Four Bedder One Amber Sold 21 Mil Profit
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The recent sale of a four-bedroom apartment at One Amber marked the most lucrative condo resale transaction for the week of June 4 to 11. The impressive 1,658 sq ft unit on the 19th floor was sold for $3.35 million, translating to a price of $2,021 per square foot. The transaction took place on June 5, with the seller having originally purchased the unit from the developer in July 2006 for $1.26 million, or $757 per square foot. As a result, the seller made a staggering profit of $2.1 million, representing a significant capital gain of 167%. This remarkable achievement equates to an annualized profit of 5.6% over a holding period of nearly 18 years.
According to public records, this is the fourth most profitable resale transaction ever recorded at One Amber. The sale comes just two months after another successful transaction at the same condo, in which a three-bedroom-plus-study unit spanning 1,453 sq ft was sold for $3.2 million, or $2,202 per square foot, on April 11. The previous owner of this unit had purchased it from the developer in November 2006 for $1.09 million, or $751 per square foot, resulting in an impressive gain of $2.11 million, or 193%.
Located in the coveted District 15, off Mountbatten Road, One Amber is a freehold condo with four 23-storey towers and a total of 562 units. The development offers a range of one- to four-bedroom units spanning from 570 to 3,100 sq ft, as well as four-bedroom penthouses from 2,659 to 3,541 sq ft. It boasts convenient access to Tanjong Katong MRT Station (Thomson-East Coast Line), which is set to open on June 23.
The second most profitable condo resale transaction for the week was the sale of a three-bedroom unit measuring 1,668 sq ft at Dormer Park. The unit, which is on the fourth floor, was sold for $3.4 million, equivalent to $2,038 per square foot, on June 5. The same unit had last changed hands in May 2007 for $1.82 million, or $1,091 per square foot. As a result, the seller has made a profit of $1.58 million, or 87%, representing an annualized profit of 3.7% over a holding period of 17 years.
Dormer Park, a freehold development with 92 residential units, was completed in 1993. The exclusive condo is situated on Jervois Road, along with other high-end developments such as Mon Jervois and Jervois Lodge. It is also in close proximity to the Bishopsgate-Chatsworth Good Class Bungalow enclave. The apartments at Dormer Park comprise two- to four-bedroom units ranging from 1,227 to 2,540 sq ft.
The most unfortunate condo resale transaction for the week was the sale of a 1,916 sq ft unit at Helios Residences, which resulted in a loss of $1.11 million for the seller. The three-bedroom unit was sold for $4.25 million, or $2,218 per square foot, on June 5. The seller had originally acquired the unit from the developer in July 2007 for $5.36 million, or $2,798 per square foot. This translates to a loss of 21% over a holding period of nearly 17 years, resulting in an annualized loss of 1.4%.
Helios Residences is a freehold condo with 140 units, which was completed in 2011. The prestigious development is situated along Cairnhill Circle in prime District 9, in close proximity to the renowned Orchard Road shopping belt. It offers two blocks with two- to four-bedroom units spanning from 1,281 to 2,002 sq ft, as well as four-bedroom penthouses from 3,918 to 4,629 sq ft.
Apart from the unit sold on June 5, there have only been three other transactions at Helios Residences so far this year, two of which resulted in losses for the seller. On January 10, a 1,916 sq ft unit was sold for $4.6 million, or $2,401 per square foot, resulting in a loss of $1.7 million. On May 17, a 1,281 sq ft unit was sold for $3.2 million, or $2,498 per square foot, resulting in a loss of approximately $612,000.
In conclusion, these remarkable resale transactions at One Amber, Dormer Park, and Helios Residences showcase the steady growth of the property market in Singapore, as well as the potential for significant profits for savvy investors. Despite the challenging economic climate, these successful transactions serve as a testament to the enduring appeal and value of these prime residential developments.