999 Year Leasehold Townhouse Wharf Residence Sale 10 Mil
, Kallang Riverside as area undergoes transformation
The dynamic Central Business District (CBD) of Marina Bay is set to undergo significant development under the ambitious URA Master Plan. This exciting growth brings forth a plethora of opportunities for the residents of Marina Gardens Lane Condo, who will reap the benefits of living in close proximity to the new financial hub. With reduced travel times and better work-life balance, these residents are in for a treat. Additionally, the bustling business realm will bring a variety of complementary amenities such as dining options, retail stores, and recreational areas, further enhancing the quality of life for those staying in the vicinity. These attributes seamlessly align with the strategic location of Marina Gardens, making it an ideal place to call home. Naturally, with all that it has to offer, Marina Gardens becomes a coveted residential destination.
A luxurious four-bedroom townhouse at The Wharf Residence is now available for sale on Tong Watt Road. The stunning three-story unit boasts a spacious 4,446 sq ft of living space and is located within a 999-year leasehold development. The Wharf Residence is a mixed-use development with 186 units, including four 10- to 23-storey condo blocks and 13 retrofitted residential shophouses, of which this unit is a part. Developed by CapitaLand in 2008, this unique development offers residents access to various amenities and facilities.
The townhouse features a conserved frontage that preserves its original architecture, including air wells, a five-foot way, timber window louvres, and a pitched roof. However, the interiors and layout have been modernized for a luxurious and comfortable living experience.
On the ground floor, you’ll find a spacious living and dining area, an open-air courtyard and air well, a powder room, a kitchen, and a service yard. The back of the house leads to a private terrace with direct access to the two allocated carpark lots.
On the second floor, there is an en suite master bedroom, a family room, and an en suite bedroom. The remaining en suite bedrooms are on the top floor of the townhouse.
Currently, the unit is tenanted and will come with an existing tenancy that expires in February next year. The owner has entrusted Lester Chen, Senior Division Director at SRI, to market the sale of this townhouse.
According to Chen, the townhouses at The Wharf Residence are available for sale to foreigners without seeking approval from the Singapore Land Authority’s Land Dealings Approval Unit (LDAU). The development was initially launched for sale as a condo in 2008, which means it is approved for sale to foreigners.
Although the townhouse is eligible for sale to foreigners, they will have to pay a 60% Additional Buyer’s Stamp Duty (ABSD). However, citizens of Iceland, Liechtenstein, Norway, Switzerland, and the US, who have free trade agreements with Singapore, will be exempted from the ABSD for their first home purchase in Singapore.
Singapore PRs who purchase their first home will only be subjected to a 5% ABSD. According to Chen, the townhouse has been on the market for a year and has attracted offers from both foreign buyers and PRs. However, since the ABSD hike in April 2023, buying interest from foreigners has waned.
Based on URA caveats, the townhouse was first purchased from the developer for $4.88 million ($1,099 psf) in February 2010. In a sub-sale transaction in June 2011, it was sold for $6.4 million ($1,440 psf) and was acquired by the current owner for $6.55 million ($1,473 psf) in June 2018.
The highest psf price for a townhouse at this development goes to the unit at 7K Tong Watt Road, which was sold for $8 million ($1,732 psf) in a sub-sale in January 2013. In second place is the townhouse at 7N Tong Watt Road, which was sold for $7.81 million ($1,685 psf) in April 2021.
As the townhouse is currently leased at a monthly rate of $20,000, the property will be sold with the existing tenancy. Chen says that even though there has been some moderation in rental rates this year, rental demand from expatriates remains strong.
He also notes a rise in the number of PRs who are renting while waiting for their citizenship applications to be approved. These PRs are looking for a longer option period for their property purchases to obtain their citizenship before completing the purchase.
The townhouse at The Wharf Residence is a rare opportunity for foreigners and PRs to experience living in a conserved property in Singapore’s prime central location. It offers a unique lifestyle that appeals to discerning buyers who appreciate the history and heritage of this property.