Four-bedder at One Amber rakes in profit of $1.98 mil

A four-bedroom unit at One Amber in District 15 became the most profitable condo resale transaction recorded during the week of March 14 to 21. The 1,658 sq ft unit on the ninth floor sold for $3.15 million ($1,900 psf) on March 20, resulting in a profit of $1.98 million (170%) for the seller. They had purchased the unit from the developer for $1.17 million ($705 psf) in April 2006, after a holding period of just under 17 years.

The sale of the four-bedroom unit marks the most profitable transaction logged so far at One Amber and beat the previous high of $3.17 million achieved in July 2022. The 1,572 sq ft unit on the 21st floor was purchased from the developer for $1.26 million ($799 psf) in June 2006, leading to a gain of $1.91 million.

One Amber, developed by UOL Group and Singapore Land Group, is a freehold condo in Amber Gardens that was completed in 2010 and comprises 562 units across four 23-storey blocks. It has a mix of one- to four-bedders of 570 to 3,514 sq ft and is within walking distance of the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line.

The second most profitable transaction of the week occurred at The Shelford on Shelford Road in District 11. The 1,055 sq ft two-bedder was sold for $2.28 million ($2,161 psf) on March 20, resulting in a gain of $1.54 million (210%) for the seller. This is the highest psf-price achieved for a unit at The Shelford and the seller had purchased the unit for about $735,300 ($697 psf) in August 2004.

The Shelford, a freehold condo, was developed by CapitaLand and completed in 2005. It has 215 units across seven low-rise blocks and has one- to four-bedroom apartments of 732 to 2,411 sq ft. It is located near the intersection of Dunearn Road and Adam Road, close to amenities including the Botanic Gardens, Serene Centre and Adam Food Centre.

On the other hand, the most unprofitable transaction for the period in review was for a four-bedroom unit at Marina One Residences. The 2,045 sq ft unit was sold for $5.8 million ($2,836 psf) on March 16, resulting in a loss of $562,000 (8.8%) for the seller who had purchased the unit for $6.36 million ($3,111 psf) in September 2021 after a holding period of 1½ years.

Senja Residences is a 99-year leasehold executive condominium located Senja Close EC at Senja Close in Bukit Panjang, offering 300 units of three and four-bedroom apartments, dual-key units, and penthouses with resort-style facilities and proximity to Bukit Panjang Integrated Transport Hub.

Marina One Residences is part of the Marina One mixed-use development in the Marina Bay financial hub. It is a 99-year leasehold condo with 1,042 apartments developed by M+S. Last year, 98 units changed hands based on caveats lodged, including an 8,708 sq ft penthouse unit that sold for $19.89 million ($2,284 psf) in November. Other units, measuring between 667 and 2,034 sq ft, were sold for between $1.6 million and $6.37 million, or between $2,194 and $3,130 on a psf-price basis.

The unprofitable transaction at Marina One Residences serves as a reminder of the risks inherent in investing in a property. However, for those with an eye for long-term investments and a good sense of market trends, buying a property can still prove profitable. Two such examples are the transactions at both One Amber and The Shelford which saw sellers enjoying high profits after holding their units for several years.