{"id":25301,"date":"2016-09-07T12:55:30","date_gmt":"2016-09-07T05:55:30","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/glass-house-off-tanjong-katong-road-goes-on-sale-for-7-2m\/"},"modified":"2016-09-07T13:09:09","modified_gmt":"2016-09-07T06:09:09","slug":"glass-house-off-tanjong-katong-road-goes-on-sale-for-7-2m","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/glass-house-off-tanjong-katong-road-goes-on-sale-for-7-2m\/","title":{"rendered":"Glass house off Tanjong Katong Road goes on sale for $7.2m"},"content":{"rendered":"


\nAround $3 million was spent on construction to develop the house at Green Lane, which has a built-up area of approximately 9,000 sq ft. (Photo: PropertyGuru)
\nAn unusually large freehold semi-detached house located at 10B Green Lane off Tanjong Katong Road, affectionately called \u201cThe Glass House\u201d because of its many windows, has gone on sale at a much lower price than what it could fetch in better market conditions.
\nThe 3,356 sq ft property with 11-metre frontage has a huge built-up area of approximately 9,000 sq ft. The seven-bedroom and six-bathroom house is going for about $7.2 million, which translates to $2,145 psf on the land area.
\nThe original two-storey semi-D was demolished to make way for a new three-storey house with an attic. A glass lift made from tempered glass was installed inside, while a wrap-around swimming pool was added to create the effect of a river around the side of the house.
\nConstruction work took almost three years to complete and cost $3 million. The current owner, Rani Rai, a self-employed businesswoman in her 30s, bought the property back in 2013.
\nHer brother Ahjay Rai, a public relations professional, told PropertyGuru that the asking price would just \u201cbreakeven\u201d.
\n\u201cInitially, the plan was for five family members to move in, but my sister decided that it was too large to maintain. That is why she wants to sell it,\u201d he said, adding that the house can easily accommodate up to 15 people.
\nThe idea to build a house made almost entirely of glass came about after his sister saw many similar properties in cities like London and New York, said Rai.
\n\u201cShe has always wanted to live in a glass house, simply because it creates the illusion of space and also allows for more light to come in, making the rooms brighter.\u201d
\nHe wasn\u2019t sure how many glass panels were used in the home, but said: \u201cI was told by the glass suppliers that we used up two months\u2019 worth of their supply for this house.\u201d
\nIn fact, special permission had to be granted to install the glass panels, said Rai. \u201cUnder the Building and Construction Authority\u2019s (BCA) guidelines, there are limitations on the length, height, and number of glass windows because of safety issues. The BCA\u2019s safety officers had to come in and check that the house would be safe before they would allow us to install the windows.\u201d
\nIn addition, many of the windows are more than four metres tall, larger than what is typically allowed in Singapore homes, which usually range from 2.8 to three metres in height.
\n\u201cA lot of the windows are made from one single glass pane, which makes it very expensive,\u201d noted Rai.
\nOf the seven rooms in the house, five are bigger than most three-room flats, said Rai, while most of the bathrooms are the size of small bedrooms in most HDB flats and condominiums. He also shared that the marble flooring was handpicked from Italy and India.
\nPropNex property agent KT, who declined to reveal her full name, is marketing the home. She revealed that the nondescript street is home to several wealthy individuals, many of whom have lived there for generations. They include Eric Cheng, the CEO of local property firm ECG, and the bosses of Fatty Weng Restaurant and the famous Punggol Nasi Lemak.
\nThis probably explains why there are so few transactions in the area. URA Realis data shows that no landed properties in Green Lane have been sold in the past two years. Only two apartment units at the freehold Signature Residence were resold for about $2 million earlier this year.
\nAccording to KT, the property has been on the market for about a month, and viewings are by appointment only. So far, interest from potential buyers has been healthy, with about \u201cfive to six viewings in one day\u201d.
\n\u201cThe feedback from prospective buyers is that they like the house, but they don\u2019t know what to do with such a large space,\u201d said KT, who reckons it would appeal to big families looking to accommodate multiple generations.
\nAnother selling point is the location, which is within proximity to the Paya Lebar and Dakota MRT stations, ONE KM mall and Haig Road Market and Food Centre.
\nSaid Rai: \u201cWe received an offer for $6.32 million, but of course we rejected the amount as it is not even the breakeven price. We understand that the market is not as buoyant as it used to be, so the price is negotiable, but it has to be a fair offer,\u201d said Rai.
\nIf not for the stringent property cooling measures, particularly the Total Debt Servicing Ratio (TDSR) framework, Rai thinks the price would have been much higher. \u201cMany agents have told us that this property would have easily sold for more than $8 million during better market conditions, simply because of its size.
\n\u201cWhoever buys this property has to have a long-term view. Once the market picks up, the price is just going to go sky-high.\u201d
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Glass house off Tanjong Katong Road goes on sale for .2m<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Around $3 million was spent on construction to develop the house at Green Lane, which...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-25301","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6A5","jetpack-related-posts":[{"id":43485,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/33-bournemouth-road-up-for-sale-by-auction\/","url_meta":{"origin":25301,"position":0},"title":"33 Bournemouth Road up for sale by auction","date":"February 9, 2017","format":false,"excerpt":"\r The property could be redeveloped into two semi-detached homes or rebuilt into a bungalow. 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