View of the townhouse units at Skies Miltonia in Yishun. (Photo: TG Master)
A completed residential project at Miltonia Close in Yishun is offering foreigners a rare chance to own a landed home in Singapore.
TG Master, a joint venture between property developer TG Development and construction firm Master Contract Services, is relaunching a stack of 10 four-bedroom townhouses at the Skies Miltonia condominium near Khatib MRT station.
The five-storey townhouses, also known as waterfront villas because they face a 50m pool, each come with large floor areas of 4,672 sq ft and a private lift.
A spokesperson for TG Master told PropertyGuru that prices start from $3.003 million, which works out to $643 psf.
The 99-year leasehold project also comprises 410 one- to four-bedroom condo units and penthouses spread across eight 13-storey towers. According to the spokesperson, 405 apartments have already been sold at an average price of $1,060 psf.
Interestingly, this is one of the last developments permitted by the Urban Redevelopment Authority (URA) to build strata landed houses with condominium status.
The 181,910 sq ft site was awarded several months before a new rule took effect in April 2012 which put a stop to such mixed developments. The aim was to close a loophole that allowed foreigners to buy strata landed homes without first seeking the government’s approval.
Under the Residential Property Act, foreigners are generally not allowed to own landed property in Singapore. The only exception is on Sentosa Cove.
Meanwhile, to help drive sales of the townhouses, TG Master is offering an Enhanced Deferred Payment Scheme which offers a flexible payment option for buyers. They will only need to put down a 20 percent option fee for a two-year option to purchase the property.
In these two years, buyers will not be required to pay any mortgages, maintenance fees or property taxes. At the same time, they will also be granted a master tenancy of the unit.
“We understand our buyers may have different needs and investment goals. By allowing them to either stay or rent out their unit, we want to make it easier for our buyers to plan their finances,” said TG Master.
As TG Development and Master Contract Services are private Singaporean companies, the project is not affected by Qualifying Certificate rules. There is also no Additional Buyer’s Stamp Duty deadline since the site was purchased before the measure took effect in December 2011.
To read PropertyGuru’s in-depth reviews of new projects in Yishun, click here.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
