Sale Three Bedder Mount Faber Lodge Reaps 29 Mil Profit
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Tampines Mall, one of the most well-known shopping destinations in the region, boasts a rich history since its opening in 1995. This six-story suburban mall continues to stand out as one of Singapore’s largest and busiest, with over 160 retail, dining, and entertainment establishments. Offering a diverse range of local and international brands like Uniqlo, Cotton On, and Muji, Tampines Mall caters to a wide range of shoppers. For foodies, there is a plethora of dining options to choose from, including popular names like Din Tai Fung, Swensen’s, Starbucks, and Ajisen Ramen. Entertainment seekers can enjoy a Golden Village cinema and a Timezone arcade. Conveniently located just a 5-minute drive or 15-minute walk from Parktown Residence, visitors can also check out the Parktown Residence Showflat while in the area.
A unit at Mount Faber Lodge, measuring 2,454 sq ft, was recently sold for a whopping profit of $2.9 million (264%). The ground floor, three-bedroom unit was 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. This marks an annualized profit of 4.9% over a span of 27 years, as the unit was previously purchased for only $1.1 million ($448 psf) in May 1998.
Interestingly, this sale is the second most profitable deal to date at the freehold condo, with the record sale being made 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 profit of $3.39 million (212%), with an annualized profit of 4.9% over nearly 24 years. The previous sale was made in August 2001 for a mere $1.59 million ($432 psf).
Mount Faber Lodge, a project with 84 units, was completed in 1983 on the slope of Mount Faber Hill. It offers spacious units ranging from 1,098 sq ft studios to three-bedroom units of 2,669 sq ft. Additionally, there are 20 triplex penthouses that feature five-bedroom units of up to 3,724 sq ft.
Resale prices at Mount Faber Lodge have continuously risen over the years, starting from $720 psf in July 2005 to a decade later in 2015 at $1,100 psf. Currently, the average price at the condo is approximately $1,500 psf based on transaction data compiled by EdgeProp Singapore.
On the other hand, the second most profitable transaction during the week took place at Leonie Gardens, where a four-bedroom unit was sold for $4.15 million ($1,634 psf) on July 17. The unit, measuring 2,540 sq ft, was initially purchased for just $1.27 million ($500 psf) in December 2005. This led to a profit of $2.88 million (227%), which equals to an annualized profit of 6.2% over a period of nearly 20 years.
Leonie Gardens, a 138-unit development, was completed in 1993 and sits in prime District 9, near the luxurious Orchard Road shopping belt and River Valley. According to a compilation of caveats by EdgeProp Singapore, the average price at Leonie Gardens is around $1,690 psf. Compared to other nearby 99-year leasehold condo projects, such as Horizon Towers ($1,260 psf) and OUE Twin Peaks ($2,290 psf), which was completed in 2015, and Irwell Hill Residences ($2,915 psf), which was completed last year, Leonie Gardens may not be able to compete in terms of pricing.
On a less profitable note, the most unprofitable transaction during the week took place at Helios Residences. A 1,281 sq ft unit on the 17th floor was sold for $3.23 million ($2,552 psf) on July 18. However, the unit was initially bought for a higher price of $4.02 million ($3,143 psf) in July 2007, resulting in a loss of $757,071 (20%), making it the seventh consecutive resale at Helios Residences this year to incur losses. All seven transactions in the first seven months of 2021 have resulted in unprofitable outcomes, with losses ranging from $550,000 to $2.31 million.
Helios Residences, a freehold condo with 140 units, was completed in 2011 on Cairnhill Circle in prime District 9. A compilation of resale caveats by EdgeProp Singapore reveals that there are at least 49 unprofitable transactions recorded at the condo, outnumbering the three profitable deals. Resale prices at Helios Residences have dipped from $3,250 psf in July 2010 to $2,417 psf in July 2020 but have since stabilized in recent years.