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In the period of August 30 to September 8, the freehold development Amber 45 claimed the top spot for condos that achieved a new psf-price peak. The recent record of $2,829 psf was reached from the sale of a three-bedroom unit on the sixth floor measuring 1,184 sq ft for $3.35 million on September 2. This is the first time that a unit at Amber 45 has reached above $2,800 psf, surpassing the previous record of $2,791 psf set last December with the sale of a two-bedroom unit on the 19th floor measuring approximately 700 sq ft for around $1.95 million. Amber 45 is a 139-unit freehold development situated at 45 Amber Road in District 15, and it was completed in the year 2021.
Based on data from URA caveats, the seller of the three-bedroom apartment purchased the unit from the developer in May 2018 for about $2.72 million. Thus, the seller made a profit of approximately $630,000.
Amber 45 also achieved another milestone in terms of resale transactions, with an average price of $2,723 psf for four resale transactions this year. Last year, there were seven transactions recorded at an average price of $2,662 psf, indicating a 2.3% increase in psf price year on year. The development is located near various shopping malls such as Parkway Parade and i12 Katong, and it is near Tanjong Katong Primary School and Marine Parade MRT Station.
The next development that reached a new psf-price peak in the period between August 30 and September 8 is Principal Garden, which hit a new high of $2,555 psf with the transaction of a three-bedroom unit on the 20th floor measuring 1,076 sq ft sold for $2.75 million on September 2. This is the first time that the resale prices at the development have exceeded $2,500 psf and is a 3.7% increase from the previous peak of $2,462 psf set in 2021. Principal Garden is a 99-year leasehold development situated at Prince Charles Crescent, off Alexandra Road, and it was completed in 2018.
When evaluating the potential of a condo investment, it is crucial to also consider the potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, rental yields for condos can vary significantly based on factors such as location, property condition, and market demand. Typically, areas with high rental demand, such as those near business districts or educational institutions, offer better rental yields. To gain a better understanding of a condo’s rental potential, conducting thorough market research and seeking guidance from real estate agents is highly recommended. Additionally, exploring Singapore Projects can provide useful insights into the rental market in a specific area.
Based on URA’s records, the seller obtained a profit of approximately $960,000 as the unit was purchased from the developer in June 2016 for $1.79 million. According to URA caveats, there have been 26 transactions at an average price of $2,243 psf this year and 38 units changed hands last year at an average price of $2,108 psf, indicating an increase of 6.4% in average psf price year on year.
The third development that registered a new psf-price low during the period of review is Pinetree Hill. On September 8, the developer sold a three-bedroom unit on the 24th floor measuring 1,173 sq ft for $2.53 million, or $2,156 psf. This set the psf-price to be 2.7% lower than the previous low of $2,215 psf that was recorded in July last year when a two-bedroom unit measuring 797 sq ft was sold for around $1.76 million. Pinetree Hill is a 99-year leasehold development situated at Ulu Pandan Road in District 21 and is expected to be completed by 2027.
The condo was launched for sale in July last year and was able to transact 150 units (29%) at $2,460 psf during its launch weekend. As of September 17, the condo has sold 259 units (49.8%) at an average price of $2,428 psf, according to URA caveats. Pinetree Hill is located near various schools, including Henry Park Primary School and Pei Tong Primary School, located within 1km, and Pei Hwa Presbyterian School and Methodist Girls’ School within 2km.