A three-bedroom unit at The Pearl @ Mount Faber is set to go up for auction on September 24. Located in District 4, the 1,389 sq ft 99-year leasehold property will be offered with vacant possession. The guide price for the unit is $2.2 million ($1,584 psf).The property had previously been put up for auction on August 20 at a guide price of $2.25 million. However, it was withdrawn after receiving no bids.The unit, which is located on the ninth floor of The Pearl @ Mount Faber, features a combined living and dining room, an en suite master bedroom, two further bedrooms, and a kitchen with a yard area. According to Eric Liew, manager of auction and sales at SRI, the unit overlooks the condo’s swimming pool, providing stunning views of the sea and Mount Faber’s greenery.Liew adds that the property has received a lot of interest from potential buyers since it was withdrawn from the August 20 auction. However, many of them are waiting to sell their current homes first before making a bid. Based on URA caveats, the current owner purchased the unit at its launch price of $871,000 ($627 psf) back in July 2003.The Pearl @ Mount Faber is a 99-year leasehold development that was completed in 2005. It comprises of 192 units, which consist of two- to four-bedroom units that range from 1,087 sq ft to 1,464 sq ft. The condo features 10-storey residential blocks and is conveniently located near amenities such as the HarbourFront Centre, VivoCity Mall, and several schools including CHIJ Kellock and Radin Mas Primary School.As of August 26, five transactions have taken place at The Pearl @ Mount Faber so far this year. The latest one on August 11 saw a 1,356 sq ft three-bedroom unit transact for $2.02 million ($1,489 psf). In July, a two-bedroom unit measuring 1,163 sq ft was sold for $1.9 million ($1,630 psf), while in June, another two-bedroom unit measuring 1,087 sq ft was sold for $1.73 million ($1,589 psf).
Financing is an essential factor to consider when investing in a condo. In Singapore, there are various mortgage options available. However, it is crucial to familiarize oneself with the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and current debt obligations. To make informed decisions about financing, it is advisable to seek guidance from financial advisors or mortgage brokers. This will help investors avoid over-leveraging. Additionally, exploring New Condo Launches can also assist in finding suitable financing options for condo investments.