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

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...