Now on the market for an astounding $10 million is a gorgeous four-bedroom home at The Wharf Residence on Tong Watt Road. Completed by CapitaLand in 2008, this amazing 999-year leasehold development presents the ideal fusion of old elegance and modern living.
One of 13 painstakingly renovated residential shophouses, the townhouse is tucked inside a 186-unit development. Along with first-rate amenities, the project has four apartment buildings spanning from 10 to 23 floors. While the interiors have been carefully modernised, each shophouse on Tong Watt Road offers a protected exterior that preserves important architectural features such air wells, five-foot ways, timber window louvres, and pitched roofs.
This particular townhouse boasts a lawn, a veranda, and a lovely street entry. Ground level features a large living and dining room, an open-air courtyard and air well, a powder room, a kitchen and service yard. Direct entrance to two designated parking spots opens the back of the property to a private patio.
The second level features another en suite bedroom, a comfortable family room, and the en suite master bedroom. The additional en suite bedrooms on the upper level guarantee comfort and solitude for every tenant.
The townhouse is being sold with a current tenant running until February next year. Senior division director Lester Chen of SRI is managing the sale. Although foreign buyers must pay a substantial additional buyer’s stamp duty (ABSD), the unit has attracted interest from various overseas bidders and permanent residents (PRs). Still, overall foreign interest has dropped following the April 2023 ABSD increase. The owner declined a $8 million bid from a PR buyer last month.
Thanks to their condo status recognised in 2008, foreigners can buy townhouses at The Wharf Residence without having approval from the Land Dealings Approval Unit (LDAU). All international buyers, though, have to pay a 60% ABSD. Due to free trade agreements with Singapore, nationals or PRs from Iceland, Liechtenstein, Norway, Switzerland, and the US are notably excluded from the 60% ABSD for their first house purchase in Singapore. Those Singapore PRs purchasing their first house pay a 5% ABSD.
URA conditions state that the townhouse was originally bought from the developer for $4.89 million ($1,099 psf) in February 2010. In a sub-sale deal in June 2011, it turned hands for $6.4 million ($1,440 psf). The present owner paid $6.55 million ($1,493 psf) in June 2018. Following the sale of a 4,639 sq ft home at 7N Tong Watt Road for $7.81 million ($1,685 psf) in April 2021, the highest psf price for a townhouse in this complex was noted at 7K Tong Watt Road, selling for $8,8 million ($1,732 psf).
Chen observes that although rental rates have slowed this year, many foreign purchasers have been lured to the rental market by the high ABSD rate, hence creating great demand among expatriates.
This four-bedroom townhouse at The Wharf Residence presents a special chance to own a bit of architectural legacy from Singapore while yet enjoying contemporary conveniences. Its strategic location, superb design, and great market appeal set it out as a top investment possibility. Those interested should move quickly to grab this amazing house.
