Mortgagee sale of detached house in Faber Hills Estate for $8.5 mil

/ EdgeProp Singapore |

November 8, 2019 6:00 PM SGT

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SINGAPORE (EDGEPROP) - A two-storey detached house on Faber Drive in the Faber Hills landed estate is up for mortgagee sale by private treaty. This is the first time the freehold property is being offered in a mortgagee sale, and it has only been on the market since Oct 7 this year.

The 42-year-old house sits on a 9,052 sq ft plot and has a built-up area of about 5,000 sq ft. There are four bedrooms in the house and each of them has an en suite bathroom. There is a swimming pool, and the car porch has space for up to five cars.

The property has a guide price of $8.5 million, which translates to $939 psf on the land area. According to an independent valuation conducted last year, the property is worth $9.6 million, or about $1,061 psf based on the land area. Based on URA caveats, the property was last purchased for $2.98 million ($329 psf) in November 2004, and has not changed hands since.

The 42-year-old house sits on a 9,052 sq ft plot. There is a swimming pool, and the car porch has space for up to five cars. (Picture: SRI)

The house is located in a two-storey bungalow area and enjoys dual-road frontage facing Faber Drive and Jalan Lempeng. It neighbours two-storey mixed landed and two-storey semi-detached landed housing areas on Faber Drive and Faber Walk. In addition, the site is opposite Nan Hua Primary School and about 500 metres to Clementi Town Primary School and Clementi Town Secondary School.

The most recent transaction in the area was for a bungalow at 6 Faber Park, which was sold for $10.2 million ($1,259 psf) in January this year. Another bungalow at 48 Faber Drive fetched $8.2 million ($966 psf) when it was sold in December 2017, and yet another bungalow at 65 Faber Park went for $8.6 million ($819 psf) in June 2017.

According to Bruce Lye, managing partner of Singapore Realtors Inc (SRI) and the sole sales agent, the house for sale exudes an “old charm” but renovation work will be needed to spruce it up. “This property will be ideal for reconstruction. Due to its dual frontage, it will also be a good masterpiece for people to admire if the new owner commissions an award-winning architect to conceptualise a masterpiece,” he says.

The current house is not built to its maximum allowable plot ratio due to the elevation of the land. Thus, the new buyer has the option to sub-divide the plot and construct a pair of 2½-storey bungalows, or redevelop the property into a single grand bungalow, says Lye.

There are four bedrooms in the house and each of them has an en suite bathroom. (Picture: SRI)

“The Faber Hills Estate is largely occupied by business owners and industrialists who have businesses towards the west of Singapore. This allows them to be near their factories and offices, while also being a 10-minute drive to the city centre via the Ayer Rajah Expressway,” he says.

SRI says since the property appeared on the market, there have been 16 enquiries and many viewings for it. At least two offers have been made for the house, but they did not meet the reserve price.

“Landed housing neighbourhoods such as the Sunset Estate and Faber Hills Estate have always been hidden gems. Many landed-home buyers originally started house-hunting in Districts 10 and 11, but when they are introduced to the Sunset Estate and Faber Hills Estate, the location comes as a nice surprise to them,” says Lye.

The site is also close to the upcoming Jurong Lake District, a new business district in the West. The Faber Hills Estate is conveniently located to leverage the new precinct, and the buyer may potentially sell the land to a developer when land prices appreciate, Lye adds.

For price trends, recent transactions, other project info, check out Faber Drive project research page

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