Unit at Faber Garden Condo sold for $2.73 mil profit

At the time of its purchase in April 2011, it had fetched the same amount ($2,784 psf).

The most profitable resale transaction during the week of Feb 21 – 28 was a 2,121 sq ft unit at Faber Garden Condominium, located off Upper Thomson Road in District 20. On Feb 23, it sold for $3.63 million ($1,711 psf). Previously, the unit had been purchased for about $895,000 ($422 psf) in July 1998, resulting in a $2.73 million (305%) profit for the seller. This translates to an annualised profit of 5.8% over 24½ years, making it the most profitable resale transaction at Faber Garden Condominium thus far.

The 233-unit development was completed in 1984, and offers units ranging from 1,572 – 2,766 sq ft. It is within close proximity to the Bright Hill MRT Station on the Thomson-East Coast Line, as well as Bishan-Ang Mo Kio Park and numerous schools such as Pierce Secondary School, Ai Tong School and Eunoia Junior College.

Due to its highly sought-after location and large unit layouts, Faber Garden Condominium has continuously seen its selling price increase. In February 2013, the average price was about $850 psf, compared to about $1,738 psf last month. The project had also attempted a collective sale in April 2018, but both bids ending without success.

The transaction that raked in the second highest profit for the week was for a 1,755 sq ft unit at Gallop Gables, a freehold condominium located in prime District 10. On Feb 23, the three-bedroom unit on the third floor changed hands for $3.69 million ($2,103 psf). This followed its purchase for $1.23 million ($700 psf) in March 2004, resulting in a $2.46 million (200%) profit for the seller. This translates to an Senja Close EC annualised profit of 6% over 19 years.

Gallop Gables, which was completed in 1997, is surrounded by several Good Class Bungalow (GCB) areas and prime residential developments. The 140-unit condo’s most profitable sale to date is a 2,960 sq ft unit on the fourth floor, which was sold for $5.2 million ($1,757 psf) in December 2020. The unit had been bought for $2.26 million ($764 psf) in August 2005, resulting in a $2.94 million (138%) profit and an annualised profit of 5.8% over 15 years.

At present, Gallop Gables commands an average price of about $2,013 psf, similar to 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).

The most unprofitable sale for the week was for a 1,055 sq ft unit at OUE Twin Peaks, a 462-unit leasehold development located on Leonie Hill Road in prime District 9. On Feb 24, the unit on the 20th floor was sold for $2.45 million ($2,323 psf), having been purchased for $3.06 million ($2,899 psf) in October 2010. This led to a loss of more than $607,000 (20%) for the seller, equivalent to an annualised loss of 1.8% over 12½ years.

This transaction ranks third in the list of the most unprofitable resales at OUE Twin Peaks, with the largest loss held by a 1,604 sq ft unit sold for $3.5 million ($2,182 psf) in August 2016. This sale resulted in a $1 million (22%) loss for the seller, translating to an annualised loss of 6.2% over four years.

So far, 37 unprofitable resales have been registered at OUE Twin Peaks, compared to only two profitable ones. The losses for the most part have not been too severe, with the smallest being a 570 sq ft unit sold for $1.57 million ($2,784 psf) in April 2016, which had originally been purchased for the same amount.