Esparina Residences EC two-bedroom sold by bank for $1.28 million

, ,

Read more: IOI Properties Group’s Grade A office complex in Marina Bay has received the highest possible rating

IOI Properties Group’s Grade A office complex in Marina Bay has received the highest possible rating

Two-bedroom apartment located at Esparina Residences, a executive condominium (EC) located on Compassvale Bow and will be put up to auction with Edmund Tie on July 27. Joy Tan, Edmund Tie’s executive director and head of auctions and sales, said the property is a mortgagee sale with an estimated price that is $1.28 million. The amount is $1,544 per square foot on the size of 829 square feet. The property will be sold as vacant possession the property will be sold on an “as is when it will be” basis.

Esparina Residences was completed in 2013. The property is only available for purchase by an Singapore national or permanent resident, as it’s still in the 10-year timeframe after completion, during which ownership restrictions will apply. A EC project becomes privatized beginning in the 11th year after completion. After that, corporate and foreign buyers can purchase units from the development.

The project was jointly constructed jointly by Frasers Centrepoint Homes and Lum Chang Group The 99-year leasehold condo comprises nine blocks and 573 units. The units are comprised of twothree, three and four-bedders that range from 829 sq. ft. to 2,583 square feet. The unit that is up for auction will be a corner property that has view of the swimming pool. Tan states that the property can be described as “well-kept” and requires minor renovations by the new owner. The EC has all the amenities such as a clubhouse gymnasium, function room tennis court, pool as well as a play for kids area.

The latest unit that was sold in Esparina Residences is a 1,066 sq ft unit in the 6th floor. It was bought at $1.5 million ($1,408 per square foot) on the 16th of June. The last sale prior to this was for a 829 square foot unit located on the third floor. It was auctioned off at $1.275 million ($1,538 per square foot) on June 1. The month of April in the building was able to record a psf record following the sale of a 1,001 square foot apartment on the 5th floor sold to the value of $1.55 million ($1,548 per square foot).

One of the main reasons people choose to buy this property is its location close to facilities, says Edmund Tie’s Tan. Esparina Residences is located near Sengkang Grand Mall on Compassvale Bow which is a three-storey shopping development that debuted in the first quarter of this year. The development is located just four minutes away from Buangkok MRT Station (North-East Line) as well as bus stops in the vicinity. Orchard Road is 20 minutes from Buangkok by car using The Central Expressway (CTE), and The CBD is just a little over 30-minutes away.

The property will be appealing to families since it is close to schools, such as Palm View Primary School at Compassvale Bow, North Vista Primary School located at Compassvale Link Punggol Primary School at Hougang Avenue 8 Yio Chu Kang Primary School located at Hougang Street 51, and Montfort Junior School, located at Hougang Avenue 8.