Duplex unit at Amber Skye sets low of $1,429 psf

The duplex villa at Amber Skye was sold for $7.4 million ($1,429 psf) on Oct 26.

The eye-catching sale of a six-bedroom duplex unit at Amber Skye has set a new psf-price low at the freehold condo. It is also the only project to see a record psf-price low during the week of Oct 24 to 31. The 5,177 sq ft unit, on the ground floor, was sold for $7.4 million ($1,429 psf) on Oct 26.

There are three ground-floor duplex units, called Grand Villas, at Amber Skye. A second villa unit also set a psf-price low when it was sold for $7.5 million ($1,482 psf) on July 31. That marked the first time a resale unit at Amber Skye changed hands for less than $1,500 psf.

Amber Skye was developed by CS Land (formerly known as China Sonangol Land) and Singapore-listed infrastructure and civil engineering firm OKP Holdings. The freehold 109-unit development is on Amber Road in District 15. The condo was completed in 2017.

The duplex villa at Amber Skye was sold for $7.4 million ($1,429 psf) on Oct 26. (Picture: Albert Chua/The Edge Singapore)

The pair of Grand Villa units were only launched for sale in June last year. The third Grand Villa, a duplex four-bedder measuring 4,628 sq ft, was also put up for sale. At the time, each villa was priced from $7.5 million.

Based on a tabulation of resale caveats by EdgeProp Singapore, prices at Amber Skye have seen marginal growth over the last few years. When the project was launched for sale in 2014, the average selling price was about $1,800 psf. It has climbed to about $1,933 psf based on resale caveats lodged this year.

Its neighbour on Amber Road, the 100-unit freehold condo Amber Point, developed by Allgreen Properties and completed in 1991, recorded an average price of $2,144 psf based on transactions this year. Beside Amber Skye is the recently completed 92-unit freehold project Nyon by Aurum Land, which is seeing units go for about $2,335 psf.

Meanwhile, topping this week’s list of projects that set a new psf-price high is the sale of a four-bedroom unit at luxury condo Amber 45. The 1,346 sq ft unit, on the 20th floor, was transacted for $3.75 million ($2,787 psf) on Oct 25.

Amber 45 is a freehold development by UOL Group. The project is located in the highly desirable Amber Road residential neighbourhood in District 15, and the condo was designed by local architectural firm ADDP Architects.

Luxury condo Amber 45 saw a new psf-price high of $2,787 when a four-bedder was sold for $3.75 million on Oct 25. (Picture: UOL Group)

The development was launched for sale in 2018, and 80 units (57%) were sold during its launch weekend on May 12 and 13. At the time, the average price was $2,200 psf. So far, on an absolute-price basis, the most expensive unit at Amber 45 is a 1,798 sq ft, four-bedroom penthouse unit that was sold by the developer for $4.2 million ($2,336 psf) in May 2018.

The 139-unit project was completed in September 2020 and strong buying interest pushed up the average selling price to about $2,400 psf. The record high in 2021 was $2,575 psf from a 614 sq ft unit on the 12th floor sold for $1.58 million in July.

A new record was set on May 9 this year when a 700 sq ft, two-bedder on the 10th floor was sold for $1.9 million ($2,716 psf). This was then superseded by the sale of the four-bedroom unit on Oct 25.

Amber 45 commands a relatively high average price among the condos in the Amber Road neighbourhood, given its luxury trappings and recent completion. Its neighbours along Amber Road, such as The Sea View ($2,316 psf) and Amber Residences ($2,030 psf), have recorded lower average selling prices based on caveats this year. Only City Developments’ uncompleted Amber Park project, on nearby Amber Gardens, comes close at about $2,581 psf.

The project that saw the second highest psf-price high during the week is Mirage Tower, a 27-year-old freehold condo on Kim Seng Road in prime District 9. A 570 sq ft, one-bedroom unit on the 25th floor was sold for $1.31 million ($2,294 psf) on Oct 25. This is higher than the previous record set in 2021 when a similarly sized one-bedder on the 30th floor changed hands for $1.28 million ($2,235 psf) on July 14.

A one-bedroom unit at Mirage Tower was sold at a psf-price high of $2,294 on Oct 25. (Picture: The Edge Singapore)

Mirage Tower is one of a handful of condos in the Robertson Quay area that are on the banks of the Singapore River. Other riverside condos and hotel developments in this area include the recently completed Riviere, Rivergate, the Grand Copthorne Waterfront Hotel, and the Intercontinental Robertson Quay.

Prices at Mirage Tower have generally trended upwards over the past two decades, from about $1,060 psf back in November 2003 to $1,452 psf by November 2013. Based on a tabulation of URA caveats so far this year, the average selling price of units at the freehold condo is about $2,240 psf. In comparison, its neighbour on Kim Seng Road, the 175-unit Tribeca, commands an average price of $2,490 psf, while Riviere, a 99-year leasehold project, records an average price of $3,028 psf.

Check out the latest listings for Amber Skye, Amber 45, Mirage Tower properties