Hi, great observation — and you’re absolutely right to consider the difference in valuation between internal floor area and outdoor space like the PES (Private Enclosed Space) or garden.
Generally, banks and valuers do not treat the PES the same as internal liveable area. The PES typically carries a lower psf value, sometimes up to half or even less, depending on the development, layout, and demand for ground-floor units.
That said, market pricing doesn’t always align perfectly with valuation metrics. Some sellers and agents may price based on the built-in area alone, or even use the total area without adjusting for the lower PES value — which can make the asking psf seem inflated.
If you’re seeing $950k for a 969 + 355 sqft unit, that’s about $718 psf overall, which is indeed higher than what valuers might support (~$620 psf based on total area). This gap between bank valuation and asking price is something worth negotiating on.
If you’d like, I can help check recent transacted prices for similar units and advise whether the unit is reasonably priced. Feel free to contact me — I’m Aren from PropNex, reachable at
9657 6701
. Always happy to assist.
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