BY AMY TAN
In the Mount Sinai neighbourhood off Holland Road, Glentrees, a 176-unit, 999-year leasehold condo, is one of the few non-landed projects in the neighbourhood. Completed in 2005 by developer CapitaLand, the low-rise development comprises a mix of two-to four-bedroom apartments and townhouses.
Two units in Glentrees, located on Mount Sinai Lane, changed hands recently, according to caveats lodged with URA Realis for the week of May 3to10.One was fora1,346sqft two-bedroom unit on the fourth floor that was sold for $1.71 million ($1,276 psf). This is the third time the unit has changed hands. It was last sold in March 2007 for $1.38 million ($1,026 psf). The original owner paid $833,245 ($619 psf) when the development was launched in 2002. The other unit, a 3,412 sq ft townhouse, was recently sold for $4.1million ($1,202 psf).
According to Richard Tan, associate group director at GPS Alliance, owner-occupiers make up half of the buyers at Glentrees, with the rest be- ing investors. The property is within walking distance of Jelita Shopping Centre and the popular Henry Park Primary School. Mount Sinai is also serviced by buses going to Holland Village and Orchard Road.
Most of the inquiries that Tan is getting are from expatriates looking to rent a unit in the area. He is currently marketing a 3,671 sq ft townhouse at Glentrees for $4.5 million. Monthly rental rates at Glentrees range from $3.30 to $4.50 psf, or about $5,500 for a three-bedroom unit and $11,000 for a townhouse. “The area is generally popular among foreigners with young children, as it is just a short drive from the Integrated International School at Sunset Way,” he observes.
Located near Glentrees is the 999 year leasehold Mount Sinai Residences by niche developer Azec Holdings. Completed in 2011, the strata titled landed housing project has eight detached houses, all of which have been sold. The prices of the houses have doubled over the last two years. For instance, the most recent transaction at Mount Sinai Residences was that of a house with a total area of 5,629 sq ft, which was sold for $6.18 million ($1,098 psf) in April last year. The unit fetched $3.98 million ($707 psf) just two years earlier in May 2010.
According to Irene Tan, senior sales manager of resale division at DTZ Property Network who is marketing a unit at Mount Sinai Residences, most buyers of the project are owner-occupiers.
Also in the Mount Sinai neighbourhood is a strata-titled landed housing project called Grove Residence, located on Grove Drive. According to URA new-home-sales figures, the freehold project by Savoy Development, two of the six houses in the project had been sold as at end-April, at a median price of $2,612 psf. One was a semi-detached house that fetched $5.8 million ($2,642 psf).