Unit in One Amber hits $1,250 psf

In the secondary market, the soon-to-be-completed One Amber along Amber Gardens is seeing interest from buyers. The 562-unit freehold condominium project jointly developed by Singapore Land, UIC and UOL Group has four 23-storey blocks.

In the week of March 9 to 15, four units at One Amber changed hands at prices between $1,163 and $1,250 psf, according to caveats lodged with URA Realis. Those who bought units when the project was first launched in 2006 at an average price of $750 psf would be enjoying strong capital appreciation in the 70% range. For instance, a 1,701 sq ft, 21st floor apartment at Block 7 was recently sold for $2.126 million ($1,250 psf). The original owner bought it when it was launched in April 2006 for close to $1.25 million ($733 psf), hence seeing a 70% capital gain over the last four years.

A three-bedroom, 1,378 sq ft apartment on the 13th floor in the same block was sold for $1.66 million, or $1,205 psf. The seller had first purchased it in May 2006 for $965,080, or $700 psf. His gain was 72% in under four years.

Meanwhile, a 12th floor, 1,335 sq ft, three-bedroom apartment in Block 9 was sold for $1.575 million, or $1,180 psf. This is the second time the unit has changed hands in a sub-sale. The last time was in November 2007 when it was sold for $1.7 million, or $1,274 psf. The first owner, who bought the unit when the project was first launched in November 2006, paid $1.05 million, or $787 psf, hence seeing a 62% appreciation in just 12 months.

A sixth-floor apartment at One Amber’s Block 1 changed hands twice in sub-sales. Most recently, the 1,389 sq ft, three-bedroom unit was sold for $1.615 million, or $1,163 psf. Prior to that, it was sold for $1.69 million, or $1,220 psf in November 2007. The original owner had purchased the unit for $1.07 million, or $772 psf, in November 2006.

There has been a flurry of secondary transactions in the Marine Parade neighbourhood since the launch of The Shore Residences, a 103-year leasehold project by Far East Organization in January. Apartments in the 408 unit development have been sold at $1,002 to $1,387 psf since the start of the year.

What’s more, last month, Hong Leong Holdings released 60 high-floor apartments at the 196 unit Aalto at Meyer Road, a freehold development that is also expected to be completed next year. Prices of high floor units with sea views released in this phase start from $2,000 psf.

Meanwhile, the upcoming Marina Bay Sands integrated resort, scheduled to open on April 27, has also boosted interest in the Tanjong Rhu area, especially in units with views of Marina Bay. From March 9 to 15, six apartments in the area changed hands at between $909 and $1,192 psf.

The 99-year leasehold, 437-unit The Water Place, developed by Far East Organization and completed in 2004, saw the most trading activity, with three units changing hands recently in the resale market. An apartment on the ninth floor of one of the blocks has changed hands four times since it was first sold in December 2003. The 1,227 sq ft apartment was sold recently for $1.35 million, or $1,100 psf. The three bedroom unit changed hands in November 2007 for $1.49 million, or $1,214 psf. The previous owner had purchased it in August 2007 for $1.35 million ($1,100 psf). The first owner had bought the apartment from the developer for $788,500, or $643 psf.

The second apartment sold at The Water Place was a first-floor unit that was sold for $835,000, or $1,141 psf. The seller bought the 732 sq ft apartment for $755,000, or $1,031 in August 2007. The first owner had purchased the unit in September 2002 for $544,390, or $744 psf. The third apartment sold was a sixth-floor unit, which fetched $1.27 million, or $1,044 psf. The seller bought the 1,216 sq ft three-bedroom apartment for $761,570, or $626 psf in January 2002, hence seeing a 67% capital gain in eight years.

Next to The Water Place is Sanctuary Green, also a 99-year leasehold condo, developed by GuocoLand. Two apartments at the 522-unit condo project, completed in 2003, were sold for $909 and $1,032 psf, respectively. Meanwhile, at the 99-year leasehold 737-unit condo Costa Rhu, completed in 1997, one unit on the 10th floor changed hands for $1.18 million, or $1,192 psf. The seller of the 990 sq ft apartment bought it in September 2004 for $560,000, or $565 psf, hence reaping a 111% capital gain in 5½ years.

It looks like the hottest area in the secondary market now is Tanjong Rhu, as the Marina Bay Sands takes shape.

Source : The Edge – 5 Apr 2010
Singapore Property