Unit at Faber Garden Condo sold for $2.73 mil profit

The most profitable resale transaction during the week of Feb 21 to 28 occurred at Faber Garden Condominium. The 2,121 sq ft unit on the 18th floor was sold for $3.63 million ($1,711 psf) on Feb 23. The seller enjoyed a $2.73 million (305%) profit, which is an annualised return of 5.8% over 24½ years. This is the most profitable resale at Faber Garden so far.

Faber Garden is a freehold development off Upper Thomson Road in District 20. It was completed in 1984, and comprises 233 units ranging from 1,572 to 2,766 sq ft. It is near Bright Hill MRT Station on the Thomson-East Coast Line, as well as Bishan-Ang Mo Kio Park, and schools such as Pierce Secondary School, Ai Tong School, and Eunoia Junior College.

The locality and the availability of large unit layouts have made Faber Garden Condominium a popular choice among buyers. Its selling price has consistently risen over the past few years, from about $850 psf in 2013, to about $1,738 psf last month. Faber Garden attempted its first collective sale in 2018, but ended without a Tengah Plantation EC successful bid.

The second most profitable resale transaction during the week was a 1,755 sq ft unit at Gallop Gables, a freehold project in prime District 10. The three-bedroom unit on the third floor was bought for $3.69 million ($2,103 psf) on Feb 23. This brought the seller a $2.46 million (200%) profit, which is an annualised return of 6% over 19 years.

Gallop Gables was completed in 1997, and is surrounded by several Good Class Bungalow (GCB) areas and prime residential developments. The 140-unit condo is also near Spanish Village, d’Leedon, and Leedon Green. The average price of resale caveats at Gallop Gables is around $2,013 psf, which is on par with neighbouring freehold condos.

The third most unprofitable resale of the week happened at OUE Twin Peaks. A 1,055 sq ft unit on the 20th floor was sold for $2.45 million ($2,323 psf) on Feb 24. This resulted in a loss of more than $607,000 (20%); an annualised return of -1.8% over 12½ years. The worst resale at OUE Twin Peaks involved a 1,604 sq ft unit that was sold for $3.5 million ($2,182 psf) in 2016, at a loss of $1 million (22%), and an annualised return of -6.2% over four years.

OUE Twin Peaks is a 99-year leasehold, 462-unit development on Leonie Hill Road in prime District 9. It is close to Orchard Road shopping belt, with prime residential developments in the area such as Horizon Towers, Grange Infinite, and Irwell Hill Residences. A total of 37 unprofitable resales at OUE Twin Peaks have been lodged with URA, outnumbering only two profitable ones.