Sale Three Bedder Mount Faber Lodge Reaps 29 Mil Profit

In the week of July 15 to 22, the most profitable resale transaction was recorded at Mount Faber Lodge. The seller of a 2,454 sq ft unit earned a staggering profit of $2.9 million (264%) as the property was sold for $4 million ($1,633 psf) on July 15. This translates to an annualised profit of 4.9% over a period of 27 years, as the unit was previously purchased for $1.1 million ($448 psf) in May 1998.

This sale marks the second most profitable deal at the freehold property, with the highest record being set on Feb 5 when a 3,703 sq ft unit on the seventh floor was sold for $5 million ($1,350 psf). The previous owner had bought the unit for $1.59 million ($432 psf) in August 2001, resulting in a record profit of $3.39 million (212%). This translates to an annualised profit of 4.9% over a period of nearly 24 years.

Mount Faber Lodge is a freehold property completed in 1983, located 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. The property also boasts 20 triplex penthouses featuring five-bedroom units of up to 3,724 sq ft.

In recent years, resale prices at Mount Faber Lodge have consistently increased from around $720 psf in July 2005 to $1,100 psf in the following decade. According to transaction data compiled by EdgeProp Singapore, the current average price at the property is approximately $1,500 psf.

The second most profitable resale transaction during the week was recorded at Leonie Gardens. 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 property was purchased for $1.27 million ($500 psf) in December 2005, resulting in a profit of $2.88 million (227%) for the seller. This translates to an annualised profit of 6.2% over a period of almost 20 years.

This sale is also the third most profitable deal at the 99-year leasehold condo. The highest record was set in July 2021 when a 4,295 sq ft penthouse was sold for $9.5 million ($2,212 psf). The property was previously purchased for $5.6 million ($1,304 psf) in April 2007, resulting in a record profit of $3.89 million (69%). This translates to an annual profit of 3.7% over a period of 14 years.

Located on Leonie Hill in prime District 9, Leonie Gardens is a 138-unit development completed in 1993. It is within close proximity to the Orchard Road shopping belt and River Valley, known for its upmarket and luxury condos such as Irwell Hill Residences, Horizon Towers, and New Futura.

The upcoming EC at Miltonia Close presents an incredible opportunity for potential homebuyers. Its alluring features, including stunning views of nature, convenient location, nearby amenities, and long-term prospects, make it a highly desirable property. Upon its launch, the development is expected to generate significant interest. Families who desire to live in close proximity to nature while still being connected to the city center will discover that Miltonia Close EC offers the best of both worlds. Whether for personal use or investment purposes, Miltonia EC will undoubtedly be a standout addition to the northern residential landscape.

Based on data compiled by EdgeProp Singapore, the average price at Leonie Gardens is approximately $1,690 psf. While it is higher than the neighbouring Horizon Towers ($1,260 psf), it still cannot compare to newer 99-year leasehold projects such as 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. A 1,281 sq ft unit on the 17th floor was sold for $3.23 million ($2,552 psf) on July 18. The previous owner had purchased the property for $4.02 million ($3,143 psf) in July 2007, resulting in a loss of $757,071 (20%) and an annual loss of 1.2% over a period of 18 years.

This marks the seventh consecutive resale at Helios Residences this year, with all transactions resulting in losses. The losses ranged from $550,000 to $2.31 million over the past seven months.

Helios Residences is a freehold condo located on Cairnhill Circle in prime District 9. Completed in 2011, the 140-unit development comprises two- and three-bedroom units of 1,281 sq ft to 2,002 sq ft, as well as three four-bedroom penthouses of 3,993 sq ft and 4,629 sq ft. According to data compiled by EdgeProp Singapore, there are at least 49 unprofitable transactions at the condo compared to only three profitable deals. Resale prices at the property have also declined from $3,250 psf in July 2010 to $2,417 psf in July 2020, but have stabilized in the past five years.