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Amber 45, a freehold development, has set a new record for the highest psf-price in the period between Aug 30 and Sept 8. A 1,184 sq ft, three-bedroom unit on the sixth floor was sold for $3.35 million on Sept 2, resulting in a new peak psf price of $2,829.
This is the first time a unit at Amber 45 has been sold for more than $2,800 psf. The previous record of $2,791 psf was set in December last year when a 700 sq ft, two-bedroom unit on the 19th floor was sold for about $1.95 million.
Completed in 2021, Amber 45 is a 139-unit freehold development located at 45 Amber Road in District 15. The project, which is designed by renowned architect Tang Guan Bee, consists of a 21-storey residential tower that offers a mix of two- to four-bedroom apartments. Unit sizes range from 614 sq ft for a two-bedroom unit, 1,130 sq ft for a three-bedroom unit, and 1,345 sq ft for a four-bedroom unit. There are also 20 four-bedroom premium apartments that span up to 1,798 sq ft. Each premium unit can only be accessed via a private lift lobby.
Aside from its unique design, Amber 45 also has many other attractive features. Its location, for one, is a big plus. Several malls, including Parkway Parade on Marine Parade Road and i12 Katong on East Coast Road, are situated near the condo tower. Tanjong Katong Primary School is less than 1km away, and Marine Parade MRT Station is less than 500m away, providing access to the Thomson-East Coast Line.
Another factor that adds value to Amber 45 is its scarcity. Being a freehold development, it is a rare commodity in the property market. This is reflected in its resale prices, which have been consistently on the rise since the development’s completion.
According to URA caveats, the seller of the three-bedroom apartment purchased the unit from the developer in May 2018 for about $2.72 million. Thus, the seller has made a profit of about $630,000 from the recent sale.
Market watchers are positive about the prospects of the district, with some asserting that the psf-price of Amber 45’s units could continue to climb in the near future. Their positive outlook is further supported by the fact that the condo saw four resale transactions so far this year at an average price of $2,723 psf. Last year, the development recorded seven resale transactions at an average price of $2,662 psf. This marks a 2.3% year-on-year (y-o-y) increase in the average psf price.
While Amber 45 takes first place in terms of new psf-price highs achieved, Principal Garden comes in a close second. The development hit a new high of $2,555 psf when a 1,076 sq ft, three-bedroom unit on the 20th floor was sold for $2.75 million on Sept 2. This is the first time resale prices at the development have gone over the $2,500 psf mark.
Principal Garden is a 99-year leasehold condo located along Prince Charles Crescent, off Alexandra Road. It was developed jointly by UOL Group and Kheng Leong Co, which effectively means that its buyers are set to enjoy the best of both worlds – top-rated quality from UOL Group and the experience of over 50 years that Kheng Leong Co possesses in Singapore’s property market.
The price tag of the 1,076 sq ft, three-bedroom unit sold on Sept 2 is 3.7% higher than the previous peak of $2,462 psf. That previous record was set earlier this year on May 31 when a 1,076 sq ft, three-bedroom unit on the 23rd floor was sold for $2.65 million. In July, another 1,076 sq ft, three-bedroom unit on the seventh floor was sold at the same price.
The unit sold on Sept 2 was purchased by the seller from the developer in June 2016 for $1.79 million. Therefore, the seller has realised a profit of about $960,000 from the latest sale.
Market watchers believe that the sale of the 1,076 sq ft, three-bedroom unit at $2,555 psf could be a strong indicator that Principal Garden’s resale prices could continue to soar. This is backed by the fact that the development has seen 26 resale transactions so far this year at an average price of $2,243 psf. Last year, the development saw 38 units change hands at an average price of $2,108 psf. This marks a 6.4% y-o-y increase in the average psf price.
Principal Garden consists of four 24-storey residential towers and offers various unit types, ranging from one- to five-bedroom apartments, spanning 484 to 2,347 sq ft. It was completed in 2018.
Pinetree Hill, meanwhile, saw a new psf-price low during the period under review. The developer sold a 1,173 sq ft, three-bedroom unit on the 24th floor for $2.53 million, or $2,156 psf, on Sept 8.
Situated along Ulu Pandan Road in District 21, Pinetree Hill is also a 99-year leasehold condo. It is slated to be completed in 2027 and will comprise 520 units, ranging from one- to five-room units spanning between 538 and 2,874 sq ft. It was launched for sale in July last year and saw 150 units (29%) sold at an average price of $2,460 psf during its launch weekend. As of Sept 17, the condo has moved 259 units (49.8%) at an average price of $2,428 psf, according to URA caveats lodged.
When contemplating an investment in a condo, it is crucial to also evaluate the potential rental yield. This refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condos can have varying rental yields, which heavily depend on factors such as location, property condition, and market demand. Generally, areas with high rental demand, like those near business districts or educational institutions, tend to offer better rental yields. To get an accurate understanding of the rental potential of a specific condo, it is advisable to conduct thorough market research and seek guidance from real estate agents. Additionally, consulting with agents from Singapore Projects can also provide valuable insights.
The latest sale of the 1,173 sq ft, three-bedroom unit at $2,156 psf marks a new low for Pinetree Hill, which is 2.7% lower than the previous low of $2,215 psf set in July last year when a 797 sq ft, two-bedroom unit was sold for about $1.76 million. However, market watchers believe that the sale of the 1,173 sq ft, three-bedroom unit will have minimal impact on the future resale prices of the development.
Pinetree Hill is situated near several schools. It is within a 1km radius of Henry Park Primary School and Pei Tong Primary School and within 2km of Pei Hwa Presbyterian School and Methodist Girls’ School.
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