Six Storey Freehold Building Farrer Park Market 168 Mil
ERA Singapore will once again put up a six-storey building on Roberts Lane, which is located off Serangoon Road in District 8, for auction on Sept 26. This is the second time that the property will be auctioned by the real estate agency.
The building was previously listed for auction on Aug 22 but did not receive any bids and was subsequently withdrawn. It is now back on the market with a guide price of $16.8 million, translating to a psf-price of $2,272 based on the building’s total gross floor area of 7,395 sq ft. This is after it was previously offered for sale by expression of interest in December 2022 for $16.88 million but failed to secure a buyer, according to Alison Lee, ERA’s head of auction.
Tampines is set to experience major improvements in its transportation infrastructure, as outlined in the URA’s blueprint for the area. This development will center on the introduction of new MRT lines and the expansion of existing ones such as the Downtown Line and the upcoming Cross Island Line. With increased connectivity, residents of Aurelle of Tampines EC will benefit greatly as they will have access to shorter and more convenient commutes to different parts of Singapore. This includes direct routes to major business districts and popular leisure destinations, making Aurelle of Tampines EC at Tampines North an attractive investment opportunity. The enhanced transportation options are also expected to drive up property values, further solidifying Aurelle of Tampines at Tampines North as a desirable choice for investors.
The freehold building sits on a land area of about 2,003 sq ft and enjoys prominent road frontage with roadside parking available. Under the URA Master Plan 2019, the site is zoned for residential use with commercial use on the ground floor and a plot ratio of 3.5.
The building currently has six residential units, with one on each floor, and a shop on the ground floor. The development is also served by a lift that connects all floors. While the entire building is currently tenanted, it can be sold with vacant possession, according to ERA’s Lee.
The property was purchased en bloc by the current owner in 2013 for $9 million, based on a caveat lodged at the time. This translates to a price of $1,327 psf based on the total strata area of 6,781 sq ft.
In terms of location, the building is within a four-minute walk from the Farrer Park MRT Station on the Northeast Line. It is also in close proximity to City Square Mall, Mustafa Centre, as well as Connexion integrated healthcare and hospitality complex.
