Resale at The Horizon rakes in record $2.16 mil profit

in 18 yearsThe most profitable resale recorded from June 27 to July 4 involved a three-bedroom unit at The Horizon on Holt Road that sold for $3.35 million ($2,146 psf). The seller made a profit of $2.16 million (182%) translating to an annualised gain of 5.4% over 20 years. At One Amber, a three-bedder raked in a profit of $1.95 million (201%), or an annualised gain of 6.6% over 17 years. The most unprofitable transaction was the sale of a 947 sq ft, two-bedroom unit at Scotts Square that changed hands for $2.9 million ($3,062 psf), resulting in a loss of $449,825 (13%).

The sale of a three-bedroom unit at The Horizon on Holt Road was the most profitable transaction for the week ending 4th July. Situated in prime District 10, this freehold condo is located off River Valley Road, near the River Valley, Jervois Road and Chatsworth Park neighbourhoods, with Great World City being about 750m away. The seventh-floor unit was sold for $3.35 million ($2,146 psf) and had been purchased for $1.19 million ($760 psf) in August 2006. This amounted to a profit of $2.16 million (182%), which over 20 years translates to an annualised gain of 5.4%.

The 80-unit Horizon development was completed in 2001 and features a range of three- and four-bedroom units ranging in size from 1,561 sq ft to 3,197 sq ft. This resale transaction was the most profitable in the condo to date, surpassing the previous record set in January 2019, when a 3,197 sq ft unit on the 11th floor was sold for $5.08 million ($1,589 psf). It had been acquired for $3.41 million ($1,068 psf) in November 2000, resulting in a profit of $1.67 million (49%), or an annualised profit of 2.2% over 18 years.

The week also saw the sale of a 1,335 sq ft, three-bedroom unit at One Amber for $2.92 million ($2,188 psf) on June 28. This was the first resale unit at the Horizon to cross the $2,000 psf threshold, which the unit had been bought for $971,880 ($728 psf) in May 2006. The subsequent resale involved the three-bedder sold on June 28 this year, raking in a profit of $1.95 million (201%) or an annualised gain of 6.6% over 17 years. One Amber is a freehold condo at Amber Gardens within the Marine Parade planning area in prime District 15.

Singaporeans looking for a place to call home often find themselves considering a Condo. Whether for investment or for personal occupation, it is undeniable that condos are an attractive option. With more features and facilities to offer, these usually come with a hefty price tag. However, before signing that dotted line, potential buyers should do their due diligence in researching the condo they wish to purchase to ensure it meets their needs and budget. Additionally, they can seek professional advice from qualified property agents to make sure that they are investing in the right condominium.

In January 2011, the most profitable resale at One Amber involved a 3,165 sq ft penthouse that changed hands for $4.43 million ($1,399 psf) after it had been purchased for $2.4 million ($756 psf) in March 2006. This resulted in a record profit of $2.04 million (85%), or an annualised gain of 14% over five years. Prices at One Amber have climbed over the past three years from about $1,660 psf in July 2020 to $2,048 psf this month.

Conversely, the most unprofitable transaction during the week was the sale of a 947 sq ft unit at Scotts Square. The two-bedroom unit on the 25th floor was sold for $2.9 million ($3,062 psf) on June 27, having previously cost $3.35 million ($3,537 psf) in January 2010. As a result, the seller made a loss of $449,825 (13%), translating into an annualised loss of 1.1% over 13 years, which is far from the record loss at Scotts Square. This was held by the sale of a 1,249 sq ft unit, three-bedroom unit on the 36th floor, which was sold for $3.65 million ($2,923 psf) in February 2017 with the original purchase price being $5.21 million ($4,171 psf) in August 2007. This sale resulted in a loss of $1.56 million (30%) or an annualised loss of 3.7% over 10 years.

Scotts Square is a freehold mixed-use residential and commercial development on Scotts Road, just off the Orchard Road shopping strip in prime District 9. The 338-unit project was developed by the former Wheelock Properties (renamed Wharf Estates Singapore). It comprises two 34-storey and 43-storey luxury residential towers on top of a luxury shopping mall. At its launch in 2007, the developer was selling units at an average price of $4,000 psf.

Overall, the most profitable transaction from June 27 to July 4 was the sale of the three-bedder at The Horizon on Holt Road, resulting in a profit of $2.16 million (182%), while the most unprofitable transaction was the sale of a 947 sq ft unit at Scotts Square, resulting in a loss of $449,825 (13%).

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