Disclaimer
This is a showcase on some properties which are currently marketed by Estate Magnates. This is to provide potential buyers with a more in-depth view of the property and have all the details needed to make a well-informed decision. The full listing can be found here on 99.co. Should you require more information, feel free to write to estatemagnates@gmail.com or contact Joshua Loo at +6596329840!
This review article is written based on permission given by the seller and I will be serving his interest as I am representing him in this sale transaction.
Benefits
Good Sized (1130 Sqft)
This Simei 4-room flat is a large unit as compared to most Built-To-Order (BTO) flats. A quick search online will show that most BTOs and newer HDB flats will be approximately 960 sqft.
This unit is easily almost 200 sqft bigger!
2 Minutes’ Walk to Simei MRT
Perhaps the best-selling point for this unit is the short distance from Simei MRT! It is extremely convenient to walk down.
In turn, this translates to good cost savings! Let me illustrate how much you can save by skipping the usual bus trips.
Based on the chart above, you can easily save;
$0.92*2 = $1.84
In 30 days, $1.84*30 = $55.20
Seems like a small amount? If a maximum of 3 each were living here, the total cost savings can be up to $165.20! That’s equivalent to 33 plates of chicken rice worth 5 dollars each!
Attractive Rental Draw
After fulfilling out your Minimum Occupation Period of 5 years, you will have a strong tenant pool from Changi General Hospital, which we will see an increased need for healthcare workers due to our aging population.
Furthermore, its close proximity to Simei MRT station adds an increased convenience for professionals that rely on public transportation!
These added benefits allow your unit to be a choice pick for them.
Based on an approximate rent of $2100/month, which is a very humble estimate, your approximate rental yield will be at 4.9%. This is considered average, but do remember that 245 Simei is an excellent location, and will provide for a lower vacancy rate.
A poor location drastically affects vacancy yield, and 2 months of vacancy can lead to a yield drop of almost 1%!
Regular Layout
There are some slight modifications to the existing unit, which makes it more functional for the occupier. Bedroom 3 has been divided and made into a storeroom. However, Bedroom 3 is still big enough to fit in both a closet and a queen-sized bed.
Sold at Valuation
A request for valuation will have to be requested by the buyer, but for your information, it is currently privately valued at $505,000.
Drawbacks
Low Floor
From my personal experience of living previously on the 12th floor and currently on the 2nd floor. I prefer living on the 2nd floor as I do not have to wait for the lift for a long duration, and can simply walk up the stairs. This starts a healthy habit for me and waiting for the lift can be very mundane.
However, there are definitely benefits to buying a high floor unit, and a windy day can be really enjoyable!
Resale Unit
A resale unit is usually plagued by problems as it is an older unit. Do be prepared for these issues. If you would rather avoid maintenance, my suggestion is to either opt for a new launch private property or BTO.
Dated look
As with all resale units, they tend to look aged with time. From my experience, repainting of a 4-Room HDB flat and hacking and fabrication of kitchen carpentry with Quartz countertop for a unit of this size will cost around $15,000-$17,000.
These are most likely the basic amount of works required.
Conclusion
Benefits
· Good Sized (1130 Sqft)
· 2 Minutes’ Walk to Simei MRT
· Attractive Rental Draw
· Regular Layout
· Sold at Valuation
Drawbacks
· Low Floor
· Resale Unit
· Dated Look
Do you enjoy reading this extensive review? Allow me to provide something similar to your property! I provide long-form articles as a form of extended listing for my sellers, and I find them to be effective in standing out in the property market.
If you are a buyer of a co-broke agent that is interested in this property, feel free to contact me at +6596329840 or Joshua.loo@orangetee.com, I will provide for you a full breakdown into the property details.