SINGAPORE (EDGEPROP) - During the week between March 30 and April 6, the most profitable deal was the sale of a 1,701 sq ft, four-bedroom unit at One Amber in District 15. The 14th-floor unit was sold for $3.05 million ($1,793 psf) on March 30. The seller, who had bought the unit in August 2006 for $1.25 million ($737 psf), made a 143% profit of $1.8 million, which translates to a profit of 6.3% when annualised over 14½ years.
The sale is the most profitable deal at One Amber, breaking the previous record where a 1,658 sq ft unit was sold for a profit of $1.47 million in July last year. That unit was sold for $2.7 million ($1,629 psf), after having been bought in May 2006 for $1.23 million ($741 psf). The profit is annualised at 5.7%.
One Amber is a freehold condominium developed by Brendale, with 562 units across four 23-storey blocks. The development’s location on Amber Gardens is a short drive to Parkway Parade shopping centre, Katong and East Coast Park.
The most profitable deal of the week occured at One Amber, when a seller made a 143% profit of $1.8 million, which is also the highest at the development so far (Photo: Samuel Isaac Chua/The Edge Singapore)
The second top gain of the week was also transacted in District 15. A 1,216 sq ft, three-bedroom unit at The Sea View earned its seller a 153% profit of $1.45 million when it was sold on April 6 for $2.4 million ($1,974 psf). The 20th-floor unit was purchased 14½ years ago in August 2006 for $949,696 ($781 psf). The profit is annualised at 6.5%.
It is the third most profitable deal at the development. The most profitable transaction was for a 1,410 sq ft, three-bedder, which was purchased for $1.1 million ($785 psf) in November last year and sold for $2.85 million ($2,021 psf) in May 2006. The seller made a profit of $1.75 million, after a holding period of 14½ years.
The Sea View is a 546-unit freehold condominium in Marine Parade on Amber Road. It is in proximity to Parkway Parade and Katong, and is also a short walk to East Coast Park through a nearby underpass.
The third most profitable deal of the week was the sale of a 1,033 sq ft unit on the 28th floor of Rivergate, a freehold condominium at Robertson Quay. The seller netted a 106% gain of $1.33 million when the unit changed hands for $2.58 million ($2,497 psf), 12 years after it was purchased for $1.25 million ($1,210 psf) in March 2009. The profit is annualised at 6.2%.
Rivergate was developed by CapitaLand and completed in 2009. It comprises 545 units across three 42-storey blocks. It is a short walk to cafes and bars in Robertson Quay and a 10-minute walk to Great World shopping mall. The most profitable deal at Rivergate occurred in January 2019, when a 2,077 sq ft unit was sold at a profit of $2.3 million after a holding period of over 13 years.
On the other hand, the most non-profitable deal of the week occurred at Reflections at Keppel Bay. A 1,830 sq ft unit was sold it for $3.3 million ($1,803 psf) on April 1, after it was purchased for $4.32 million ($2,358 psf) in August 2007. The seller therefore incurred a 24% loss of $1.02 million, which is annualised at 2% over 13½ years.
The deal is the third most unprofitable deal at Reflections at Keppel Bay. The most unprofitable transaction occurred in January this year, when a 3,380 sq ft unit was sold at a loss of $2.35 million. The seller had bought it in May 2007 for $7.8 million ($2,307 psf) and sold it at $5.45 million ($1,612 psf), making an annualised loss of 2.6% over more than 13½ years.
Reflections at Keppel Bay in District 4 is a 99-year leasehold condominium with 1,129 units, across six towers and 11 villa apartment blocks. Completed in 2011, it was designed by award-winning architect Daniel Libeskind. It is a five-minute drive to VivoCity shopping mall and a 10-minute drive to Sentosa.