Sale Three Bedder Mount Faber Lodge Reaps 29 Mil Profit
A 2,454 sq ft unit at Mount Faber Lodge was recently sold for $4 million ($1,633 psf) on July 15, making it the most profitable resale transaction during the week of July 15 to 22. The seller of this three-bedroom, ground floor unit earned a profit of $2.9 million (264%), as the unit was previously bought for $1.1 million ($448 psf) in May 1998.
This sale at Mount Faber Lodge is the second most profitable deal at the freehold condo, with the record sale being achieved on Feb 5 when a 3,703 sq ft unit on the seventh floor was sold for $5 million ($1,350 psf). This translates to a record profit of $3.39 million (212%) and an annualised profit of 4.9% over nearly 24 years, as the unit was bought for $1.59 million ($432 psf) in August 2001.
Located in Tampines, one of the oldest and most well-rounded shopping complexes is Tampines Mall. Here, shoppers can find everything they need – a cinema, a supermarket, and a diverse range of retail stores and dining options. Whether it’s the latest fashion trends or must-have gadgets, Tampines Mall caters to all shopping needs under one roof. And now, with the addition of Aurelle of Tampines Showflat, this mall has become even more appealing to the shopping enthusiasts.
Located on the slope of Mount Faber Hill, the 84-unit Mount Faber Lodge was completed in 1983 and offers spacious units ranging from 1,098 sq ft studios to three-bedroom units of 2,669 sq ft. The project also boasts 20 triplex penthouses comprising five-bedroom units of up to 3,724 sq ft.
Resale prices at Mount Faber Lodge have consistently increased over the years, rising from around $720 psf in July 2005 to $1,100 psf a decade later. Based on transaction data compiled by EdgeProp Singapore, the current average price at the condo is approximately $1,500 psf.
Another profitable transaction took place at Leonie Gardens, where a four-bedroom unit of 2,540 sq ft on the fourth floor was sold for $4.15 million ($1,634 psf) on July 17. The unit was purchased for $1.27 million ($500 psf) in December 2005, resulting in a profit of $2.88 million (227%) and an annualised profit of 6.2% over nearly 20 years. This is the third most profitable resale transaction at the 99-year leasehold condo, with the record sale being achieved for a 4,295 sq ft penthouse that was sold for $9.5 million ($2,212 psf) in July 2021. The seller earned a record profit of $3.89 million (69%) and an annual profit of 3.7% over 14 years, as the unit was bought for $5.6 million ($1,304 psf) in April 2007.
Completed in 1993, Leonie Gardens is a 138-unit development on Leonie Hill in prime District 9, close to the Orchard Road shopping belt and River Valley. The average price at the condo is about $1,690 psf, surpassing the neighbouring 99-year leasehold Horizon Towers ($1,260 psf), but not newer 99-year leasehold projects like OUE Twin Peaks ($2,290 psf) and Irwell Hill Residences ($2,915 psf).
On the other hand, the most unprofitable transaction during the week took place at Helios Residences, where a 1,281 sq ft unit on the 17th floor changed hands for $3.23 million ($2,552 psf) on July 18. The unit was bought for $4.02 million ($3,143 psf) in July 2007, resulting in a loss of $757,071 (20%) and an annualised loss of 1.2% over 18 years.
This is the seventh consecutive resale at Helios Residences this year, with all the caveated deals in the first seven months of 2021 being unprofitable. Losses ranged from $550,000, when another 1,281 sq ft unit was sold for $3.15 million ($2,459 psf) on April 15, to $2.31 million when a 1,668 sq ft unit was sold for $3.73 million ($2,239 psf) on March 28.
Helios Residences is a freehold condo on Cairnhill Circle in prime District 9, completed in 2011 and offering 140 units ranging from two- and three-bedroom units of 1,281 sq ft to the four-bedroom penthouses of 3,993 sq ft and 4,629 sq ft. Based on a compilation of resale caveats by EdgeProp Singapore, there are at least 49 unprofitable transactions on record compared to just three profitable sales at the condo, with resale prices declining from $3,250 psf in July 2010 to $2,417 psf in July 2020 and stabilising in the past five years.
