Resale at The Horizon rakes in record $2.16 mil profit
By Timothy Tay
/ EdgeProp Singapore |
A three-bedroom unit at The Horizon on Holt Road was sold for $3.35 million ($2,146 psf) on June 28.
SINGAPORE (EDGEPROP) - The most profitable transaction recorded from June 27 to July 4 was the sale of a 1,561 sq ft, three-bedroom unit at The Horizon on Holt Road. The seventh-floor unit was sold for $3.35 million ($2,146 psf) on June 28 after it was acquired for $1.19 million ($760 psf) in August 2006. As a result, the seller made a profit of $2.16 million (182%), translating to an annualised gain of 5.4% over 20 years.
The Horizon is a freehold condo in Tanglin in prime District 10. The 80-unit development was completed in 2001 and comprises a mix of three- and four-bedroom units of 1,561 sq ft to 3,197 sq ft.
The condo’s location off River Valley Road is near the River Valley, Jervois Road and Chatsworth Park neighbourhoods. Great World City is about 750m from The Horizon, while the Orchard Road shopping belt is a five-minute drive away.
A three-bedroom unit at The Horizon on Holt Road was sold for $3.35 million ($2,146 psf) on June 28. (Picture: Albert Chua/The Edge Singapore)
The resale transaction on June 28 also marks the most profitable resale at the condo to date. It surpasses the previous record of the sale of a 3,197 sq ft unit on the 11th floor, which changed hands for $5.08 million ($1,589 psf) in January 2019. The unit cost $3.41 million ($1,068 psf) when purchased in November 2000. Thus, the seller made a profit of $1.67 million (49%), which translates to an annualised profit of 2.2% over 18 years.
Last year, a 1,561 sq ft unit on the second floor was sold for $3.2 million ($2,050 psf) on Aug 22. This was the first resale unit at the Horizon to cross the $2,000 psf threshold. The subsequent resale involved the three-bedder sold on June 28 this year.
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. The unit was bought for $971,880 ($728 psf) in May 2006. The seller thus raked 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, off Amber Road. It is within the Marine Parade planning area in prime District 15. The 562-unit development was developed by UOL Group and Singapore Land Group, and completed in 2010. It comprises four 23-storey residential towers with a mix of one- to four-bedroom units of 570 sq ft to 3,165 sq ft.
The seller of a three-bedder at One Amber raked in a $1.95 million profit. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Amber Road residential neighbourhood features high-rise buildings like the upcoming Amber Park and Amber Sea on Amber Gardens and newly completed projects such as Nyon and Amber 45.
Next year, the residents in the Amber Gardens-Amber Road enclave can look forward to the opening of the Tanjong Katong MRT station on the Thomson-East Coast Line, which is within walking distance.
The most profitable resale at One Amber was the sale of a 3,165 sq ft penthouse that changed hands for $4.43 million ($1,399 psf) in January 2011. The unit had been bought 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.
On the other hand, 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. It was acquired for $3.35 million ($3,537 psf) in January 2010. The seller, therefore, made a loss of $449,825 (13%), translating into an annualised loss of 1.1% over 13 years.
Scotts Square is a mixed-use luxury development in Orchard Road, but residential prices continue to freefall. (Picture: Samuel Isaac Chua/The Edge Singapore)
This is far from the record loss at Scotts Square, which 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. The unit had previously cost $5.21 million ($4,171 psf) in August 2007. This 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). The complex 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.
Check out the latest listings near The Horizon, One Amber, Scotts Square, Tanjong Katong MRT station
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