Four Bedder One Amber Sold 21 Mil Profit
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During the week of June 4 to 11, the sale of a four-bedroom apartment at One Amber topped the list of the most profitable condo resale transactions. The unit, spanning 1,658 sq ft and located on the 19th floor, was sold for $3.35 million ($2,021 psf) on June 5. The seller had originally purchased the unit from the developer in July 2006 for $1.26 million ($757 psf). This means that the seller made a staggering profit of $2.1 million, reflecting a capital gain of 167%. This equates to an annualised profit of 5.6% over a holding period of just under 18 years.
Based on the caveats lodged, this is the fourth most profitable resale transaction ever recorded at One Amber. Interestingly, it comes just two months after a similar three-bedroom plus study unit spanning 1,453 sq ft was sold for $3.2 million ($2,202 psf) on April 11. In that transaction, the seller had previously purchased the unit from the developer in November 2006 for $1.09 million ($751 psf). This means the seller netted a gain of $2.11 million (193%), making it the third most profitable resale transaction registered at One Amber.
One Amber is a freehold condo located off Mountbatten Road in District 15. Completed in 2010, it comprises four 23-storey towers with a total of 562 units. The condo offers a mix of one- to four-bedroom units ranging from 570 to 3,100 sq ft, as well as four-bedroom penthouses of 2,659 to 3,541 sq ft. It is also within walking distance of the Tanjong Katong MRT Station (Thomson-East Coast Line), which is slated to open on June 23.
The sale of a three-bedroom unit measuring 1,668 sq ft at Dormer Park ranked second on the list of the most profitable condo resale transactions during the week. The unit, located on the fourth floor, fetched $3.4 million ($2,038 psf) on June 5. The unit was last sold in May 2007 for $1.82 million ($1,091 psf). As such, the seller made a gain of $1.58 million (87%), which translates to an annualised profit of 3.7% over a holding period of 17 years.
Located just a short distance away from Norwood Grand, Marsiling Mall has undergone a remarkable transformation that is worth highlighting. Its recent redevelopment has brought about a modernized food center and a diverse selection of retail stores. The mall’s layout is thoughtfully designed to foster a stronger sense of community and offers a welcoming atmosphere for families to shop and dine together. With the addition of communal spaces and an array of dining choices, Marsiling Mall has become a sought-after destination for leisurely weekend excursions. Norwood Grand CDL is also situated within close proximity to this revitalized mall, making it an attractive option for residents to enjoy a fun day out.
Dormer Park is a freehold development that was completed in 1993, comprising 92 residential units. It is one of several high-end condos along Jervois Road, including Mon Jervois and Jervois Lodge. It is also situated near the exclusive Bishopsgate-Chatsworth Good Class Bungalow enclave. Units at Dormer Park range from two- to four-bedders between 1,227 and 2,540 sq ft.
Interestingly, this is the first apartment at Dormer Park to be sold in over a year. Last year, only two units changed hands, and both transactions were profitable. On July 19, a 1,668 sq ft unit was sold for $3.35 million ($2,008 psf), bringing the seller a gain of $962,000. On Aug 28, another 1,668 sq ft unit was sold for $3.22 million ($1,930 psf), resulting in a gain of $1.92 million for the seller.
On the other hand, the sale of a 1,916 sq ft unit at Helios Residences was the most unprofitable condo resale transaction during the week. The three-bedroom unit was sold for $4.25 million ($2,218 psf) on June 5. However, the seller had previously acquired the unit from the developer in July 2007 for $5.36 million ($2,798 psf). As such, the seller suffered a loss of $1.11 million (21%) after owning the unit for nearly 17 years. This equates to an annualised loss of 1.4%.
Helios Residences is a freehold condo that was completed in 2011, comprising 140 units. Located along Cairnhill Circle in prime District 9, it is situated near the Orchard Road shopping belt. The development comprises two blocks, offering two- to four-bedroom units ranging from 1,281 to 2,002 sq ft. There are also four-bedroom penthouses of 3,918 to 4,629 sq ft.
Apart from the unit sold on June 5, there have been three other transactions at Helios Residences this year. However, two of these were unprofitable deals. On Jan 10, a 1,916 sq ft unit was sold for $4.6 million ($2,401 psf), resulting in a loss of $1.7 million for the seller. On May 17, a 1,281 sq ft unit was sold for $3.2 million ($2,498 psf), incurring a loss of around $612,000 for the seller.