Three-bedder at Fernwood Towers for sale at $2.88 mil
Fernwood Towers 3-bedder up for auction with $2.88mil guide price
A three-bedroom unit at Fernwood Towers in District 15 of Singapore is set to be auctioned off on August 15th. Senior manager, Auction and Sales at Knight Frank, Lock Sau Lai, is the sole marketing agency for the property and has set a guide price of $2.88 million.
The unit measures 1,647 sq ft and has a guide price of $1,749 psf. It’s a corner flat away from the lift lobby, offering more privacy, located on the 11th floor. From the living area, you are able to enjoy views of both Marine Parade Road and Siglap Road with a partial glimpse of the sea.
With the upcoming MRT Station, Orchard Boulevard Condo will be just a 5-minute ride away from the bustling Orchard Road Shopping Belt. There are also plenty of dining, entertainment and outdoor recreation options around the area, transforming the condo into a vibrant urban residential. Within walking distance, you can find a spectrum retail stores, supermarkets and restaurants for all your daily needs. Residents of Orchard Boulevard MRT Condo can look forward to utmost convenience at their doorstep.
Fernwood Towers has four blocks of freehold development with 216 condo units, offering plenty of facilities such as a swimming pool, children’s pool, squash court, playground, table tennis room, function room and mini-mart.
The property is within a 10-minute drive to Siglap Centre on Siglap Road, Siglap V on East Coast Road and Parkway Parade on Marine Parade Road. Furthermore, the East Coast Park is only seven minutes away. An upcoming Siglap MRT Station on the Thomson-East Coast Line is expected to open in 2024 and is only a six-minute walk away.
The untenanted property will be sold vacant, giving the buyer added flexibility to occupy or rent out the unit.
Lock Sau Lai expects keen interest in the unit, given the property’s location in a popular district and also its freehold status. Recent rental data shows that three-bedroom units are commanding rental prices between $3,300 and $5,200.
The most recent unit to be sold at Fernwood Towers was a three-bedder, measuring 1,636 sq ft, which was sold on June 28 for $2.7 million ($1,650 psf). Prior to that, a 1,195 sq ft unit was sold for $2.02 million ($1,691 psf) on June 6.
In 2018, the owners of Fernwood Towers attempted to put the development up for collective sale with a reserve price of $688 million, but the bid did not find a buyer.
Overall, this is a great opportunity for investors to snag a three-bedroom unit at Fernwood Towers with flexible occupancy or rental options. The unit has plenty of benefits, such as its freehold status, the ample facilities available, as well as the view of the intersection between Marine Parade Road and Siglap Road. It is certainly an investment worth considering.