Faber Garden Condo unit brought in $2.73 million

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The Myst floor plan

A highly profitable resale deal in the period from Feb 21-28 was an area of 2,121 square feet located at Faber Garden Condominium. The apartment, located situated on the 18th floor was auctioned off to the buyer for $3.63 million ($1,711 per square foot) on February 23. The unit was previously purchased for around $895,000 ($422 per square foot) at the end of July. The seller made the sum of $2.73 million (305%) profit, which is equivalent to an annual gain that was 5.8% over 24 1/2 years.

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This is also one of the highest-profitable resales deal at the Faber Garden Condominium to date. The previous record was for the 2,766 square feet of space located on the ground floor. It was purchased at $2.89 million ($1,044 per sq ft) on February 13, 2013. The unit was bought for $898,950 ($325 per square foot) on October 28, 1998. The seller earned an $1.99 million (220%) profit, which is equivalent to an annual income in the range of 8.5% over 14 years.

The Faber Garden Condominium is a development that is freehold situated off Upper Thomson Road in District 20. The 233-unit project was completed in the year 1984 and includes units that range from 1,572 to 2,766 square feet. It is situated near Bright Hill MRT Station on the Thomson East Coast Line.

The condo is also located close to Bishan-Ang Mo Kio Park and also schools like Pierce Secondary School, Ai Tong School and Eunoia Junior College. It is surrounded by a low-rise, landed housing estate.

The proximity and accessibility of large designs make Faber Garden Condominium an extremely popular choice for buyers seeking homes in the neighborhood. This is why the selling price has been steadily increasing over the last few years. The month of February 2013 saw the median cost was around $850 per sf as compared to $1,738 in the previous month.

Faber Garden Condominium attempted its first collective sale in April of 2018 with a reserve that was $1.18 billion (approximately $1,342 per plot). The attempt and an additional relaunch in October of that year, was unsuccessful.

The deal that brought in the second-highest profit of this week was the purchase of a 1,755 square foot unit in Gallop Gables Freehold, a project located in District 10’s prime area. The three-bedroom apartment on the third floor was sold at $3.69 million ($2,103 per square foot) on February 23. The unit had previously sold for $1.23 million ($700 per square foot) on March 4, 2004. This resulted in the company a $2.46 million (200%) profit, that is an annualized revenue in the range of 6% over the span of 19 years.

The 140-unit Gallop Gables located situated on Farrer Road, was completed in 1997. The condominium is surrounded by various Good Class Bungalow (GCB) areas as well as major residential developments. The GCB communities in the vicinity include Gallop Road/Woollerton Park as well as Cluny Hill, while prominent condos include Spanish Village, D’Leedon as well as Leedon Green.

The most profitable deal in Gallop Gables is the 2,960 square feet unit located on the fourth floor. It was purchased at $5.2 million ($1,757 per sq ft) during the month of December. The unit was purchased at $2.26 million ($764 per sq ft) in August 2005. It resulted in a record-setting profits in the amount of $2.94 millions (138%), which is an annualized gain in the range of 5.8% over 15 years.

Based on caveats for resales filed with URA in the last couple of months Gallop Gables commands an average of $2,013 per square foot. This is comparable with other freehold condominiums like Gallop Green ($2,101 psf), Sommerville Grandeur ($2,011 psf), Spanish Village ($1,982 per square foot) and The Levelz ($1,934 per sq. ft.).

In the meantime, the least profitable deal of the week was in OUE Twin Peaks, when an area of 1,055 square feet located on the 20th floor was bought at $2.45 million ($2,323 per sq ft) on February 24. The property was bought at $3.06 million ($2,899 per sq ft) in October, 2010. The seller incurred losses of more than sixty thousand dollars (20%), which amounts to an annualized decline in the range of 1.8% over 12 1/2 years.

This is the third least profitable resale of OUE Twin Peaks. The record loss was recorded by a 1,604 sq feet apartment on the 18th floor, which was purchased at $3.5 million ($2,182 per sq ft) in August of 2016. The seller incurred an $1 million (22%) loss, which is equivalent to an annual decrease in the range of 6.2% over four years.

OUE Twin Peaks is an apartment development of 462 units situated on Leonie Hill Road in prime District 9. The 99-year leasehold condominium was completed in. The development is located near Irwell Hill and the Orchard Road shopping belt and is located in a prestigious residential neighborhood. Some of the most sought-after housing developments within the vicinity comprise Horizon Towers and New Futura on Leonie Hill Road, Grange Infinite on Grange Road, and the soon-to-be-completed Irwell Hill Residences located on Irwell Hill.

Sale conditions in OUE Twin Peaks indicate that there have been 37 unsuccessful resales to date, which is more than just two profit-making ones. The losses at the condo are ranging from one million dollar to $11,560 dollarsresult of the sale of an 570 square foot property at $1.57 million ($2,784 per square foot) in April 2016.

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