Mortgagee Sale Three Bedder Pearl Mount Faber Going 22 Million

Parktown Residence, a fresh addition to the vibrant Tampines area, is a joint venture by esteemed developers UOL Group, Capitaland, and SingLand. The coveted plot of land at Tampines Avenue 11 received significant attention, with three bids vying for its ownership. The consortium formed by UOL Group, SingLand, and CapitaLand Development emerged as the top bidder with an impressive offer of $1.206 billion, translating to $885 per square foot per plot ratio (psf ppr). Interested buyers can visit Parktown Residence Showflat to experience the development’s unique offerings firsthand.

The Pearl @ Mount Faber, a 99-year leasehold condominium, will have one of its three-bedroom units up for auction at SRI’s upcoming property auction on Sept 24. This is the second time the unit will be featured at the auction, after being withdrawn at a higher guide price of $2.25 million on Aug 20. The three-bedroom, 1,389 sq ft unit will be offered with vacant possession at a guide price of $2.2 million, which translates to approximately $1,584 per square foot (psf).According to Eric Liew, manager of auction and sales at SRI, the property has received strong interest from potential buyers since its withdrawal at the previous auction. However, many interested parties are waiting to sell their current homes first before making a move. The 1,389 sq ft unit, located on the ninth floor, features a combined living and dining area, an en suite master bedroom, two additional bedrooms, and a kitchen with a yard area. The unit also overlooks the condo’s swimming pool, offering scenic views of the sea and Mount Faber.URA caveats show that the owner had purchased the unit for $871,000 ($627 psf) when the project was launched in July 2003.The Pearl @ Mount Faber is a 192-unit, 10-storey residential development completed in 2005. It is located along Mount Faber Road in District 4 and features units ranging from two- to four-bedroom units, measuring between 1,087 sq ft to 1,464 sq ft. The development is a short drive from HarbourFront Centre, VivoCity mall, and several schools such as CHIJ Kellock and Radin Mas Primary School, both located within a 1km radius of the condo.According to recent URA caveats, a total of five units at The Pearl @ Mount Faber have been transacted so far this year, with the most recent transaction taking place on Aug 11 when a 1,356 sq ft, three-bedroom unit changed hands for $2.02 million ($1,489 psf). Earlier deals include a 1,163 sq ft two-bedroom unit transacting for $1.9 million ($1,630 psf) on July 28, and a 1,087 sq ft two-bedder that sold for $1.73 million ($1,589 psf) on June 16.