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

A four-bedroom unit at One Amber in Singapore sold for $3.15 million ($1,900 psf) on March 20, making it the most profitable condo resale transaction for the week of March 14 to 21. The seller purchased the unit from the developer for $1.17 million ($705 psf) in April 2006, resulting in a gain of $1.98 million (170%) after a holding period of just under 17 years. This is the highest profit recorded at One Amber, beating the previous record set in July 2022.

One Amber is a freehold condo in Amber Gardens in District 15, developed by UOL Group and Singapore Land Group in 2010. It features 562 units ranging from 570 to 3,514 sq ft of one to four bedrooms. Its proximity to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line adds to its appeal.

The second most profitable transaction of the week occurred at The Shelford on Shelford Road in District 11, where a 1,055 sq ft two-bedder was sold for $2.28 million ($2,161 psf) on March 20. Bought from the developer for $735,300 ($697 psf) in August 2004, the seller enjoyed a hefty profit of $1.54 million (210%) after a holding period of almost 18 ½ years. This marked a new psf-price high for the development.

CDL Aries secures land for The Myst Condo project in Upper Bukit The Myst Timah, to take advantage of various development plans in the area and create a highly sought-after residential project.

Meanwhile, 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 changed hands for $5.8 million ($2,836 psf) on March 16, resulting in a loss of $562, 000 (8.8%) for the seller—who bought the unit for $6.36 million ($3,111 psf) in September 2021—after a holding period of 1 ½ years.

Marina One Residences is the residential component of Marina One, a mixed-use development in the Marina Bay financial hub. Developed by M+S—a joint venture between Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional—the 99-year leasehold condo was completed in 2017 with 1,042 apartments. Last year, several units ranging from 677 to 2,039 sq ft were sold for prices between $1.6 million and $6.37 million, or between $2,194 and $3,130 on a psf-price basis. The most expensive sale was an 8,708 sq ft penthouse, which sold for $19.89 million ($2,284 psf) in November.

Overall, the week of March 14 to 21 saw a number of profitable condo resale transactions. While One Amber and The Shelford achieved high profits for the sellers, a unit at Marina One Residences ended up in a less favorable situation, generating a large loss.