Mortgagee Sale Three Bedder Pearl Mount Faber Going 22 Million
A three-bedroom unit at The Pearl @ Mount Faber, a 99-year leasehold development, will be up for auction by SRI on September 24. The 1,389 sq ft unit, which is under a mortgagee sale, will be sold with vacant possession at a guide price of $2.2 million. This is the second time the unit is being auctioned, having been previously listed on August 20 with a higher guide price of $2.25 million. However, it received no bids and was withdrawn.
According to Eric Liew, manager of auction and sales at SRI, the property has since received “strong interest” from potential buyers, although many are waiting to sell their current homes first. The guide price of $2.2 million translates to $1,584 psf.
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Situated on the ninth floor, the unit boasts a combined living and dining room that opens onto a balcony, an en-suite master bedroom, two bedrooms, and a kitchen with a yard area. Liew notes that the unit has scenic views of the sea and Mount Faber, as it overlooks the condo’s swimming pool.
Based on URA caveats, the unit was first purchased at the project’s launch in July 2003 for around $871,000 ($627 psf).
Completed in 2005, The Pearl @ Mount Faber is a 192-unit condo located along Mount Faber Road in District 4. The development comprises 10-storey residential blocks with two- to four-bedroom units measuring 1,087 to 1,464 sq ft.
The condo is close to several schools, including CHIJ Kellock and Radin Mas Primary School, and just a short drive from Harbourfront Centre and VivoCity mall.
As of August 26, five units at The Pearl @ Mount Faber have changed hands this year. The latest transaction was a three-bedroom unit measuring 1,356 sq ft, which sold for $2.02 million ($1,489 psf) on August 11. Meanwhile, a two-bedroom unit measuring 1,163 sq ft fetched $1.9 million ($1,630 psf) on July 28, and another two-bedroom unit measuring 1,087 sq ft changed hands for $1.73 million ($1,589 psf) on June 16.