MCST puts Ridgewood Condominium four-bedder up for auction at $3.88 mil

A four-bedroom unit at Ridgewood Condominium — a 999-year leasehold development in the Mount Sinai area — will go under the hammer at Knight Frank's upcoming auction on July 23. The property has a guide price of $3.88 million, which translates to around $2,072 psf on the unit’s floor area of 1,873 sq ft.

This is the first time the property has been put up for auction, according to Sharon Lee, executive director of auction and sales at Knight Frank Singapore. The firm was appointed by the Management Corporation Strata Title (MCST) of Ridgewood Condominium to manage the sale.

An MCST sale typically occurs when an owner defaults on maintenance and sinking fund payments. The development's MCST can put the unit up for sale to recover arrears, per the Building (Strata Management) Act.

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Unlike most foreclosure sales where a buyer purchases the property without viewing it first, in this case, prospective buyers are allowed to view the unit at Ridgewood Condominium before placing a bid, says Lee.

The 18th-floor unit comprises a combined living and dining area that opens onto a balcony overlooking the Mount Sinai landed enclave. It also has a master bedroom with an attached bathroom, three additional bedrooms, a common bathroom, a kitchen and a service yard.

Ridgewood Condominium comprises 464 residences across high-rise residential blocks and a collection of townhouses. Completed in 1981, it occupies a sprawling 999-year leasehold site of 672,148 sq ft.

Located along Ridgewood Close and Mount Sinai Drive in prime District 10, the development is about a six- to eight-minute drive to amenities at Clementi Mall, The Star Vista, and the Holland Village lifestyle enclave.

Lee believes the property will appeal to families with school-going children, given its proximity to several schools. It is within 1km of Henry Park Primary School, while Pei Tong Primary School, Fairfield Methodist School, Methodist Girls' School, and Nan Hua Primary School are within a 2km radius.

Based on caveats lodged, four units have changed hands at Ridgewood Condominium so far this year, at an average resale price of $1,826 psf. The most recent transaction involved a 1,744 sq ft four-bedder on the fifth floor — it was sold for $3.2 million ($1,835 psf) on April 27.

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Before that, a 1,206 sq ft, two-bedroom unit fetched $2.1 million ($1,742 psf) on April 13.

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