A two-storey detached home on Faber Drive at the Faber Hills landed estate is up for mortgagee sale by private treaty. This is actually the first time that the freehold land is being supplied at a mortgagee sale, and it has just been on the market since Oct 7 this year.
The 42-year-old home sits on a 9,052 sq foot plot and has a built-up area of about 5,000 sq ft. There are four bedrooms in the home and each of them has an en suite bathroom.
The land has a direct price of $8.5 million, which translates to $939 psf in the land area.
The home is located at a two-storey bungalow area and loves dual-road frontage facing Faber Drive and Jalan Lempeng. In addition, this Website is reverse Nan Hua Primary School and about 500 metres to Clementi Town Primary School and Clementi Town Secondary School.
The latest transaction from the area was to get a bungalow at 6 Faber Park, that was sold for about $10.2 million ($1,259 psf) in January this year. Another bungalow at 48 Faber Drive brought $8.2 million ($966 psf) as it was sold in December 2017, and still another bungalow at 65 Faber Park travelled for about $ 8.6 million ($819 psf) at June 2017.
According to Bruce Lye, managing partner of Singapore Realtors Inc (SRI) and the only real sales agent, the home for sale Requires an”old charm” but renovation work will be necessary to spruce it up. “This house will be ideal for reconstruction. Owing to the dual frontage, it will also be a fantastic masterpiece for individuals to admire if the owner commissions an award-winning architect to conceptualise a masterpiece,” he says.
The present house isn’t built to the maximum allowable plot ratio on account of the elevation of the land. Therefore, the new purchaser has the choice to sub-divide the storyline and assemble a pair of two 1/2-storey bungalows, or divides the property to a single grand bungalow, says Lye.
“The Faber Hills Estate is largely occupied by company owners and industrialists that have companies towards the west of Singapore. This allows them to be near their factories and factories, while also being a 10-minute drive into the city center via the Ayer Rajah Expressway,” he says.
SRI says as the land appeared on the market, there have been 16 enquiries and many viewings because of this. At least two offers have been made for your home, but they did not meet the reserve price.
“Landed home neighbourhoods such as the Sunset Estate and Faber Hills Estate have always been hidden jewels. Many landed-home buyers originally started house-hunting at Districts 10 and 11, however when they are introduced into the Sunset Estate and Faber Hills Estate, the location comes as a wonderful surprise for them,” says Lye.
The website is also near the coming Jurong Lake District, a new business district in the West. The Faber Hills Estate is conveniently located to leverage the brand new precinct, and also the purchaser may potentially sell the land to a developer when land costs appreciate, Lye adds.