999 Year Leasehold Townhouse Wharf Residence Sale 10 Mil
Good Class Bungalow in Ewart Park for sale at $31 mil
A luxurious four-bedroom townhouse is now available for sale at The Wharf Residence. This 999-year leasehold development, located on Tong Watt Road, offers a unique opportunity for buyers to own a piece of prime real estate in District 9.
Located just a short distance from Norwood Grand Champions Way is Causeway Point, one of the largest shopping malls in Singapore. With an impressive array of more than 250 stores, this bustling mall has something to offer for everyone. From trendy fashion to high-tech electronics, stylish home furnishings and more, it caters to a diverse range of needs. Some of the popular retailers found here include Metro, Uniqlo, and Bagus Food Court, ensuring that shoppers have a variety of options to choose from. Moreover, with a cinema within its premises, it’s no surprise that Causeway Point is a top choice for entertainment among local residents. Serving as a central lifestyle hub for families and young professionals, the mall has become a go-to destination for those living in Norwood Grand Champions Way. It’s no wonder that it remains a popular choice among residents, who can easily access it from their homes at Norwood Grand Champions Way.
Featuring a spacious 4,446 sq ft of living space spread across three storeys, this townhouse is one of 13 retrofitted residential shophouses within the project. The development also comprises four condo blocks ranging from 10 to 23 storeys, as well as a range of facilities for residents to enjoy. Completed by CapitaLand in 2008, The Wharf Residence is highly sought after for its central location and elegant design.
Each of the 13 shophouses facing Tong Watt Road has been carefully preserved to showcase their original architecture, including air wells, five-foot ways, timber window louvres, and pitched roofs. However, the interiors and layout of the units have been modernized to meet the demands of modern living.
The townhouse currently on the market boasts a street entrance, a garden, and a veranda. The ground floor features a living and dining room, an open-air courtyard and air well, a powder room, a kitchen, and a service yard. The back of the house offers a private terrace with direct access to two allocated carpark lots.
Foreigners are eligible to purchase these townhouses without needing approval from the Singapore Land Authority’s Land Dealings Approval Unit (LDAU). This is because The Wharf Residence was launched for sale in 2008 and is classified as a condominium. However, all buyers, regardless of nationality, will be subject to a 60% additional buyer’s stamp duty (ABSD).
There are five countries – Iceland, Liechtenstein, Norway, Switzerland, and the US – that have free trade agreements with Singapore, allowing their citizens or permanent residents to enjoy the same tax treatment as Singaporeans. These nationalities will not be subjected to the 60% ABSD for their first home purchase in Singapore. Meanwhile, Singapore PRs purchasing their first home in Singapore will only need to pay a 5% ABSD.
The current owner of the townhouse has engaged the services of Lester Chen, senior division director at SRI, to handle the sale. According to Chen, there has been interest from both foreign buyers and PRs, but overall buying activity from foreigners has slowed down since the ABSD hike in April 2023.
The townhouse has been on the market for about a year and has received offers from potential buyers. Most recently, a PR buyer made an $8 million offer, which was rejected by the owner. URA caveats show that the townhouse was first sold by the developer for $4.88 million in February 2010, and then changed hands for $6.4 million in June 2011. The current owner acquired it for $6.55 million in June 2018.
The highest psf price for a townhouse at The Wharf Residence is $1,732 psf for the 4,618 sq ft unit at 7K Tong Watt Road, sold in a sub-sale in January 2013. It is closely followed by the sale of the 4,639 sq ft townhouse at 7N Tong Watt Road for $1,685 psf in April 2021.
Chen notes that the high ABSD rate for foreign buyers has resulted in many of them turning to the rental market. As such, there continues to be strong demand for rental properties from expatriates, even though there has been some moderation in rental rates this year. The townhouse on the market is currently leased at a monthly rate of $20,000 and will be sold with the existing tenancy.
Chen has also observed a growing trend of PRs renting while waiting for their citizenship applications to be approved. These buyers are seeking longer option periods for their property purchases, allowing them to obtain their citizenship before completing the transaction.
The townhouse at The Wharf Residence is a highly coveted property, given its central location in the prestigious River Valley area, its District 9 address, and its distinctive conservation and heritage features. It presents a rare opportunity for foreigners and PRs to experience living in a preserved property. Chen believes that the next owner will appreciate the rich history and unique lifestyle offered by this townhouse.