Amber 45, a freehold development, has recently made headlines for topping the list of condos with the highest psf-price peak between August 30th and September 8th. A 1,184 sq ft, three-bedroom unit on the sixth floor was sold for $3.35 million on Sept 2, giving Amber 45 a new high of $2,829 psf. This is the first time a unit at the development has been sold for over $2,800 psf.
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The previous record of $2,791 psf was set last December when a 700 sq ft, two-bedroom unit on the 19th floor was sold for around $1.95 million. Completed in 2021, Amber 45 is a 139-unit freehold development located at 45 Amber Road in District 15. The recent high of $3.35 million surpasses the purchase price of $2.72 million in May 2018, resulting in a profit of about $630,000 for the seller.
So far this year, Amber 45 has seen four resale transactions at an average price of $2,723 psf. In 2020, there were seven resale transactions at an average price of $2,662 psf, marking a 2.3% increase in average psf price year-on-year.
Second on the list of new psf-price highs recorded during the period of review is Principal Garden, which achieved a new high of $2,555 psf when a 1,076 sq ft, three-bedroom unit on the 20th floor was sold for $2.75 million on Sept 2. This is the first time resale prices at the development have crossed $2,500 psf. The transaction is 3.7% higher than the previous peak of $2,462 psf set earlier this year on May 31, when a 1,076 sq ft, three-bedroom unit on the 23rd floor was sold for $2.65 million. In July, another 1,076 sq ft, three-bedroom unit on the seventh floor was sold for the same price.
The unit sold on Sept 2 was purchased by the seller from the developer in June 2016 for $1.79 million, resulting in a profit of about $960,000. As of September 17, the development has seen 26 resale transactions so far this year at an average price of $2,243 psf. Last year, there were 38 units sold at an average price of $2,108 psf, indicating a 6.4% year-on-year increase in average psf price.
Principal Garden is a 99-year leasehold condo located along Prince Charles Crescent, off Alexandra Road. Completed in 2018, the 663-unit development has four 24-storey residential towers housing one- to five-bedroom apartments ranging from 484 to 2,347 sq ft.
Lastly, Pinetree Hill saw a new low during the period in review when a 1,173 sq ft, three-bedroom unit on the 24th floor was sold for $2.53 million, or $2,156 psf, on Sept 8. This is 2.7% below the previous low of $2,215 psf set in July 2020 when a 797 sq ft, two-bedroom unit was sold for about $1.76 million.
Pinetree Hill is a 99-year leasehold condo along Ulu Pandan Road in District 21. The 520-unit development has one- to five-bedroom units ranging from 538 to 2,874 sq ft, with an expected completion date of 2027. The condo was launched for sale in July 2020, with 150 units (29%) sold at an average price of $2,460 psf during its launch weekend. As of Sept 17, the condo has moved 259 units (49.8%) at an average price of $2,428 psf, according to URA caveats lodged.
Pinetree Hill is located near several schools and is within 1km of Henry Park Primary School and Pei Tong Primary School, and within 2km of Pei Hwa Presbyterian School and Methodist Girls’ School.