Three-storey conservation terraced home at Mount Sophia for sale at $3.8 mil
Three-storey terraced freehold home located on Niven Road, in the Mount Sophia Conservation Area in District 9, is available for sale by the owner with a suggested price that is $3.8 million.It has five bedrooms as well as an open kitchen The property is an area of 2 629 square feet and an area of land of 904 square feet.That’s $4,203 per sq ft on the land.
The property is classified as “residential” in the URA Master Plan 2019 and the additional stamp duty on buyers is in effect.
The house was completed in 1996. terraced home was purchased on August 16, 2016 for $3.25 million ($3,577 per sq ft) through a private auction.The owner spent nearly $400,000 in renovations to the property and rearranging it in accordance with the rules of authorities for it to be used as a student dormitory.The hostel has been granted the URA Grant Written Permission (Temporary) for change of use to a student residence for as many as nine tenants.The permit is valid for the duration of three yearsand will expire on April 11 2022.
The owner wants for a buyer in order to change the direction of his portfolio of investments.Although there are currently students living in four of the five rooms within the house on a temporary basis the deal is subject to empty possession in the “as is” basis.
Rent starts $1000 per month for rooms with one bed, and 1500 dollars per month for rooms with two beds and an bathrooms with en suites.With the current five bedrooms that could amount to gross rental revenue per annum of about $75,000 which is equivalent to an average net rental income of 1.97 percent.
It is possible to add the number of bedrooms to three.The property also has an enclosed garage located on the back.
Tricia Tan Director of Auction & Sales at Knight Frank says: “The property would appeal to boutique investors and buyers who appreciate the historical cultural flair in nearby Little India as it has unique features and an excellent location near to amenities, MRT stations and private schools.” The house is in walking distance of Plaza Singapura shopping centre and several MRT stations, including Bencoolen, Dhoby Ghaut, Bras Basah Rochor as well as Bugis.
The property is additionally situated by higher education institutions of tertiary level including Kaplan City Campus at Wilkie Edge, which is just a 2-minute stroll away Kaplan City Campus at POMO which is a walk of five minutes away from the property; and Singapore Management University, a 10 minute walk away.
There have been numerous inquiries by interested buyers, according to Tan.However, due to the circuit-breaker which is still in effect until April 4, it’s not certain whether Knight Frank can proceed with the auction that will be held in May 18.
In the meantime, the property is open for auction by declarations of interest as well as by private agreement in the event that the auction is not held according to the schedule, says Tan.