Yahoo Finance UNDER THE HAMMER: Unit at Modena going for $1.46 mil
A 1,539 sq ft, three-bedroom unit at Modena, along Simei Street 4 in District 18, will be put up for its second auction on April 30, according to the auctioneer at Edmund Tie & Co (ET&Co). The property is a mortgagee sale, and was first put up for auction last month. The guide price remains unchanged at $1.46 million ($948 psf).
The tenth-floor unit will be sold with vacant possession, on an “as is where is” basis. The previous owner purchased it for $708,000 ($460 psf) in July 2003. Located off Simei Avenue, Modena is a 99-year leasehold condominium by OUB Centre Limited, and was completed in 2001. It has 81 years left on the lease. The 12-storey development comprises 230 units, ranging from 947 sq ft two-bedders, to penthouses of 3,046 sq ft.
The unit offers buyers a partial pool view from the living room and master bedroom (Credit: ET&Co)
The unit is in a corner block, and offers buyers a “partial pool view and landed views from the living room and master bedroom”, says Joy Tan, head of auction and sales at ET&Co. “At 1,539 sq ft, this unit offers an above-average three-bedroom size, as most three-bedroom units range from 900 to 1,200 sq ft,” Tan adds.
The master bedroom comes with an en suite bathroom, while the two other bedrooms share a common bathroom. The unit also has an enclosed kitchen with a yard and a utility room. According to Tan, potential buyers who viewed the unit have commented that the living and dining area, as well as the kitchen, were “very spacious and welcoming”.
Based on caveats, Modena has seen two resale transactions this year. They were also three-bedroom units. The most recent transaction was for a 1,485 sq ft unit on the ninth floor that transacted at $1.365 million ($919 psf) on April 8. The other was for a 1,399 sq ft unit that changed hands for $1.3 million ($929 psf) in February.
In the Simei-Tampines area, recently launched units at the 99-year leasehold Treasure at Tampines have been transacting at average prices of $1,336 psf, based on caveats. The project is a redevelopment of the former Tampines Court HUDC estate along Tampines Street 11.
“With these new launches pulling up the prices in District 18, Modena still maintains a guide price below $1,000 psf, while sitting directly opposite a mall and MRT station,” says Tan.
She adds that Modena’s location offers “the best convenience” to residents as it is just a one-minute walk to Simei MRT Station on the East West Line as well as the adjacent Eastpoint Mall.
According to her, the location is also “popular among investors and tenants”, with both Changi General Hospital and the Singapore University of Technology and Design a three-minute drive away. Changi Business Park, Singapore Expo and Changi Airport are within a 10-minute drive.
Interest has been looking “good”, with “many buyers looking for own stay,” says ET&Co’s Tan. “We hope to also target the cash-rich en bloc buyers from Tampines Court and Changi Gardens,” she adds.
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