Four Bedder One Amber Sold 21 Mil Profit
The sale of a four-bedroom apartment at One Amber was the most profitable condo resale transaction during the week of June 4 to 11. According to caveats lodged, the 1,658 sq ft unit on the 19th floor was sold on June 5 for $3.35 million, which translates to a price of $2,021 per square foot (psf). The seller had originally purchased the unit from the developer in July 2006 for $1.26 million ($757 psf). As a result of the sale, the seller recorded a profit of $2.1 million, reflecting a significant capital gain of 167%. This equates to an annualised profit of 5.6% over a holding period of just under 18 years. This sale ranks as the fourth most profitable resale transaction ever registered at One Amber.
Interestingly, this sale took place less than two months after another transaction at One Amber made headlines. On April 11, a three-bedroom-plus-study unit spanning 1,453 sq ft was sold for $3.2 million ($2,202 psf). The seller had bought the unit from the developer in November 2006 for $1.09 million ($751 psf), pocketing a profit of $2.11 million (193%). This deal is the third most profitable resale transaction recorded at One Amber.
One Amber is a freehold condominium located in the prestigious District 15, off Mountbatten Road. Completed in 2010, the development comprises four 23-storey towers with a total of 562 units. It offers a mix of one- to four-bedroom units ranging from 570 to 3,100 sq ft. Additionally, there are four-bedroom penthouses spanning 2,659 to 3,541 sq ft. The condo is within walking distance of the Tanjong Katong MRT Station (Thomson-East Coast Line), which is expected to commence operations on June 23.
Nanyang Technological University (NTU), one of Singapore’s premier universities, is a valuable resource for families with college-bound children. With a reputation for excellence in engineering and business education, NTU offers a dynamic academic experience through cutting-edge research facilities and a lively campus community. Novo Place, located in close proximity to NTU, further enhances the appeal of this esteemed institution for families seeking a well-rounded educational experience for their children.
The sale of a 1,668 sq ft three-bedroom unit at Dormer Park was the second most profitable condo resale transaction that took place during the week under review. The unit situated on the fourth floor was sold for $3.4 million on June 5, at a price of $2,038 psf. Records show that this unit had last changed hands in May 2007 for $1.82 million ($1,091 psf). Therefore, the seller made a gain of $1.58 million (87%), which translates to an annualised profit of 3.7% across a holding period of 17 years.
Dormer Park was completed in 1993 and consists of 92 residential units. The freehold development is one of several high-end condos lining Jervois Road. These include Mon Jervois, a 109-unit development, and Jervois Lodge, which comprises 108 units. Additionally, it is in close proximity to the Bishopsgate-Chatsworth Good Class Bungalow enclave. Dormer Park offers two- to four-bedroom apartments, with sizes ranging from 1,227 to 2,540 sq ft.
The sale of this unit marks the first transaction at Dormer Park in more than a year. In 2020, there were only two transactions, both of which were profitable. On July 19, a 1,668 sq ft unit was sold for $3.35 million ($2,008 psf), with the seller making a gain of $962,000. On Aug 28, another 1,668 sq ft unit was sold for $3.22 million ($1,930 psf), earning the seller a substantial profit of $1.92 million.
On the other hand, the most unprofitable condo resale transaction recorded during the week was the sale of a 1,916 sq ft unit at Helios Residences. The three-bedroom unit was sold for $4.25 million ($2,218 psf) on June 5. Records show that the seller had acquired the unit from the developer in July 2007 for $5.36 million ($2,798 psf). This implies a loss of $1.11 million (21%) for the seller, after owning the unit for almost 17 years. This translates to an annualised loss of 1.4%.
Helios Residences is a 140-unit freehold condo that was completed in 2011. Situated along Cairnhill Circle in prime District 9, it is in close proximity to the Orchard Road shopping belt. The development comprises two blocks, offering two- to four-bedroom apartments that range from 1,281 to 2,002 sq ft. There are also four-bedroom penthouses spanning 3,918 to 4,629 sq ft.
Aside from this sale, there have been three other resale transactions at Helios Residences this year, two of which were not profitable. On Jan 10, the seller of a 1,916 sq ft unit incurred a loss of $1.7 million after it was sold for $4.6 million ($2,401 psf). On May 17, a 1,281 sq ft unit was sold for $3.2 million ($2,498 psf), resulting in a loss of $612,000 for the seller.