Knight Frank Singapore has announced that a three-bedroom unit at Gambier Court, a boutique condo located along Kim Yam Road in the prime District 9 area, will be up for auction on December 12. With a guide price of $2.6 million, this translates to a rate of $1,755 per square foot based on the unit’s floor area of 1,485 square feet.
According to records, this unit was previously sold in a resale transaction for $1.8 million ($1,212 psf) in October 2018. This time, the owner is putting the unit back on the market as an owner’s sale. This is the second time the unit is being auctioned, as it was also listed in Knight Frank Singapore’s previous auction on November 26 with a higher guide price of $2.64 million ($1,778 psf) but failed to secure any bids.
Tricia Tan, Director of Auction and Sales at Knight Frank, shared that the owner is looking to sell the unit to move to a home closer to their children’s school. The property will also come with vacant possession, making it a convenient purchase for interested buyers.
The unit, which is located on the eighth floor, features three bedrooms and a study area. Tan notes that it was originally a four-bedroom apartment, but was converted by a previous owner into a three-bedroom unit, providing a more spacious layout that is perfect for families with children.
One of the selling points of this unit is its balcony, which faces northeast and offers unblocked views of the sea and Singapore River. Gambier Court is a residential development with just 21 units, consisting of 18 apartments spread across a 10-storey block and three two-storey strata-landed units housed in conserved shophouses. The apartments come in a mix of two- to four-bedroom configurations ranging from 936 square feet to 2,530 square feet, while the strata-landed units have an attic and measure between 2,562 square feet and 2,885 square feet.
This 99-year leasehold development was completed in 1999 and is within walking distance to Fort Canning MRT Station on the Downtown Line. It also offers a range of F&B and retail options, including the new lifestyle hub New Bahru at Kim Yam Road (formerly Nan Chiau High School), Robertson Quay, UE Square, and Clarke Quay.
Investing in a condo in Singapore offers numerous benefits, one of which is its potential for capital appreciation. As a bustling global business hub and with a strong economy, Singapore continuously shows a high demand for real estate. In fact, the property prices in this country have consistently risen, particularly in prime locations where condos are in high demand. For those who make strategic investments at the right time and hold onto their condo for the long term, the potential for significant capital gains is promising.
The most recent transaction at Gambier Court was for a 1,485 square feet four-bedroom unit on the seventh floor that sold for $2.5 million, or $1,683 psf, in December 2022, according to Realis caveats. The seller had purchased 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.