Tucked down in the middle of Tong Watt Road, a gorgeous four-bedroom townhouse at The Wharf Residence, a 999-year leasehold property, is now on the market for a shockingly $10 million. This is more than just any house; it’s a bit of history modernly wrapped in an air of grandeur and uniqueness.
Completed by CapitaLand in 2008, the Wharf Residence has 186 units, 13 carefully renovated residential shophouses among them. Though their interiors reflect modern life, these unusual residences preserve the elegance of yesteryears with protected frontages, air wells, five-foot ways, timber window louvres, and pitched roof. Imagine finding all the conveniences of the twenty-first century inside a door that whisks you back in time.
With a street entrance, lawn, and veranda, the townhouse in question is a large 4,446 square foot three-story wonder. The bottom level greets you with an open-air courtyard, a powder room, a kitchen, a living and dining room and a service yard. Direct entrance to two designated parking areas comes from a private patio in the rear. How about leaving your automobile and straight entering your own haven?
The second level features a comfortable family area, an en suite master bedroom, and still another en suite bedroom. The additional en suite bedrooms on the upper floor give everyone in the family enough of room and privacy.
Senior division director Lester Chen of SRI is marketing this townhouse. Chen claims that the home, which is now tenanted till February next year, is a popular item for both international purchasers and permanent residents (PRs.). Notably, foreigners do not require permission from the Land Dealings Approval Unit (LDAU) of the Singapore Land Authority to buy this townhouse since The Wharf Residence was approved as a condo before the URA’s 2012 circular amended the regulations for mixed constructions.
There is a drawback for international buyers, though: a hefty 60% extra buyer’s stamp tax (ABS). Citizens and PRs from Iceland, Liechtenstein, Norway, Switzerland, and the US are free from this, though, and pay the same tax rate as Singaporeans. The ABSD is a more reasonable 5% for Singapore PR buyers of their first house.
Over years, the townhouse has had a succession of sales. Originally paid $4.88 million to the developer in February 2010, it sold for $6.4 million in June 2011 and was bought by the present owner for $6.55 million in June 2018. A apartment sold for $8 million in January 2013 has the highest psf value in the development.
Chen points out that the townhouse was leased for $20,000 per month, indicating great rental demand from expatriates. Many foreign buyers have driven to the rental market by the high ABSD rates.
Often looking for longer term home purchase options, Chen notes an increasing proportion of PRs renting while awaiting citizenship applications. Those who value the history and distinctive way of life presented by a conserved home will find especially appealing the townhouse at The Wharf Residence. It is a rare find because of its ideal central location in the River Valley area, District 9 address, and unique heritage qualities.
This is an opportunity to live among history, in a house that tells a story, while savouring the height of modern living—not only a property. Someone who appreciates this distinctive mix of old and modern will surely be the next owner of this townhouse, hence it is a really remarkable place for living.
