One Tree Hill Collection up for sale at from $2,825 psfHDB resale volume up 127.3% in August after new grants launchIn this week’s issue: Pandemic-price resilience of 3- and 4-room HDB flats in prime districts; Pee-approved sites in Kovan and Jalan Besar; Landmark $51 mil offer for Katong Park Towers; Opportunities overseas; Experiential retail and the future of malls
Amber 45, a freehold development, has set a new record of $2,829 psf for its unit. In the period between Aug 30 and Sept 8, it topped the list of condos that hit a new psf-price peak. On Sept 2, a 1,184 sq ft, three-bedroom unit on the sixth floor was sold for $3.35 million, marking the first time a unit at Amber 45 was sold for more than $2,800 psf. The previous record was set in Dec 2020 when a 700 sq ft, two-bedroom unit on the 19th floor was sold for $1.95 million. The seller of the unit in Sept made a profit of about $630,000 as he had bought it from the developer in May 2018 for $2.72 million. The condo has recorded 4 resale transactions so far this year at an average price of $2,723 psf, which is a 2.3% y-o-y increase in average psf price.Located at 45 Amber Road in District 15, Amber 45 is completed in 2021 and consists of 139 units. It has several malls near it, including Parkway Parade on Marine Parade Road and i12 Katong on East Coast Road. Tanjong Katong Primary School is also within a 1km radius, and Marine Parade MRT Station is just 500m away. It is a 21-storey residential tower that has a mix of two- to four-bedroom apartments. The unit sizes start from 614 sq ft for a two-bedroom unit, 1,130 sq ft for a three-bedroom unit, and 1,345 sq ft for a four-bedroom unit. There are also 20 four-bedroom premium apartments spanning up to 1,798 sq ft, each having a private lift lobby. The development also has amenities such as a lap pool, yoga deck, and gym.Principal Garden is the second on the list, with a new high of $2,555 psf for a 1,076 sq ft, three-bedroom unit on the 20th floor. It was sold for $2.75 million on Sept 2, which is 3.7% higher than the previous peak of $2,462 psf. The unit has gained the owner a profit of about $960,000 as it was purchased from the developer in June 2016 for $1.79 million. The condo has seen 26 resale transactions so far this year at an average price of $2,243 psf. Last year, it recorded 38 transactions at an average price of $2,108 psf, showing a 6.4% y-o-y increase.Principal Garden, a 99-year leasehold condo located along Prince Charles Crescent, off Alexandra Road, was completed in 2018 and consists of 663 units. The condo has four 24-storey residential towers housing one- to five-bedroom apartments that range from 484 to 2,347 sq ft. It is situated near several amenities such as malls, schools and has accessibility to the Thomson-East Coast Line.Taking third place is Pinetree Hill, a 99-year leasehold condo located along Ulu Pandan Road in District 21. 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 the new peak in its record, and it is 2.7% higher than the previous high of $2,215 psf. The unit has not been profitable for the owner as it was sold at a loss. As of Sept 17, the condo has moved 259 units (49.8%) at an average price of $2,428 psf. Last year, it was launched and saw 150 units (29%) sold at an average price of $2,460 psf. The development has one- to five-room units spanning from 538 to 2,874 sq ft, and it is expected to be completed in 2027.Pinetree Hill has seen 10 transactions this year at an average price of $2,487 psf, with the previous peak being $2,793 psf in August 2020. Last year, the condo had 42 transactions at an average price of $2,275 psf. This marks a 9.1% y-o-y increase in average psf price.The condo is within a 1km radius of Henry Park Primary School and Pei Tong Primary School, while Pei Hwa Presbyterian School and Methodist Girls’ School are within 2km. It is a short drive away from malls such as The Clementi Mall and West Coast Plaza. Clementi MRT Station is also nearby, providing access to the East West Line.