Unit at The Sea View fetches $1,900 psf

/ EdgeProp
March 11, 2019 9:00 AM SGT
The URA Realis caveats lodged for the week of Feb 19-26 have thrown up some interesting transactions, particularly of older condos in prime District 15.
One such transaction was at The Sea View, which was also the most profitable deal for Feb 19-26 (see Gains & Losses Table on EP15). This was for a 1,410 sq ft, three-bedroom unit on the 21st level of one of the 23-storey blocks in the condo project on Amber Road. It fetched $2.68 million ($1,900 psf).
The previous owner had purchased the unit when the project was first launched in 2005, and paid just $1.22 million ($867 psf), according to a caveat lodged then. Hence, the owner had seen the price of the property more than double over the past 14 years.
The sale of a three-bedroom unit in The Sea View on Feb 25 was the most profitable transaction from Feb 19 to 26 (Pictures: Samuel Isaac Chua/The Edge Singapore)
Another unit at The Sea View also changed hands in February: It was for a 1,647 sq ft, four-bedroom unit on the sixth floor of a neighbouring block that went for $3.05 million ($1,852 psf). The previous owner had purchased it in a resale for $2.8 million ($1,700 psf) in April 2011. Hence, the capital appreciation was just 8.9% over the eight-year holding period.
The 546-unit project was developed by Wheelock Properties and completed in 2008. When The Sea View was first launched in mid-2005, units were sold at an average of $773 psf, based on caveats of transactions from June to September 2005.
In the Amber Road neighbourhood today, new, freehold projects include the 92-unit boutique development, Nyon at 12 Amber Road, which features units priced in the $2,300 to $2,400 psf range, and was launched over the weekend of March 2-3. Another upcoming high-end condo in the vicinity is the redevelopment of the former Amber Park condo by City Developments Ltd.
“The private resale condos in the Amber Road and Meyer Road area in District 15 are likely beneficiaries of the stiff competition among expected new launches this year,” says Eugene Lim, key executive officer of ERA Realty. “There are usually some spillover effects from new launches which tend to draw attention to the area.”
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