Unit at Faber Garden Condo sold for $2.73 mil profit

In conclusion, the most profitable resale for the week of Feb 21 to 28 was the 2,121 sq ft unit at Faber Garden Condominium that changed hands for $3.63 million ($1,711 psf). It made a 305% profit for its seller, which translates to an annualised profit of 5.8% over 24½ years. On the other end of the spectrum was a 1,055 sq ft unit at OUE Twin Peaks that was sold for $2.45 million ($2,323 psf) at a loss of more than $607,000 (20%).This week of resale transactions highlights the importance of the type of property, its location, and the length of holding period on home sellers’ potential profits or losses.
Faber Garden Condominium has proved to be a highly profitable investment. Selling their 2,121 sq ft unit on the 18th floor on Feb 23, the seller made an impressive $2.73 million (305%) profit since their purchase Tengah EC in 1998 – translating to an annualised profit of 5.8% over 24½ years.

This record-breaking sale was the most profitable resale transaction in the development thus far and generated the highest profit in the week of Feb 21 to 28. This impressive result is likely due to the condo’s proximity to transport links such as Bright Hill MRT Station, as well as its proximity to Bishan-Ang Mo Kio Park and schools such as Pierce Secondary School, Ai Tong School, and Eunoia Junior College.

The unit had originally been bought for about $895,000 ($422 psf) in July 1998 and its sale for $3.63 million ($1,711 psf) has further pushed the average price at Faber Garden Condominium from $850 psf in 2013 to $1,738 psf last month. This demonstrates the increasingly popular appeal of the freehold development, which had attempted a collective sale in 2018 but ended without a successful bid.

The runners-up in the week’s most profitable resales were two other residential properties in District 10 and District 9. The Gallop Gables unit of 1,755 sq ft with three bedrooms on the third floor, generated a $2.46 million (200%) profit since it was bought in 2004. This resulted in an annualised profit of 6% over 19 years.

On the other hand, the most unprofitable sale for the week occurred at OUE Twin Peaks, with a 1,055 sq ft unit selling on the 20th floor for $2.45 million ($2,323 psf). The unit had been bought for $3.06 million ($2,899 psf) in October 2010 and saw a loss of more than $607,000 (20%), equaling an annualised loss of 1.8% over 12½ years.

This week of resale transactions has demonstrated the major impact that the type of property, its location, and the length of the holding period have on home sellers’ potential profits or losses.