The week of June 4 to 11 saw some notable condo resale transactions, with one standout deal at One Amber topping the charts in profitability.
One Amber: A Big Win for the Seller
The most profitable resale transaction of the week occurred at One Amber, where a four-bedroom apartment sold for $3.35 million. This 1,658 sq ft unit on the 19th floor was originally purchased for $1.26 million in July 2006. The seller walked away with a hefty profit of $2.1 million, marking a 167% gain over nearly 18 years, or an annualized profit of 5.6%.
This isn’t the first impressive sale at One Amber. Less than two months ago, a three-bedroom-plus-study unit sold for $3.2 million, yielding the seller a profit of $2.11 million. One Amber, completed in 2010 and located off Mountbatten Road in District 15, consists of four 23-storey towers with 562 units. The condo offers a mix of one- to four-bedroom units and penthouses, and it’s within walking distance to the soon-to-open Tanjong Katong MRT Station on June 23.
See: Norwood Grand condo at Champions Way
Dormer Park: Another Profitable Sale
Another significant sale was a three-bedroom unit at Dormer Park, which fetched $3.4 million on June 5. The 1,668 sq ft unit was purchased for $1.82 million in May 2007, resulting in a profit of $1.58 million, or an 87% gain over 17 years.
Dormer Park, completed in 1993, is located on Jervois Road and includes 92 units. Other high-end condos and the prestigious Bishopsgate-Chatsworth Good Class Bungalow enclave surround it. The units at Dormer Park range from two- to four-bedrooms, sized between 1,227 and 2,540 sq ft. The recent sale marks the first transaction at Dormer Park in over a year.
Helios Residences: A Notable Loss
Not all sales were profitable, however. The most unprofitable transaction of the week was at Helios Residences, where a 1,916 sq ft unit sold for $4.25 million on June 5. The seller had originally purchased the unit for $5.36 million in July 2007, resulting in a loss of $1.11 million over nearly 17 years, or an annualized loss of 1.4%.
Helios Residences, a 140-unit freehold condo completed in 2011, is located along Cairnhill Circle in District 9, near the Orchard Road shopping belt. This year, the condo has seen three other units change hands, two of which were also sold at a loss. In January, a unit sold at a loss of $1.7 million; in May, another sold for a loss of around $612,000.
Conclusion
These recent transactions highlight the varying fortunes in the real estate market. While some sellers at One Amber and Dormer Park enjoyed significant profits, others at Helios Residences faced substantial losses. Location, market conditions, and timing play critical roles in the profitability of property investments
