Buyers see value in older Holland Road condos priced below $1,500 psf

Lately, condos in the vicinity of Holland Road have seen a spike in buying interest. Two such condos are Allsworth Park and the adjacent The Serenade @ Holland, both on Holland Road.

The established District 10 estate is known for its city-fringe locale, quiet surroundings and proximity to Holland Village’s eateries and watering holes. Allsworth Park is a 999-year leasehold property completed 27 years ago. It sits on the corner of Holland Road and Ulu Pandan Road, and is within a short drive to the CBD and Orchard Road. The project has 170 units spread across two 14-storey towers and two low-rise townhouse blocks.

Holland Village and the Holland Road MRT station can be reached by a short bus or car ride. Shopping and amenity options are available at Clementi Shopping Mall, which is also accessible by bus. Popular schools such as Henry Park Primary, United World College and Tanglin Trust School are nearby.

Two units at Allsworth Park changed hands on April 25. The first is an 11th floor, 1,033sq ft unit that changed hands for $1.48 million ($1,432 psf). The two-bedroom apartment was previously sold in November 2006 for $950,000 ($919 psf). It was first sold in May 2000 for $855,000 ($827 psf). Based on its newest transaction, the unit saw a price increase of 73.2% over its original sale. The second unit sold on the same day is on the eighth floor and also measures 1,033 sq ft. It has two bedrooms and was sold for $1.43 million ($1,384 psf).

Jimmy Cheng, a group director at Den- nis Wee Realty, says owners are drawn to the peaceful surroundings and resort-style living at Allsworth Park. “It is very quiet if you live in the block farthest away from the main road,” he says. “Most of the residents have lived there for many years. It is unlikely to be put up for en bloc sale, as most of the residents are owner-occupiers and are comfortable living there.”

As there are only 170 units at Allsworth Park, each unit has a generous layout. Their large size is also very attractive to both owner-occupiers and tenants, says Cheng. The units measure 1,033 sq ft for a two bed- room unit, 1,959 sq ft for a three bedroomunit, and 3,940 sq ft for a four-bedroom unit. Facilities include a swimming pool, clubhouse, gym, tennis court and squash court.

“Nowadays, new properties don’t have such large apartments or full condo facilities,” he says. Its city-fringe location also translates into more affordable rentals, Cheng adds. “An inner-city apartment can cost twice as much as a property on Holland Road in terms of rentals,” he says.

According to propertyguru.com.sg, rents for a partially furnished two-bedroom unit at Allsworth Park starts at $3,500 a month ($3.68 psf). Adjacent to Allsworth Park is The Serenade @ Holland, a 99-year leasehold property developed by Wing Tai Holdings and completed eight years ago.

The Serenade saw a 1,507 sq ft three-bedroom unit on the eighth floor sold for $1.6 million ($1,062 psf) on April 23. It was first sold in January 2002 for $880,000 ($584 psf), translating into a price increase of 81.8%.

Three weeks ago, a penthouse unit measuring 3,746 sq ft changed hands for $3.83 million ($1,022 psf). It was previously sold in June 2006 for $2.2 million ($587 psf). It was first sold in January 2002 for $2.18 million ($582 psf). Based on its latest transaction, the unit’s price has appreciated 75.6% since the first transaction.

The Serenade sits at the end of Holland Road, near Mount Sinai Drive. The development comprises only 89 units in a 20-storey tower, with a mix of two- to four-bedroom apartments. Sizes range from two-bedroom apartments of 1,152 sq ft to penthouses of 3,832 sq ft.

Rentals for a partially furnished three-bedroom unit at The Serenade start at $5,800 a month ($3.85 psf), slightly higher than Allsworth Park, as it is newer.

Cheng says tenants at the Holland Road area include expatriates who work at the nearby one-north and Biopolis areas or teach at the many universities and tertiary institutions in the west, such as NUS, Ngee Ann Polytechnic, Singapore Polytechnic and Sin- gapore Institute of Management.

Buyers of Holland Road properties are also attracted to its affordability, given its city-fringe location, he adds. “The new suburban developments can cost more than $1,500 psf and they’re way out of the city. Here, you pay a slightly lower price psf and you’re still close to the city and have a prime district address,” he says.

Source: DoneDeals – 24 May 2012

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