Colliers International to sell Residence 81 by auction

The freehold five-storey residential block comprises of 21 strata-titled units is located at Lorong G Telok Kurau.

International property consultant, Colliers International will be putting up for sale by auction a five-storey residential development located at 25 Lorong G Telok Kurau. The auction is scheduled on January 19, 2011 at The Amara Hotel.

Named Residence 81, the subject development sits on a freehold site of approximately 15,455 sq ft and has a total strata floor area of some 26,446 sq ft, according to a Colliers International report.

It comprises 21 strata-titled units, two of which located on the ground floor have been re-configured and converted to communal area. The second to the fourth storeys have a total of 15 three-bedroom apartment units with areas ranging from 893 sq ft to 1,097 sq ft, while the top storey houses four penthouse units with areas ranging from 1,625 sq ft to 3,831 sq ft. Facilities in the development include a swimming pool, a multi-purpose room, function areas and car park lots.

The property, which has a single ownership, will be sold with vacant possession.

Indicative price for the subject property is approximately S$25.1 million, which works out to be about S$950 per sq ft.

Ms Grace Ng, Deputy Managing Director of Colliers International, says, “Residence 81 provides a good opportunity for investors to buy en bloc – at a competitive value. As a relatively new five-year-old development, Residence 81 requires minimal refurbishment.

The successful buyer can choose to put the individual units up in the market for sale and has the option to apply for naming rights for the development.

Alternatively, he can rent the units out. In general, leasing demand is expected to stay robust in 2011 – partly supported by the projected increase in hiring, especially by financial institutions, amid healthy regional economic prospects. Hence, rents for private residential homes can be expected to climb further by 8 to 12 per cent on average in 2011.”

Located between Still Road and Telok Kurau Road, the subject property is in a serene locality which is predominantly residential. Apart from landed houses, the other developments in the vicinity include Le Reve, Mera East, Palm Oasis, Parc Elegance, The Glacier and The Vines, among others. It is near to Eunos and Kembangan MRT stations, and is easily accessible via the Pan-Island Expressway and East Coast Parkway. Educational institutions in the vicinity include CHIJ (Katong) Primary School, Haig Girls’ Primary School, Tao Nan Primary School and Telok Kurau Secondary School.