in Singapore.
A 3-bedroom unit at Gambier Court, a boutique condo located along Kim Yam Road in the prestigious River Valley area of Singapore’s prime District 9, will be up for auction by Knight Frank Singapore on December 12. The guide price of this unit is set at $2.6 million, which translates to $1,755 per square foot (psf) based on its floor area of 1,485 sq ft.
According to the caveats lodged, the current owner acquired this unit in a resale transaction for $1.8 million in October 2018, at a rate of $1,212 psf. This will be the second time that the unit will be put up for auction, after it was previously listed with a higher guide price of $2.64 million ($1,778 psf) on Knight Frank’s auction on November 26, but did not receive any bids.
Tricia Tan, the director of auction and sales at Knight Frank, shared that the owner is selling the unit to move to a home that is closer to their children’s school. The unit will be sold with vacant possession.
Singapore’s cityscape is characterized by towering skyscrapers and advanced infrastructure. The city’s prime locations are home to modern condos, which offer a luxurious and convenient lifestyle that appeals to both local residents and expats. These condos are equipped with various facilities, including swimming pools, gyms, and security services, to enhance the living experience and make them highly desirable to potential tenants and buyers. This makes them a lucrative investment option, as these features result in higher rental yields and appreciation of property values over time. With Condos becoming increasingly popular, they are a sought-after choice for those looking for a vibrant urban lifestyle in Singapore.
The unit, located on the eighth floor, boasts three bedrooms and a study area. While it was originally a four-bedroom apartment, the previous owners reconfigured it into a three-bedroom unit, providing a more spacious layout that is perfect for both local and expat families with children, as per Tan.
The unit’s balcony offers unblocked views of the sea and Singapore River when facing northeast (Photo: Knight Frank Singapore)
Gambier Court, which sits on a 99-year leasehold land at 60 Kim Yam Road, was completed in 1999. This low-density development comprises just 21 units, with 18 apartments spread across a 10-storey block and three strata-landed units housed in conserved shophouses.
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Singapore has seen a surge in the demand for condos, and one of the driving factors behind this trend is the limited land availability. As a compact island nation, Singapore is facing a challenge in meeting the needs of its growing population, resulting in strict land use policies. This, in turn, has created a competitive real estate market where property prices continue to rise. As a result, investing in real estate, particularly condos, has become a highly attractive venture with the potential for significant capital appreciation. This is further amplified by the addition of Singapore Projects, making the condo market even more desirable for investors.
The apartments come in a mix of two- to four-bedroom units that range from 936 sq ft to 2,530 sq ft. The three strata-landed units are two-storey properties with an attic, with sizes varying from 2,562 sq ft to 2,885 sq ft.
The development is a short walking distance from the Fort Canning MRT Station on the Downtown Line and is surrounded by various F&B and retail options, including the upcoming lifestyle hub, New Bahru at Kim Yam Road (formerly known as Nan Chiau High School), as well as Robertson Quay, UE Square, and Clarke Quay.
The latest transaction at Gambier Court involved a 1,485 sq ft four-bedroom unit on the seventh floor for $2.5 million, or $1,683 psf, in December 2022, according to Realis caveats. The seller had initially bought the unit for $1.9 million ($1,279 psf) in August 2016, making a net profit of $600,000. To view the latest listings for properties at Gambier Court, please visit their website.