Unit at Faber Garden Condo sold for $2.73 mil profit

/ EdgeProp Singapore |
The unit, on the 18th floor at Faber Garden Condo, was sold for $3.63 million ($1,711 psf) on Feb 23.
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SINGAPORE (EDGEPROP) - The most profitable resale transaction during the week of Feb 21 to 28 was for a 2,121 sq ft unit at Faber Garden Condominium. The unit, on the 18th floor, was sold for $3.63 million ($1,711 psf) on Feb 23. It had previously been purchased for about $895,000 ($422 psf) in July 1998. As a result, the seller raked in a $2.73 million (305%) profit, which translates to an annualised profit of 5.8% over 24½ years.
This also makes it the most profitable resale transaction at Faber Garden Condominium thus far. The previous record involved a 2,766 sq ft unit on the ground floor that was sold for $2.89 million ($1,044 psf) in February 2013. This unit had been bought for $898,950 ($325 psf) in October 1998. This seller made a $1.99 million (220%) profit, which translates to an annualised profit of 8.5% over 14 years.
Faber Garden Condominium is a freehold development off Upper Thomson Road in District 20. The 233-unit development was completed in 1984 and has units that range from 1,572 to 2,766 sq ft. It is near Bright Hill MRT Station on the Thomson-East Coast Line.
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The condo also enjoys proximity to Bishan-Ang Mo Kio Park, and schools such as Pierce Secondary School, Ai Tong School, and Eunoia Junior College. It is flanked by a low-rise landed housing estate.
Faber Garden Condominium - EDGEPROP SINGAPORE
The unit at Faber Garden Condominium was sold for $3.63 million ($1,711 psf) on Feb 23. (Picture: Samuel Isaac Chua/The Edge Singapore)
The locality and the availability of large unit layouts make Faber Garden Condominium a popular choice among buyers looking for a home in the neighbourhood. Hence, its selling price has increased consistently over the past few years. In February 2013, the average price was about $850 psf, compared to about $1,738 psf last month.
Faber Garden Condominium attempted its first collective sale in April 2018, with a reserve price of $1.18 billion (approximately $1,342 psf per plot ratio). This attempt, as well as a subsequent relaunch in October the same year, ended without a successful bid.
The transaction that raked in the second highest profit during the week was the sale of a 1,755 sq ft unit at Gallop Gables, a freehold project in prime District 10. The three-bedroom unit on the third floor changed hands for $3.69 million ($2,103 psf) on Feb 23. It had previously fetched $1.23 million ($700 psf) in March 2004. Thus, the sale generated a $2.46 million (200%) profit, which translates to an annualised profit of 6% over 19 years.
The 140-unit Gallop Gables, on Farrer Road, was completed in 1997. The condo is surrounded by several Good Class Bungalow (GCB) areas and prime residential developments. Nearby GCB areas include Gallop Road/Woollerton Park and Cluny Hill, while prominent condos include Spanish Village, d’Leedon, and Leedon Green.
Gallop Gables - EDGEPROP SINGAPORE
A 1,755 sq ft unit at Gallop Gables was sold for $3.69 million ($2,103 psf) on Feb 23, generating a profit of $2.46 million. (Picture: The Edge Singapore)
The most profitable sale at Gallop Gables is for a 2,960 sq ft unit on the fourth floor that was sold for $5.2 million ($1,757 psf) in December 2020. That unit had been bought for $2.26 million ($764 psf) in August 2005. This led to the record profit of $2.94 million (138%), which is an annualised profit of 5.8% over 15 years.
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Based on resale caveats lodged with URA over the past two months, Gallop Gables commands an average price of about $2,013 psf. This is on a par with the neighbouring freehold condos such as Gallop Green ($2,101 psf), Sommerville Grandeur ($2,011 psf), Spanish Village ($1,982 psf), and The Levelz ($1,934 psf).
Meanwhile, the most unprofitable sale for the week occurred at OUE Twin Peaks, when a 1,055 sq ft unit on the 20th floor was sold for $2.45 million ($2,323 psf) on Feb 24. The unit had been bought for $3.06 million ($2,899 psf) in October 2010. Thus, the seller saw a loss of more than $607,000 (20%), which translates to an annualised loss of 1.8% over 12½ years.
This transaction ranks as the third most unprofitable resale at OUE Twin Peaks. The record loss is held by a 1,604 sq ft unit on the 18th floor that was sold for $3.5 million ($2,182 psf) in August 2016. The seller suffered a $1 million (22%) loss, which translates to an annualised loss of 6.2% over four years.
OUE Twin Peaks - EDGEPROP SINGAPORE
A 1,055 sq ft unit at OUE Twin Peaks was sold for $2.45 million ($2,323 psf) on Feb 24, at a loss of more than $607,000. (Picture: Samuel Isaac Chua/The Edge Singapore)
OUE Twin Peaks is a 462-unit development on Leonie Hill Road in prime District 9. The 99-year leasehold condo was completed in 2015. The project is close to the Orchard Road shopping belt and is within an exclusive residential neighbourhood. Prime residential developments in the area include Horizon Towers and New Futura on Leonie Hill Road, Grange Infinite on Grange Road, and the soon-to-be completed Irwell Hill Residences on Irwell Hill.
Sale caveats at OUE Twin Peaks show about 37 unprofitable resales so far, outnumbering only two profitable ones. Losses at the condo range from the aforementioned $1 million to $11,560 ­ — from the sale of a 570 sq ft unit for $1.57 million ($2,784 psf) in April 2016.

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