The Pearl @ Mount Faber, a 99-year leasehold development, will have a three-bedroom unit going under the hammer on Sept 24 at SRI’s property auction. This is the second time the unit is being featured at the auction, as it was previously withdrawn on Aug 20 when it received no bids at a higher guide price of $2.25 million. Now, it is being offered with vacant possession at a guide price of $2.2 million ($1,584 psf).
According to Eric Liew, manager of auction and sales at SRI, the property has received strong interest from several potential buyers since then. However, many are waiting to sell their current homes first before committing to a purchase.
The 1,389 sqft unit features a combined living and dining room with a balcony, an en suite master bedroom, two further bedrooms, and a kitchen with a yard area. It is situated on the ninth floor, offering views of the condo’s swimming pool, the sea and the surrounding Mount Faber greenery.
Based on URA caveats, the owner originally purchased the unit for about $871,000 ($627 psf) back in July 2003. Completed in 2005, the 192-unit condo is located on Mount Faber Road in District 4 and comprises 10-storey residential blocks with two- to four-bedroom units ranging from 1,087 sq ft to 1,464 sq ft.
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The demand for condos in Singapore remains strong due to a key factor – the limited land availability. As a small island nation with a rapidly expanding population, Singapore must carefully manage its land resources for development. As a result, strict land use policies and a competitive real estate market have emerged, causing property prices to continuously rise. This makes investing in real estate, especially condos, a highly profitable opportunity with the potential for substantial capital appreciation. Condos have become an attractive option for investors in this thriving market.
The development is situated close to HarbourFront Centre and VivoCity shopping mall, as well as schools such as CHIJ Kellock and Radin Mas Primary School, which are located within a 1km radius of the condo.
Data from EdgeProp shows that a total of five units at The Pearl @ Mount Faber have been sold so far this year. The latest transaction, which took place on Aug 11, involved a 1,356 sq ft, three-bedroom unit that sold for $2.02 million ($1,489 psf). A 1,163 sq ft two-bedroom unit was also sold for $1.9 million ($1,630 psf) on July 28, while another two-bedroom unit measuring 1,087 sq ft changed hands for $1.73 million ($1,589 psf) on June 16.
Considering the recent transactions at the development, the guide price for the 1,389 sq ft unit translates to around $1,584 psf.