Prices of older condos in Amber area testing new highs

By EdgeProp Singapore
/ EdgeProp |
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With the en bloc beneficiaries at Amber Park expecting to collect their sale proceeds soon, owners of condominiums in the neighbourhood are enjoying a price uplift.
The 200-unit Amber Park was sold en bloc to listed property developer City Developments (CDL) last October for $906.7 million, or $1,515 psf per plot ratio (ppr). Owners of typical three-bedroom units in the project will receive $4.376 million each, while penthouse owners will pocket $8.3 million each. Based on the land rate of $1,515 psf ppr, CDL is expected to price the new 600-unit development, called The Opus, at $2,300 to $2,400 psf.
In January 2017, UOL Group paid $156 million ($1,056 psf ppr) for a freehold site of almost 70,000 sq ft at 45 Amber Road. The developer is expected to preview the new 139- unit development, called Amber 45, later this month. Industry watchers expect the project to be priced upward of $2,000 psf.
Resale units in the Amber Road-Amber Gardens neighbourhood are already changing hands at close to $2,000 psf. Located just across the former Amber Park is the freehold, 562-unit One Amber, which was completed in 2010. The project was jointly developed by UOL Group, United Industrial Corp and Singapore Land.
Word on the street is that one of Amber Park’s en bloc beneficiaries bought a 1,270 sq ft, three-bedroom unit on the 19th floor of one of the blocks at One Amber. The price paid was $2.39 million ($1,882 psf), according to a caveat lodged on March 29. The psf price is the highest since 2010, when a 570 sq ft, one-bedroom unit on the 19th floor of a neighbouring block changed hands in a subsale for $1.1 million, or $1,928 psf.
Likewise, at The Sea View, prices are also testing record highs. The 546-unit freehold condo was developed by Wheelock Properties and completed in 2008. In January, a 1,647 sq ft, four-bedroom unit on the 19th floor was sold for $3.2 million ($1,943 psf). Meanwhile, a 560 sq ft, one-bedroom unit on the 21st floor of another block fetched $1.07 million ($1,912 psf). The last time prices breached the $1,900 psf threshold was during the recent peak in 2012, when a 560 sq ft, one-bedroom unit on the 10th floor changed hands for $1.1 million ($1,965 psf).
Nearby, at Marine Parade, prices of units at Cote d’Azur are also revisiting previous highs. A 1,313 sq ft, three-bedroom unit on the sixth floor of one of the blocks changed hands for $1.88 million ($1,432 psf).
Two higher-floor units were sold for higher psf prices: A 1,281 sq ft, three-bedroom unit on the 20th floor fetched $1.9 million, or $1,483 psf, in July 2015; and a 1,367 sq ft, three-bedroom unit on the 21st floor was sold for $2 million ($1,463 psf) in May 2013 during the last property peak.
The 612-unit, 99-year leasehold Cote d’Azur was developed by Frasers Property and completed in 2004. Frasers Property launched the 841- unit Seaside Residences in April last year. The 99-year leasehold project is located next to the upcoming Siglap MRT station. So far, almost 80% of the units have been sold at an average price of $1,709 psf.

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