir Ris Way had changed hands for $2.95 million, according to a caveat lodged in June 2021. The detached house sits on a site area of 4,981 sq ft, with a 99-year lease from 1978. Both these properties are also a short walk from Pasir Ris Park and the beach.
The most recent rental transaction of a detached house in this landed housing area is for a property along Pasir Ris Road. It sits on a land area of 4,100 sq ft to 4,200 sq ft and commands a monthly rental rate of $14,500, according to URA data.