Sale of three-bedder at Mount Faber Lodge reaps $2.9 mil profit
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The sale of a 2,454 sq ft unit at Mount Faber Lodge was the most profitable resale transaction during the week of July 15 to 22. The seller of the three-bedroom, ground floor unit raked in a profit of $2.9 million (264%) after the unit sold for $4 million ($1,633 psf) on July 15. The deal translates to an annualised profit of 4.9% over 27 years, and this unit had previously fetched $1.1 million ($448 psf) when it was purchased in May 1998.
The latest resale at Mount Faber Lodge is the second most profitable deal at the freehold condo to date. The record sale was recently lodged on Feb 5 when a 3,703 sq ft unit on the seventh floor changed hands for $5 million ($1,350 psf). This comes after the unit was bought for $1.59 million ($432 psf) back in August 2001. This resulted in the record profit of $3.39 million (212%), which translates to an annualised profit of 4.9% over nearly 24 years.
The three-bedder at Mount Faber Lodge was sold for $4 million ($1,633 psf) on July 15. (Picture: Samuel Isaac Chua/The Edge Singapore)
Perched on the slope of Mount Faber Hill, the 84-unit Mount Faber Lodge was completed in 1983. The project has sizeable units ranging from 1,098sq ft studios to three-bedroom units of 2,669 sq ft. There are also 20 triplex penthouses comprising five-bedroom units of up to 3,724 sq ft.
Resale prices at Mount Faber Lodge have consistently increased in recent years, moving up from about $720 psf in July 2005 to $1,100 psf a decade later. According to transaction data compiled by EdgeProp Singapore,
the average price at the condo today is approximately $1,500 psf.
Second-most profitable
At the same time, the sale of a four-bedroom unit at Leonie Gardens was the second-most profitable transaction during the week. The 2,540 sq ft unit on the fourth floor was sold for $4.15 million ($1,634 psf) on July 17. It had been purchased for $1.27 million ($500 psf) in December 2005. As a result, the seller took home a profit of $2.88 million (227%), which translates to an annualised profit of 6.2% over nearly 20 years.
It is the third-most profitable resale transaction at the 99-year leasehold condo. The record sale involved a 4,295 sq ft penthouse that transacted for $9.5 million ($2,212 psf) in July 2021, after it had been purchased for $5.6 million ($1,304 psf) in April 2007. The seller raked in a record profit of 3.89 million (69%) and an annual profit of 3.7% over 14 years.
A four-bedroom unit at Leonie Gardens raked in a profit of $2.88 mil when it was sold on July 17.
Completed in 1993, Leonie Gardens is a 138-unit development on Leonie Hill in prime District 9 and close to the Orchard Road shopping belt and River Valley. The area is characterised by its upmarket and luxury condos such as Irwell Hill Residences on Irwell Hill, Horizon Towers on Leonie Hill, and New Futura on Leonie Hill Road.
Based on a compilation of caveats by EdgeProp Singapore, the average price at Leonie Gardens is about $1,690 psf. It trumps the neighbouring 99-year leasehold Horizon Towers ($1,260 psf) but cannot compare to newer 99-year leasehold projects like OUE Twin Peaks ($2,290 psf), which was completed in 2015, as well as Irwell Hill Residences ($2,915 psf), which was completed last year.
Most unprofitable
The most unprofitable transaction during the week took place at Helios Residences when a 1,281 sq ft unit on the 17th floor changed hands for $3.23 million ($2,552 psf) on July 18. The unit had been bought for $4.03 million ($3,143 psf) in July 2007, and as a result of the sale, the seller incurred a loss of $796,090 (19.8%), an annual loss of 1.1% over 18 years.
This is the seventh consecutive resale at Helios Residences this year, and all caveated deals in the first seven months of 2025 have been unprofitable. Losses have ranged from $550,000, when another 1,281 sq ft unit was sold for $3.15 million ($2,459 psf) on April 15, to $2.31 million when a 1,668 sq ft unit transacted for $3.73 million ($2,239 psf) on March 28.
All seven resale transactions at Helios Residences so far this year have incurred losses.
Helios Residences is a freehold condo on Cairnhill Circle in prime District 9. Completed in 2011, the 140-unit development comprises two- and three-bedroom units of 1,281 sq ft to 2,002 sq ft as well as three four-bedroom penthouses of 3,993 sq ft and 4,629 sq ft.
A compilation of resale caveats by EdgeProp Singapore indicates that unprofitable sales at the condo greatly outnumber profitable deals, with at least 49 unprofitable transactions on record compared to just three profitable sales. Likewise, resale prices at Helios Residences dipped from $3,250 psf in July 2010 to $2,417 psf in July 2020 but have largely stabilised in the past five years.
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