ALL six penthouses at the freehold Amber Residences, which was completed early last year, are said to have been sold recently by its developer in separate transactions for $1,100 per square foot (psf).
As recently as May this year, potential buyers were being quoted a price of around $1,600 psf for the penthouses, with the qualification that the developer, Voda Land, was open to negotiations.
When the 21-storey project was previewed in November 2007 during the heyday of the high-end residential market, market indications were that the penthouses will be priced at around $1,900 psf.
Amber Residences was released amid much fanfare, with 74 of the total 114 units snapped up within hours during its private preview at an average price of $1,650 psf - setting a new benchmark for the area. Choice high-floor units (excluding penthouses) were sold for more than $1,800 psf.
Caveats data show that the project's developer achieved a price of $2,029 psf in December 2007 for a four-bedroom apartment of 2,217 sq ft on the 19th floor and $1,951 psf for a same-sized unit on the 18th floor in February 2008.
Amber Residences' six penthouses range from around 4,100 sq ft to 6,700 sq ft with each unit spanning three levels - levels 20 and 21 and a roof terrace with a swimming pool.
A caveat for only one of the six penthouses in Amber Residences sold recently has been lodged so far. This is for the biggest unit of 6,717 sq ft, which has five bedrooms. Options on the other five penthouses have probably not been exercised yet by their respective buyers.
The six penthouses add up to around 30,000 sq ft, which means Voda Land would have fetched around $33 million from selling them.
Market watchers say it made sense for Voda Land to clear the unsold units, given that this is its only residential project. The company's key shareholder is Expand Construction.
Earlier this year, Bukit Sembawang cleared 14 units at its Paterson Suites condo - completed in 2010 - at $2,500 psf. According to a report by Savills in August, 19 units in the development changed hands at an average price of $2,619 psf this year - 10 per cent below last year's $2,915 psf and 15 per cent off the peak price in 2007. Twelve units at Orchard View along Angullia Park, which was completed in Q2 2010, were sold at an average price of $2,604 psf this year, down 21 per cent from 2010's peak price.