Singapore Property | Neighbors of Amber Park area are luxuriating in a price boost of their condominiums. Amber Park consists of 200 units and was sold to City Development (CDL) at $906.7 million on October last year. This value was equivalent to $1,515 per plot. In latest sales, owners of three bedroom units in the project will each earn $4.376 million. For penthouse owners, $8.3 million will be their earnings.
The new 600 unit projects in Amber area that will be known as The Opus are sold by CDL. The Opus price is speculated to initially start at $2,300 to $2,400 psf and rise quickly after that. This will be in relation to the land rate of $1,515 psf per plot.
UOL and CDL driving the Price Upsurge
At 45 Amber Road, UOL Group purchased a 70,000 sq ft free from hold site for $156 million or $1,056 psf in the year 2017 January. Amber 45; the 139 unit new development project is supposed to be previewed by CDL developers by this month. The price expectation by the industry watchers is above $2,000 psf.
- At the neighborhood of amber Road-Amber Gardens, resale units are at proximity of $2000 psf. 562 units One Amber is another freehold site.
- The project was completed in year 2010. It is situated across the formerly known Amber Park. UOL Group, United Industrial Corp and Singapore Land worked together to initiate and develop the project.
(Artist's impression of Amber 45)
It has become a topic of discussion on the streets that one of the legatees of the Amber Park purchased a three bedroom unit that is 1270 sq ft at One Amber. The three bedroom unit is on the 19th floor of the One Amber blocks. The cost of the unit was $2.39 million ($1,882 psf). This was as stated on March 29. Such a high price was encountered lastly in 2010 when a one bedroom unit was sold. The 570 sq ft unit in the neighborhood block was paid $1.1 million ($1,928 psf).
Other Locations Reporting Condo Price Surge Too
The prices at The Sea View are also hiking at a high rate. Wheelock properties developed and completed a 546 unit freehold condominium in 2008. On the 19th floor of this block, a four bedroom unit was sold at $3.2 million ($1,943 psf) in January. The four bedroom unit was 1,647 sq ft.
- On another block at the 21st floor, a 560 sq ft one bedroom unit sold at $1.07 million ($1,912 psf). 2012 prices were at peak.
- This was the year when the $1,900 psf price was out done.
- A one bedroom unit priced at $1.1 million ($1,965 psf) on the 10th floor.
At Cote d’Azur, an area at close proximity with Marine Parade is also enjoying the rate increase of the prices. At the 6th floor of the block, a 1,313 sq ft three bedroom unit fetched $1.88 million ($1,432 psf).
At the upper floors, two units sold at a higher price. In July of 2015, a 1,281 sq ft three bedroom unit situated at the 20th floor, sold at $1.9million (1,483 psf). Another 1,367 sq ft three bedroom, May of 2013 was sold at $2 million. The unit was on the 21st floor.
Frasers Property developed and completed a 99-year leasehold Cote d’Azur, consisting of 612 unit in 2004. An 841-unit Seaside Residences was instituted in April of the previous year by Frasers Property. Next to the growing Siglap MRT station, the 99-year leasehold development is situated. An approximate price of about $1,709 psf is credited to about 80% of the units sold up to this date.