Archive for category: Misc

The most profitable resale transaction of the week occurred at Faber Garden Condominium and the most unprofitable one at OUE Twin Peaks. Resale transactions at Gallop Gables also resulted in a large profit. The prices at these projects reflect the popularity of their respective neighbourhoods among buyers.The highest profit generated by a resale transaction during the week of Feb 21 to 28 was recorded at Faber Garden Condominium. A 2,121 sq ft unit, on the 18th floor, was sold for $3.63 million ($1,711 psf). This had previously 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 transaction at Faber Garden Condominium thus far.

At Faber Garden Condominium, located off Upper Thomson Road in District 20, the 233-unit development was completed in 1984 and has units that range from 1,572 to 2,766 sq ft. Although an attempt made to collective sale the condo in April 2018 failed, it had met with a good resale price rise in recent years. The average price in February 2013 was about $850 psf, while in last month it went up to about $1,738 The Myst psf.

The locality enjoys proximity to Bishan-Ang Mo Kio Park, and schools such as Pierce Secondary School, Ai Tong School, and Eunoia Junior College, making it a popular choice among buyers looking for a home in the neighbourhood.

The most unprofitable resale transaction for the week was recorded at OUE Twin Peaks. A 1,055 sq ft unit on the 20th floor changed hands for $2.45 million ($2,323 psf) on Feb 24, although it was bought for $3.06 million ($2,899 psf) in October 2010. This resulted in a loss of more than $607,000 (20%) for the seller, meaning an annualised loss of 1.8% over 12½ years.

The second most profitable resale transaction during the week was that of a 1,755 sq ft unit at Gallop Gables. This freehold project in prime District 10 saw the three-bedroom unit on the third floor sold for $3.69 million ($2,103 psf) on Feb 23, having been fetched $1.23 million ($700 psf) in March 2004. This generated a $2.46 million (200%) profit, representing an annualised profit of 6% over 19 years.

The 140-unit Gallop Gables is located on Farrer Road and surrounded by several Good Class Bungalow (GCB) areas and prime residential developments. Prime condos in the neighbourhood include Spanish Village, d’Leedon, and Leedon Green.

According to sale caveats lodged with URA over the past two months, 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 profitable sale at Gallop Gables for so far is a 2,960 sq ft unit on the fourth floor that was sold for $5.2 million ($1,757 psf) in December 2020. This unit had been bought for $2.26 million ($764 psf) in August 2005, leading to a $2.94 million (138%) profit which equals an annualised profit of 5.8% over 15 years.

Ultimately, the profitable and unprofitable transactions at Faber Garden Condominium, Gallop Gables, and OUE Twin Peaks reflect the popularity of their respective neighbourhoods among buyers.