September 24, 2022, 04:45 PM
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A two-storey detached house at 50 Pasir Ris Avenue, with 55 years of its lease left, will be up for sale at a guide price of S$2.98 million, Edgeprop reported.
The asking price works out to S$373 per square feet as the house sits on a land area of 7,987 square feet.
Its 99-year lease on the land started from 1978.
The seller of the detached house is a company, and the property will be put up for sale by auction on Sep. 30 by SRI.
Near the beach
The house is one street away from Pasir Ris Park and walking distance to Pasir Ris Beach.
It is located within a landed housing area with about 120 houses.
The estate is bordered by Pasir Ris Heights, Pasir Ris Road and Elias Road.
via SRI Auction
The houses in that estate are largely detached and semi-detached houses, and were built in the early 1980s, with many starting their leases from 1978, according to Edgeprop.
Many of the houses are believed to have been sold to companies over many years to be used for corporate retreats, it was also reported.
Potential for redevelopment
According to Mok Sze Sze, managing partner of auction and sales at SRI, the buyer of the house could redevelop the property into two semi-detached houses, subject to approval from the authorities.
The house has a car porch large enough for two cars.
There is also a garden, with a children’s play area, and barbeque pits.
Despite its lease running out, the property is expected to appeal to investors and owner-occupiers.
The pros are due to its attractive land size and possible redevelopment potential.
Previous sale of house in the area
Previously, another detached house along Pasir Ris Way had changed hands for S$2.95 million, according to a caveat lodged in June 2021, Edgeprop reported.
The detached house sits on a site area of 4,981 sq ft, with a 99-year lease from 1978.
This works out to a per square feet price of about S$592.
Downtown East mall and Wild Wild Wet water park are close to these houses.
Top photo via Google Maps
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