One Amber sub-sale prices hit the $1,000 psf range

One of Singapore’s leading property developers, Far East Organization, announced the launch of Silversea, its 383-unit mid-upper range condominium on Amber Road (on the former Amberville HUDC apartment site) at prices starting from $1,300 psf, with sea-facing units at $1,600 psf. The launch of Silversea is likely to bring the spotlight back on the Amber Road and Marine Parade neighbourhood, and stir renewed interest and activity among potential home owners and investors. The neighbourhood has undergone tremendous renewal in recent years through a series of en bloc acquisitions by developers.

Three new massive freehold condominiums with a total of 1,500 units have already sprung up in the area — The Sea View, with 546-units, is developed by Wheelock Properties and completed early last year; the 400- unit The Esta, developed by MCL Land, obtained Temporary Occupation Permit (TOP) late last year; and up next is the 562-unit One Amber at Amber Gardens, which is expected to achieve TOP in 1Q2010. One Amber is jointly developed by UIC, UOL Group and Singapore Land.

If the units at Silversea, as well as the neighbouring 612-unit Cote d’Azur, a 99- year leasehold condominium (completed in 2005), were to be included, the stretch of Marine Parade and Amber Road/Amber Gardens alone has a total of 2,500 new condominium units.

The figure doesn’t even include the smallish new condominium projects by niche developers, like Voda Land’s 114-unit Amber Residences , where the first phase of over 70 units was sold at an average price of $1,650 psf at a private preview in December 2007. As at May, over 92 units had been sold. The most recent transaction was for a 1,163 sq ft apartment on the ninth floor that changed hands in a sub-sale at $1.36 million or $1,170 psf last month. The other boutique development is Ho Bee Group’s 42-unit Vertis, which is fully sold and will be completed this year.

Based on caveats lodged in the week of June 12 to 19, prices achieved in the secondary market for units at One Amber appear to be back to levels seen last year. Of all the new developments in the Amber Road neighbourhood, One Amber was the most active last month, with half a dozen units changing hands in the sub-sale market at prices ranging from $850 to $1,038 psf.

For instance, an apartment on the 13th floor of one of the four 23-storey tower blocks has changed hands twice. The 958 sq ft apartment was sold in a sub-sale at $1,038 psf in June. Before that, the property changed hands for $958,000 or $1,000 psf in July last year. The original owner purchased the property for $760,000 or $793 psf when it was launched in 2006.

Meanwhile, an 11th floor apartment with a floor area of 1,313 sq ft in the same block was sold for $1.25 million or $950 psf. The last time the unit changed hands in a sub-sale was in May 2007, when it was sold for $1.18 million or $899 psf.

Next door to One Amber is The Esta, where the most recent transaction was for a 3,477 sq ft unit on the 21st floor — it was sold in a sub-sale for $960 psf or $3.34 million, according to a caveat with a contract date of June 15. The previous owner bought the unit for $638 psf or $2.22 million in 2006.

Across the street from The Sea View, and next door to Silversea is Cote D’Azur. A 1,152 sq ft unit on the 17th floor in the latter changed hands in the resale market for $1.07 million or $930 psf, according to the latest caveat lodged with a contract dated June 12. The unit last changed hands in the resale market in June 2007 at $901 psf or $1.04 million.

Source : The Edge – 13 Jul 2009

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