Four-bedder at One Amber rakes in profit of $1.98 mil
SINGAPORE (EDGEPROP) - The most profitable condo resale transaction recorded during the week of March 14 to 21 was the sale of a four-bedroom unit at One Amber. The 1,658 sq ft unit on the ninth floor changed hands for $3.15 million ($1,900 psf) on March 20. The seller purchased the unit from the developer for $1.17 million ($705 psf) in April 2006. This means they reaped a profit of $1.98 million (170%) after a holding period of just under 17 years.
This is the most profitable transaction recorded at One Amber, beating the previous high logged in July 2022, when a 1,572 sq ft unit on the 21st floor fetched $3.17 million ($2,017 psf). The unit was purchased from the developer for $1.26 million ($799 psf) in June 2006, which means the seller made a gain of $1.91 million.
The four-bedroom unit at One Amber was sold for $3.15 million ($1,900 psf) on March 20 (Picture: Samuel Isaac Chua/The Edge Singapore)
One Amber is a freehold condo in Amber Gardens in District 15. Developed by UOL Group and Singapore Land Group, One Amber was completed in 2010. It has 562 units across four 23-storey blocks, with a mix of one- to four-bedders of 570 to 3,514 sq ft. One Amber is within walking distance of the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.
The second most profitable transaction of the week occurred at The Shelford on Shelford Road in District 11. A 1,055 sq ft two-bedder was sold for $2.28 million ($2,161 psf) on March 20. It was purchased in August 2004 from the developer for about $735,300 ($697 psf). Thus, the seller enjoyed a profit of $1.54 million (210%) after a holding period of about 18½ years. The sale marks a new psf-price high for the development.
This is the third resale transaction at The Shelford so far this year. The other two transactions, which also took place in March, were profitable too. On March 21, a 1,033 sq ft unit changed hands for $2.4 million ($2,323 psf). The seller, who had purchased the unit for $1.03 million ($992 psf) in April 2007, clocked a gain of $1.38 million. On March 3, the seller of a 1,399 sq ft unit made a profit of $580,000 after it was sold for $3.18 million ($2,273 psf). They had acquired the unit for $2.6 million ($1,858 psf) in September 2018.
A unit at The Shelford was sold for a $1.54 million gain when it fetched $2.28 million ($2,161 psf) on March 20 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Shelford is a freehold condo that was completed in 2005. Developed by CapitaLand, it comprises 215 units across seven low-rise blocks. The project has one- to four-bedroom apartments of 732 to 2,411 sq ft. Located near the intersection of Dunearn Road and Adam Road, the development is close to amenities including the Botanic Gardens, Serene Centre and Adam Food Centre.
Meanwhile, the most unprofitable transaction for the period in review was for a four-bedroom unit at Marina One Residences. The 2,045 sq ft unit fetched $5.8 million ($2,836 psf) on March 16. The seller, who had purchased the unit for $6.36 million ($3,111 psf) in September 2021, suffered a loss of $562,000 (8.8%) after a holding period of 1½ years.
A unit at Marina One Residences (leftmost building) changed hands for $5.8 million ($2,836 psf) on March 16, incurring a $562,000 loss (Picture: Samuel Isaac Chua/The Edge Singapore)
Marina One Residences is the residential component of Marina One, a mixed-use development in the Marina Bay financial hub. Developed by M+S — a joint venture between Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional — Marina One Residences was completed in 2017. The 99-year leasehold condo has 1,042 apartments.
The development saw a high volume of transactions last year. In 2022, 98 apartments changed hands based on caveats lodged, including an 8,708 sq ft penthouse unit that fetched $19.89 million ($2,284 psf) in November. Other units, measuring between 667 and 2,034 sq ft, were sold for between $1.6 million and $6.37 million, or between $2,194 and $3,130 on a psf-price basis.
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