Completed in 2010, One Amber was among the first wave of redevelopments following the last collective sale wave a decade ago. The 562-unit freehold condominium at 1 Amber Gardens was a redevelopment of the former Maryland Park, purchased en bloc in March 2005 by a consortium made up of UOL Group and sister companies United Industrial Corp and Singapore Land.
The project contains four 23-storey blocks and sits on a freehold site of 249,305 sq ft. It contains a mix of one- to four-bedroom units, with sizes ranging from 570 to 2,777 sq ft. Penthouses are from 3,046 to 3,514 sq ft. The Amber Gardens neighbourhood in prime District 15 has traditionally been sought after by both owner-occupiers and investors, given its proximity to sought-after schools such as CHIJ Katong Gonvent, Tao Nan School and Victoria School, and lifestyle aspects — for instance, the interesting food outlets at Joo Chiat and Siglap, East Coast Park and the beach.
For those who drive, it is just 10 to 15 minutes to the CBD and Marina Bay. With the new Thomson-East Coast Line, residents at One Amber will also benefit from the project’s proximity to the upcoming Tanjong Katong MRT station, expected to open in 2023.
The two-bedroom unit up for sale at One Amber is ideal for those who like to entertain
This will have a great impact on the prices of property in the area, notes Paul Tan, an agent from PropNex Realty, who is marketing a unit at One Amber. When the freehold project was first launched in March 2006, average prices were $725 psf. The latest transaction at One Amber was for a 1,389 sq ft, three-bedroom unit on the 19th floor of one of the blocks, which changed hands for $2.05 million ($1,476 psf), based on a caveat lodged on Aug 1. That same unit last changed hands in a resale in February 2012 for $1.83 million ($1,314 psf). The first owner paid $1.11 million ($802 psf) for the unit in October 2006.
On the market now is a 1,324 sq ft, two-bedroom unit with an asking price of $1.6 million ($1,209 psf), according to a listing on EdgeProp.sg. It is one of the rare two-bedroom units of this size on the first level, and comes with a spacious patio. The unit is ideal for those who like to entertain at home, notes Tan. It is owner-occupied and in move-in condition, he adds. The current owner is said to be a Singaporean who has lived in the unit for at least eight years.
Buying activity has picked up since April, with 12 transactions over the last four months, according to caveats lodged. These ranged from $922,222 ($1,617 psf) for a 570 sq ft, one-bedroom unit on the 17th floor to $2.3 million ($1,358 psf) for a 1,701 sq ft, four-bedroom unit on the 12th floor.
The pickup in activity could be the result of CapitaLand’s official launch of the 124-unit Marine Blue in March, following its completion. Units have been sold at average prices of $1,700 to $1,800 psf. Amber Skye, completed in April, has also seen brisk sales. Recent units sold at the development ranged from $1,661 psf for a 1,216 sq ft, fifth-floor two-bedroom unit to $2,217 psf for a 635 sq ft, one-bedroom unit on the 19th floor, according to caveats lodged.
Based on URA data in 1H2017, there were 22 rental contracts for units of 1,300 to 1,400 sq ft at One Amber. Monthly rents averaged $4,000. This translates into a potential gross rental yield of 3% based on the asking price.
This article appeared in The Edge Property Pullout, Issue 792 (August 14, 2017) of The Edge Singapore.
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