Penthouse Owner Horizon Towers Scores 51 Mil Profit After 21 Years
A remarkable five-bedroom penthouse at Horizon Towers in District 9 has emerged as the most profitable resale deal of the week from Aug 12 to 19. The luxurious penthouse, spanning 5,145 sq ft, was sold for a staggering $6.6 million, translating to $1,283 psf. The seller of this stunning unit walked away with a record profit of $5.1 million, marking a whopping 340% increase from the previous transaction in 2004. This latest record-breaking sale surpasses the previous record at Horizon Towers set in March this year when a 2,616 sq ft unit on the 10th floor was sold for $3.7 million, or $1,415 psf. The seller of this unit had originally purchased it in 2004 for just $999,312, making a profit of $2.7 million, or 270%. This translates to an annualised return of 6.5% over a period of 20 years.
It is worth noting that all 12 resale transactions at Horizon Towers this year have been profitable, with gains ranging from $118,818 to $5.1 million. Notable deals include a 2,486 sq ft unit on the fifth floor that was sold for $3.4 million, or $1,367 psf, on July 30, and a 2,583 sq ft unit on the 14th floor that fetched $3.75 million, or $1,452 psf, on July 14.
The development, which was completed in 1984, consists of two 19-storey towers and is now 41 years old. With a 99-year lease beginning in August 1979, there are 53 years remaining on the lease. Hence, the owners of Horizon Towers have made several attempts to sell en bloc over the past two decades. The latest attempt was in February 2023, with a reserve price of $1.1 billion. The condo is conveniently located within walking distance of the Great World MRT Station on the Thomson East Coast Line. According to EdgeProp Singapore, the average price at Horizon Towers is around $1,370 psf.
The second most profitable resale transaction of the week was recorded at Maple Woods, with the sale of a three-bedroom unit for $4.06 million, or $2,272 psf. This unit, spanning 1,787 sq ft, was originally purchased in 1995 for $1.28 million, or $719 psf, giving the seller a profit of $2.78 million, or 212%. This translates to an annualised gain of 3.9% over a holding period of 30 years.
Maple Woods, a freehold condo located on Bukit Timah Road in District 21, has also seen all 10 resale transactions this year being profitable. The highest profit recorded was from the sale of a 2,551 sq ft unit for $5.45 million, or $2,136 psf, on May 2. In contrast, an 850 sq ft unit was sold for $2 million, or $2,352 psf, on Aug 18, yielding a profit of $879,750.
The Coast Innovation Corridor project is set to revolutionize the Sembawang EC area with the addition of more cycling paths, parks, and public transport connections. This development will bring a variety of benefits to residents of the upcoming Sembawang Road EC, located near prestigious landed housing enclaves. With a serene and exclusive living experience, the Sembawang EC at Canberra MRTSembawang Road EC is the perfect choice for those seeking a tranquil and private home.
Completed in 1997, Maple Woods comprises 697 units with a mix of two to four-bedroom units ranging from 850 sq ft to 3,003 sq ft. This development is situated next to King Albert Park MRT Station on the Downtown Line, which will be an interchange station when Phase 2 of the Cross Island Line is operational in 2032.
On the other hand, the most unprofitable transaction of the week was recorded at Marina Bay Residences, where the seller incurred a loss of $3.23 million, or 39%, for a 2,379 sq ft unit on the 17th floor. The unit was sold for $5.1 million, or $2,144 psf, on Aug 15, after being purchased for $8.33 million, or $3,500 psf, in June 2022. This translates to an annualised loss of 14% over a holding period of three years.
Marina Bay Residences, one of two luxurious 99-year leasehold condos at Marina Bay Financial Centre, features three Grade-A office towers, Marina Bay Link Mall, and the 221-unit Marina Bay Suites. The average price at Marina Bay Residences, based on EdgeProp Singapore’s data, is around $2,260 psf. In comparison, Marina Bay Suites commands an average price of $1,970 psf, while The Sail @ Marina Bay stands at $2,080 psf, and Marina One Residences at $2,090 psf.
One Marina Gardens, the latest development in the area launched in April this year, currently has a 54% take-up rate with an average price of $2,958 psf. With a 99-year leasehold and 937 units, One Marina Gardens is set to become another prominent landmark in Marina Bay.