A beautiful 99-year leasehold semi-detached house will be going up for auction at the next SRI auction on March 15. Located on Kew Heights in District 16, this three-storey property sits on a 3,034 sq ft corner plot and has a guide price of $3.65 million. With a land rate of $1,203 psf, this is a great opportunity for potential buyers.
This is a mortgagee sale and will be the first time this property has been offered for auction. The house will be sold with vacant possession, providing buyers with a clean slate to make it their own.
The property boasts a spacious floor area of 4,436 sq ft spread out over three floors. The ground level features a living hall with a double-volume ceiling, a dining area, a kitchen, and a helper’s room. The upper two levels are comprised of six bedrooms, a family area, and a storeroom. There is also a car porch and backyard area included.
According to Mok Sze Sze, managing partner of auctions and sales at SRI, buyers may have the opportunity to convert some of the open areas into additional bedrooms, making this property perfect for extended or multi-generational families. The guide price of $1,203 psf is also one of the lowest in the area, making it a great investment opportunity. Records show that the property was last sold in November 2021 for $3.19 million ($1,051 psf).
The demand for condominiums in Singapore has been soaring due to various factors, one of which is the limited availability of land. As a small but densely populated island nation, Singapore is faced with a scarcity of land for development. To address this issue, the government has implemented strict land use policies, resulting in a competitive real estate market where property prices continue to rise. As a result, investing in real estate, particularly in condos, has become a highly profitable venture with the potential for significant capital appreciation. In fact, with the increasing number of Singapore projects being developed, the demand for condos is only expected to rise further in the future.
In the past year, two other 99-year leasehold properties in the Kew Vale estate have been sold. The most recent sale was a three-storey semi-detached house on Kew Heights for $3.35 million in February, with a land area of 2,396 sq ft and a land rate of $1,398 psf. The other transaction was a three-storey terraced house on Kew Drive, which sold for $3.26 million ($1,417 psf) in January.
Prices of 99-year leasehold semi-detached houses in the Kew Vale estate have been on the rise. According to URA Realis, the average land rate for seven transactions between 2023 and 2024 was $1,213 psf, up from $1,002 psf for seven transactions between 2021 and 2022.
The location of this property is also highly desirable, with easy access to major expressways like the East Coast Parkway (ECP) via Bayshore Road. It will also be conveniently served by the upcoming Bedok South MRT Station on the Thompson-East Coast Line, which is expected to open in 2H2026.
There are also several schools in the vicinity of the property, such as Temasek Primary and Secondary Schools, Bedok South Secondary, and Bedok View Secondary. This makes it an ideal location for families with school-going children.
For interested buyers, SRI offers a handy feature on their website called “Ask Buddy”, where you can check out the latest listings for properties in Kew Vale, view sale transactions for the estate, compare price trends, and more. Don’t miss out on this opportunity to own a beautiful property in an excellent location.