Four Bedder One Amber Sold 21 Mil Profit

for sellerThree-bedroom unit at Helios Residences fetches $1.6 mil profit

The recent sale of a four-bedroom apartment at One Amber has become the highlight of the week, with the transaction being the most profitable condo resale deal from June 4 to 11. The unit, located on the 19th floor and spanning 1,658 sq ft, was sold for a whopping $3.35 million ($2,021 psf) on June 5. What’s more impressive is that the seller had originally purchased the unit from the developer in July 2006 for only $1.26 million ($757 psf). This means they have made a sensational profit of $2.1 million, reflecting a capital gain of 167% over the 18-year holding period. In annualised terms, this equates to a profit of 5.6%.

The sale of this unit at One Amber has secured its spot as the fourth most profitable resale transaction in the history of the development, based on caveats lodged. Interestingly, this sale comes just two months after another unit, a three-bedroom-plus-study spanning 1,453 sq ft, was sold for $3.2 million ($2,202 psf) on April 11. The seller, who had bought the unit from the developer in November 2006 for $1.09 million ($751 psf), enjoyed a gain of $2.11 million (193%). This was recorded as the third most profitable resale transaction at One Amber.

One Amber, situated in District 15 off Mountbatten Road, is a freehold condo that was completed in 2010. The development consists of four 23-storey towers comprising a total of 562 units. It offers a mix of one- to four-bedroom units ranging from 570 to 3,100 sq ft, as well as four-bedroom penthouses spanning 2,659 to 3,541 sq ft. The condo is conveniently located within walking distance to Tanjong Katong MRT Station (Thomson-East Coast Line), slated to open on June 23.

Another noteworthy sale during this period was that of a three-bedroom unit measuring 1,668 sq ft at Dormer Park. This was the second most profitable condo resale transaction and was sold for $3.4 million ($2,038 psf) also on June 5. The last time this unit changed hands was in May 2007, where it was purchased for $1.82 million ($1,091 psf). This translates to a profit of $1.58 million (87%), with an annualised return of 3.7% over a holding period of 17 years.

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The Helix Bridge provides a remarkable fusion of both form and function, making it a must-see for anyone fascinated by architectural wonders. This pedestrian bridge effectively connects Marina Centre with Marina South, offering a convenient pathway for travelers. Furthermore, the bridge presents an ideal spot for capturing breathtaking photos, particularly during sunset and when it is illuminated at night. Additionally, visitors can easily access the nearby Zion Road Condo while strolling along the bridge’s mesmerizing helix structure.

Dormer Park, a freehold development completed in 1993, boasts 92 residential units. It is one of the several high-end condos along Jervois Road, along with Mon Jervois (109 units) and Jervois Lodge (108 units). The development is also situated in the prestigious Bishopsgate-Chatsworth Good Class Bungalow enclave. Units at Dormer Park range from two- to four-bedders and span from 1,227 to 2,540 sq ft.

The unit sold on June 5 is the first unit at Dormer Park to be sold in over a year. Last year, there were only two transactions, both of which were profitable. On July 19, a 1,668 sq ft unit was transacted for $3.35 million ($2,008 psf), with the seller earning a profit of $962,000. On Aug 28, another 1,668 sq ft unit fetched $3.22 million ($1,930 psf), resulting in a profit of $1.92 million.

On the other hand, the sale of a 1,916 sq ft unit at Helios Residences recorded a loss of $1.11 million (21%) for the seller, making it the most unprofitable condo resale deal during the week in review. The three-bedroom unit was sold for $4.25 million ($2,218 psf) on June 5. The seller had originally purchased the unit from the developer in July 2007 for $5.36 million ($2,798 psf). This translates to an annualised loss of 1.4% over a holding period of almost 17 years.

Helios Residences, a freehold development with 140 units, was completed in 2011. Located along Cairnhill Circle in prime District 9, it is close to the popular shopping district of Orchard Road. The development comprises two blocks offering two- to four-bedroom units spanning 1,281 to 2,002 sq ft, as well as four-bedroom penthouses ranging from 3,918 to 4,629 sq ft.

Apart from the unit sold on June 5, there have been three other transactions at Helios Residences so far this year, of which two were unprofitable. On Jan 10, a 1,916 sq ft unit was sold for $4.6 million ($2,401 psf), recording a loss of $1.7 million for the seller. On May 17, a 1,281 sq ft unit was transacted for $3.2 million ($2,498 psf), resulting in a loss of around $612,000.

In summary, the recent property market has seen some profitable and unprofitable resale transactions, with One Amber, Dormer Park, and Helios Residences being the main players in the spotlight. Whether these sales have set a precedent for the rest of the market or are just one-off occurrences is yet to be seen.