Odd-shaped house for sale below valuation

Odd-shaped house for sale below valuation

A quiet corner in a Hougang neighbourhood came to life last weekend after an unusual three-storey corner terrace house was put up for sale.

Odd-shaped house has no takers for 11 years

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    A quiet corner in a Hougang neighbourhood came to life last weekend after an unusual three-storey corner terrace house was put up for sale.

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    Then a swarm of property agents - 30 at one point - suddenly descended on the place.

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    There was a giant balloon in the garden.

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    There were people pacing up and down with placards announcing a going rate of $470 per sq ft (psf).

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    The house in Henley Gardens, a 36-unit terrace development in Jalan Arif, is owned by YHS Hougang, a unit of property developer Far East Organisation.

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    What is unusual about the sudden flurry of activity at No. 36 is that the house has remained unsold and unoccupied since the 99-year leasehold project was completed in 2002.

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    It also stands out from others in the neighbourhood because of its triangular compound with a pie-wedge garden.

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    Responding to questions, Far East told The Sunday Times that the house was always part of its inventory meant for sale.

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    And it added the sales pitch: "We believe there is demand for quality landed homes with good value in District 19 conveniently located near a network of public roads and transportation options, popular schools and amenities."

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    The house is near the Hougang Stadium, Serangoon Junior College and Hougang Sports and Recreation Centre.

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    Prospective buyers who visited the Open House last week were told the 6,813 sq ft property was a bargain because despite a valuation of $4 million, its price tag was $3.2 million.

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    There was no sale, but the price was raised mid-week to $3.5 million, which means the property is now being sold for $515 psf. This is lower than the latest transaction at Henley Gardens, at $812 psf for a smaller inter-terrace unit of 2,153 sq ft, or $1.75 million.

There was a giant balloon in the garden.

Then a swarm of property agents - 30 at one point - suddenly descended on the place.

There were people pacing up and down with placards announcing a going rate of $470 per sq ft (psf).

The house in Henley Gardens, a 36-unit terrace development in Jalan Arif, is owned by YHS Hougang, a unit of property developer Far East Organisation.

What is unusual about the sudden flurry of activity at No. 36 is that the house has remained unsold and unoccupied since the 99-year leasehold project was completed in 2002.

It also stands out from others in the neighbourhood because of its triangular compound with a pie-wedge garden.

Responding to questions, Far East told The Sunday Times that the house was always part of its inventory meant for sale.

And it added the sales pitch: "We believe there is demand for quality landed homes with good value in District 19 conveniently located near a network of public roads and transportation options, popular schools and amenities."

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