11 Amber Road recorded its successful sale in the week of June 2-9. This freehold property with 1,345 square feet (124.95 sqm) located in District 15 sold its 2-bedroom unit at a record-breaking price of $1.78 million or $1,323 per square foot as reported by the URA on June 2. Back in 2005, the unit was bought at $524 per square foot or a low $729,000 which marked a profit of $1.05 million profit for the former owner. It was recorded as the most lucrative deal in almost fifteen years marking an annualized record profit of 6.2%.
The transaction was the second-highest sale for 11 Amber Road ever recorded since its first record-breaking sale in February 2018 according to URA matching. In September 2006, the vendor of the said unit bought the asset for $644 per square foot or $1 million and sold it for $2.06 million or translates to $1,366 per square foot marking a 106% profit amounting to $1.06 million. This marks an annualized earning of 6.5% in eleven years.
Addressed in a prime area just along Amber Road, near the Parkway Parade Shopping Centre and East Coast Park, 11 Amber Road consists of 40-unit residences with 2 and 3 bedrooms with floor areas ranging between 1,345 and 2,842 square feet. The property is fairly close to various amenities in the immediate vicinity, including renowned schools like Tanjong Katong Secondary School and Canadian International School. Transportation is also within reach of nearby MRT stations, including the Tanjong Katong MRT.
With such record-high sales at 11 Amber Road, another property set a majestic sales record for its 4-bedroom unit bought in the same week. This sale is for Kovan Melody, located in District 19, with a 121% profit amounting to $987,000. The former owner bought the unit in 2004 with an $813,000 sale price or $577 per square foot. This 1,410 square foot 4-unit flat was sold for $1.8 million or $1,277 per square foot on June 3 turning it to a 5.2% annualized income for more than 15 years.
The sale transaction is also recorded as the most profitable transaction made for Kovan Melody. It surpassed its previous record sale of a unit with a 1,894 square feet floor area which is sold at a price of $1.85 million or an astounding $977 price per square foot. Prior to this sale made in February 2014, this 4-bedroom unit was bought by its former owner in October 2004 with a price of $813,000 or $577 per square foot making an annualized income of 5.2% greater for over 15 years.
With a 99-year leasehold, the flat was developed by Wing Tai Holdings and was completed in 2006. Comprised of 778 units of residence, Kovan Melody has unit choices of 2 to 4 bedrooms with floor areas ranging from 872 up to 1,894 square feet. It is well situated just right beside Kovan MRT station.
PROPERTY CHECK: Reflections @ Keppel Bay
Yet, a 2,056 square foot unit from The Coast @ Sentosa Cove recorded the most unprofitable sales transaction ever recorded during the week. This 3-bedroom unit which is bought for $3.3 million or $1,605 per square foot has a record transaction on June 5. The former owner had a 9% loss amounting to $342,220. It was previously bought in November 2006 for $3.64 million translating the latest transaction to a 0.7% annualized loss for almost 14 years.
The Coast @ Sentosa Cove consists of 249 units of 3 to 5 bedrooms. Situated along Ocean Drive, the property was completed in 2009 under the Ho Bee Land developer. It has a 99-year leasehold tenure with floor areas varying from 1,916 – 5,500 square foot. The most recent transaction for this development is the first record resale made this year. A 4,779 square foot residential unit was sold last year for $6.52 million or $1,364 square foot made on May 24, 2019. This transaction ended in a 4% loss amounting to $256,460 for the unit-seller. Another unit was sold on August 14, 2019, for $4.75 million or $1,640 per square foot. This 2,896 square foot unit record a 22% loss for the seller amounting to $1.33 million.