Unit at Faber Garden Condo sold for $2.73 mil profit

The unit had been bought for $1.58 million ($2,797 psf) a month before.The most profitable resale transaction of the week involved 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, generating a profit of $2.73 million (305%). The most unprofitable sale 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, at a loss of more than $607,000.

The most profitable resale transaction of the week was a 2,121 sq ft unit at Faber Garden Condominium on the 18th floor that sold for $3.63 million ($1,711 psf) on Feb 23. The seller raked in a $2.73 million (305%) profit, which translates to an annualised profit of 5.8% over 24½ years. As it turns out, this was the most profitable resale transaction at Faber Garden Condominium thus far.

The condo, a freehold development off Upper Thomson Road in District 20, is near Bright Hill MRT Station. The 233-unit project was completed in 1984, has units ranging from 1,572 to 2,766 sq ft, and is surrounded by a low-rise landed housing estate.

Proximity to Bishan-Ang Mo Kio Park, and schools such as Pierce Secondary School, Ai Tong School, and Eunoia Junior College also add to its appeal and consequently, its selling price has increased consistently over the past few years.

On the other hand, a 1,755 sq ft unit at Gallop Gables, a freehold project in prime District 10, changed hands for $3.69 million ($2,103 psf) on Feb 23. It had previously fetched $1.23 million ($700 psf) in March 2004, leading to a $2.46 million (200%) profit, an annualised profit of 6% over 19 years.

The 140-unit development is surrounded by several Good Class Bungalow (GCB) areas and prime residential developments. The most profitable sale thus far 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, which was bought for $2.26 million ($764 psf) in August 2005, resulting in a record profit of $2.94 million (138%), an annualised profit of 5.8% over 15 years.

The most unprofitable sale for the week occurred at OUE Twin Peaks, when a 1,055 sq ft unit on the 20th floor sold for $2.45 million ($2,323 psf) on Feb 24. It had been bought for $3.06 million ($2,899 psf) in October 2010, leading to a loss Champions Way Condo of more than $607,000 (20%), an annualised loss of 1.8% over 12½ years. This transaction is the third most unprofitable at OUE Twin Peaks, which is a 462-unit development on Leonie Hill Road in prime District 9.

Caveat lodgements at the 99-year leasehold condo show about 37 unprofitable resales, versus only two profitable ones. Losses at OUE Twin Peaks range from the aforementioned $1 million to a low of $11,560 — from the sale of a 570 sq ft unit for $1.57 million ($2,784 psf) in April 2016.

The week in review saw a mix of profitable and unprofitable resale transactions, with Faber Garden Condominium and Gallop Gables proving to be profitable for their respective sellers and OUE Twin Peaks recording the most unprofitable sale.