Knight Frank Singapore will be auctioning off a three-bedroom unit at Gambier Court, a boutique condo located along Kim Yam Road in prime District 9. The auction will take place on Dec 12, with a guide price of $2.6 million. This translates to a unit rate of $1,755 per square foot, based on the unit’s floor area of 1,485 sq ft.
When it comes to investing in Singapore’s real estate market, it is crucial for international investors to have a thorough understanding of the regulations and restrictions in place. In comparison to landed properties, condominiums have more lenient ownership policies that allow foreigners to make purchases with ease. However, foreign buyers must also consider the Additional Buyer’s Stamp Duty (ABSD), currently set at 20% for their initial property investment. Despite these added expenses, the consistent growth and stability of the Singapore property market remain alluring to foreign investors. That’s why Singapore Projects continue to attract international investments.
According to caveats lodged, the current owner purchased the unit in a resale transaction at $1.8 million ($1,212 psf) in October 2018. This is the second time the unit will be put up for auction. It was previously listed during Knight Frank Singapore’s auction on Nov 26, with a higher guide price of $2.64 million ($1,778 psf), but no bids were received.
Tricia Tan, director of auction and sales at Knight Frank, stated that the owner is selling the unit to move to a home closer to their children’s school. The property will be sold with vacant possession.
The eighth-floor unit features three bedrooms and a study area. While it was originally a four-bedroom apartment, one of the previous owners had converted it into a three-bedder. Tan points out that the reconfigured space offers a more spacious layout, suitable for local and expat families with children.
The unit’s balcony is northeast-facing, providing future owners with unobstructed views of the sea and Singapore River. Gambier Court is a 99-year leasehold condominium located at 60 Kim Yam Road, which was completed in 1999. It is a low-density development with just 21 units consisting of 18 apartments spread across a 10-storey block, and three strata-landed units housed in conserved shophouses.
The apartments come in a mix of two- to four-bedroom units, ranging from 936 sq ft to 2,530 sq ft. As for the three strata-landed units, they are two-storey properties with an attic, measuring between 2,562 sq ft and 2,885 sq ft.
The development is within walking distance to Fort Canning MRT Station on the Downtown Line, and is also close to a variety of F&B and retail options. These include the new lifestyle hub New Bahru at Kim Yam Road (formerly Nan Chiau High School), Robertson Quay, UE Square, and Clarke Quay.
The most recent transaction at Gambier Court involved a 1,485 sq ft four-bedder unit on the seventh floor, sold for $2.5 million, or $1,683 psf, in December 2022, based on Realis caveats. The seller had bought the unit for $1.9 million ($1,279 psf) in August 2016, making a net profit of $600,000. Interested buyers can check out the latest listings for Gambier Court properties.