Seller of 11 Amber Road unit makes $1.05 mil profit

By
/ EdgeProp Singapore
|
June 19, 2020 6:00 AM SGT
SINGAPORE (EDGEPROP) - The most profitable deal during the week of June 2 to 9 was the sale of a 1,345 sq ft unit at 11 Amber Road, a freehold development in District 15. According to URA caveats, the two-bedroom unit was sold for $1.78 million ($1,323 psf) on June 2. It was bought for $729,000 ($542 psf) in September 2005. Thus, the seller earned a $1.05 million (144%) profit, which translates to an annualised profit of 6.2% over close to 15 years.
Based on the matching of URA caveats, this transaction is the second most profitable deal ever recorded at 11 Amber Road. The most profitable transaction at the condominium was for the sale of a 1,507 sq ft unit which fetched $2.06 million ($1,366 psf) in February 2018. The seller had bought the property for $1 million ($664 psf) in September 2006, which means he walked away with a profit of $1.06 million (106%). This translates to an annualised profit of 6.5% over 11 years.
EDGEPROP SINGAPORE -  The two-bedroom unit at 11 Amber Road was sold for $1.78 million on June 2. (Picture: Samuel Isaac Chua/The Edge Singapore)
The two-bedroom unit at 11 Amber Road was sold for $1.78 million on June 2. (Picture: Samuel Isaac Chua/The Edge Singapore)
11 Amber Road is located within the prime Amber Road area, near East Coast Park and Parkway Parade Shopping Centre. The 40-unit development comprises two- and three-bedroom units from 1,345 to 2,842 sq ft. The condominium is close to the upcoming Tanjong Katong MRT Station on the Thomson-East Coast Line, due for completion in 2023. It is also located near Tanjong Katong Girls School, Tanjong Katong Secondary School and the Canadian International School (Tanjong Katong Campus).
ADVERTISEMENT
The second most profitable deal during the week in review occurred at Kovan Melody in District 19. The seller of a 1,410 sq ft unit earned a profit of $987,000 (121%) when the property sold for $1.8 million ($1,277 psf) on June 3. The four-bedroom unit was previously purchased for $813,000 ($577 psf) in October 2004, translating to an annualised profit of 5.2% over more than 15 years.
EDGEPROP SINGAPORE - GAINS AND LOSSES
This recent resale transaction is also the most profitable deal ever recorded at Kovan Melody. It surpassed the previous record of $974,300, which involved the sale of a 1,894 sq ft unit that changed hands for $1.85 million ($977 psf) in February 2014. It was bought for $875,700 ($462 psf) in October 2004, which translates to an annualised profit of 8.3% over nine years.
Kovan Melody is a 99-year leasehold condominium by Wing Tai Holdings and was completed in 2006. The condominium is located along Kovan Road, beside Kovan MRT Station on the North-East Line. The 778-unit development comprises two- to four-bedroom units from 872 to 1,894 sq ft.
However, the most unprofitable resale transaction recorded during the week in review was for the sale of a 2,056 sq ft unit at The Coast at Sentosa Cove. The three-bedroom unit fetched $3.3 million ($1,605 psf) on June 5. It was purchased for $3.64 million ($1,772 psf) in November 2006. This means that the seller made a $342,220 (9%) loss on the sale of the property, which translates to an annualised loss of 0.7% over close to 14 years.
ADVERTISEMENT
EDGEPROP SINGAPORE -  The seller of a three-bedroom unit at The Coast at Sentosa Cove incurred a loss of about $342,000 on June 5. (Picture: Samuel Isaac Chua/The Edge Singapore)
The seller of a three-bedroom unit at The Coast at Sentosa Cove incurred a loss of about $342,000 on June 5. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Coast at Sentosa Cove is a 99-year leasehold condominium located on Ocean Drive, on Sentosa Island, in District 4. The 249-unit development was completed in 2009 by Ho Bee Land and is made up of three- and five-bedroom units ranging from 1,916 to 5,500 sq ft. The latest sale at The Coast at Sentosa Cove is the first resale transaction recorded this year. Last year, a 4,779 sq ft unit changed hands for $6.52 million ($1,364 psf) on May 24, 2019, which resulted in a $256,460 (4%) loss for the seller. On Aug 14, 2019, a 2,896 sq ft unit was sold for $4.75 million ($1,640 psf), at a $1.33 million (22%) loss for the seller.
For price trends, recent transactions, other project info, check out these projects' research page: 11 Amber Road, Kovan Melody, The Coast at Sentosa Cove
ADVERTISEMENT
Read also previous Gains and Losses articles: