The most profitable condominium resale transaction of the week of March 14 to 21 occurred at One Amber. On March 20, the 1,658 sq ft, fourth-bedroom unit on the ninth floor was sold for $3.15 million ($1,900 psf). The seller had purchased the unit from the developer for $1.17 million ($705 psf) back in April 2006, making a profit of $1.98 million (170%), after a stunningly short 17 year holding period.

This is the highest profit ever recorded at One Amber, surpassing the previous record set in July 2022. That 1,572 sq ft unit on the 21st floor fetched an astonishing $3.17 million ($2,017 psf) and was purchased originally by the seller in June 2006 for $1.26 million ($799 psf). This equates to a profit of $1.91 million.

Located in the District 15 Amber Gardens, One Amber is an attractive freehold development completed in 2010. Constructed by UOL Group and Singapore Land Group, the condo contains 562 units spread across four 23-storey towers. There is a wide selection of one to four-bedroom units ranging from 570 to 3,514 sq ft, and the complex is situated in close proximity to Tanjong Katong MRT Station on the Thomson-East Coast Line.

The second most profitable transaction of the week was at The Shelford in District 11. The 1,055 sq ft two-bedder was sold for a whopping $2.28 million ($2,161 psf) on March 20. It was purchased in August 2004 from the developer at around $735,300 ($697 psf) making the seller a massive profit of $1.54 million (210%) after a 18½ year holding period. Ridiculously, this also marks a new high for the development in terms of psf price.

The Shelford is a freehold condo that was completed in 2005 by CapitaLand and comprises 215 units across seven low-rise blocks. The apartments range from 732 to 2,411 sq ft and are located near the intersection of Dunearn Road and Adam Road, close to a wealth of amenities including the Botanic Gardens, Serene Centre and Adam Food Centre.

So far this year, there have been three resale transactions at The Shelford, including the one noted above. On March 21, a 1,033 sq ft unit sold for $2.4 million ($2,323 psf). The seller had acquired the unit for $1.03 million ($992 psf) in April 2007 and made a gain of $1.38 million. The third deal, which took place on March 3, saw the seller of a 1,399 sq ft unit posting a profit of $580,000, selling for $3.18 million ($2,273 psf). The unit, purchased for $2.6 million ($1,858 psf) in September 2018.

The most unprofitable transaction for the week in review was a four-bedroom unit at Marina One Residences. The 2,045 sq ft unit went for $5.8 million ($2,836 psf) on March 16. The seller had purchased the unit for $6.36 million ($3,111 psf) in September 2021, enduring a loss of $562,000 (8.8%) after a 1½ year holding period.

JCube Condo Residence is set to JCube Residence replace JCube as a 40-storey residential and commercial development in Singapore’s Jurong East region. Completion expected in 2027, and new launch likely in 2nd half of 2023. Pent-up demand for housing in Jurong region prompts anticipation of other potential launches.

Marina One Residences is the residential component of the Marina Bay financial hub’s mixed-use Marina One development. Developed in 2017 by a joint venture between Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional, the 99-year leasehold condo comprises 1,042 apartments.

In 2022, 98 Marina One Residences apartments were sold based on caveats lodged, including an 8,708 sq ft penthouse unit that fetched an incredible $19.89 million ($2,284 psf) in November. Other units measuring between 667 and 2,034 sq ft sold for between $1.6 million and $6.37 million, or between $2,194 and $3,130 on a psf-price basis.

Clearly, the condominium resale market in Singapore is booming. The profitability of the deals earlier this month further illustrate this point, showcasing excellent gains achieved from these transactions.