Four-bedder at One Amber sold at $2.4 mil profit

The sale of a four-bedroom unit at One Amber was the most profitable condo resale transaction during the week of Aug 22 to 29, based on caveats lodged with the URA. This transaction highlights the potential for profits made through resale transactions, especially at One Amber.

The 1,701 sq ft apartment had changed hands for $3.75 million ($2,205 psf) on Aug 23. The seller had purchased the unit in May 2006 from the developer for $1.32 million ($778 psf). This means the seller had made a profit of $2.43 million or 184% after holding the apartment for slightly over 17 years. This is the most profitable transaction that has been recorded at One Amber to date, based on data compiled on the EdgeProp Research portal.

Built in 2010 by UOL Group and Singapore Land Group, One Amber comprises four 23-storey towers with a total of 562 units. The development offers a mix of one- to four-bedroom units of 570 to 3,100 sq ft, as well as four-bedroom penthouses of 2,659 to 3,541 sq ft.

Eight additional resale transactions have been recorded at One Amber this year, all of which have been profitable. Data shows that the units, measuring from 570 to 1,700 sq ft, were sold for between $1.2 million and $3.15 million, or between $1,900 to $2,390 psf. The respective sellers have made gains ranging from $250,000 to $2.03 million.

During the same week, the second most profitable transaction was recorded at Butterworth 8, when the sale of a 1,313 sq ft unit fetched $2.45 million ($1,866 psf). The seller had purchased the unit from the developer in March 2002 for about $898,590 ($684 psf). Over a holding period of 21½ years, they had made a profit of $1.55 million (173%).

Butterworth 8 is a 216-unit freehold development located along Butterworth Lane, off Haig Road in District 15. All units are two-, three- and four-bedroom ones of 1,023 to 1,776 sq ft.

On the other hand, the sale of a two-bedroom apartment at Eon Shenton was the least profitable transaction during the week in review. The 689 sq ft unit on the 23rd floor was sold for $1.52 million ($2,206 psf) on Aug 25. The seller had bought this unit from the developer in October 2012 for $1.54 million ($2,233 psf). Thus, they had made a loss of $18,200 (1.2%) in nearly 11 years.

Eon Shenton is a 99-year leasehold development in 2017, located at thetowerhouse units ranging from 548 to 1,044 sq ft, five of which have transacted below purchase price. The losses ranged from $106,900 to $129,900. The tower also features 132 residences, comprising two- and three-bedroom units of 527 to 1,087 sq ft, as well as penthouses of 1,044 to 1,249 sq ft.

The residents of Zion Road Condo are privileged enough to enjoy a peaceful enclave surrounded by plenty of amenities and a wealth of transport options. With two arterial roads leading to major roads, drivers here enjoy alternative routes and less traffic congestion for smoother journeys. They can also easily access a variety of amenities from nearby shopping malls, supermarkets and dining establishments, all within a convenient reach.

It’s interesting to note that the most profitable and unprofitable transactions recorded during this week in August, were both in condominium developments. This highlights the potential for resale transactions in the condo market, but also the risks that come with them for both buyers and sellers.