in 12 years
Last week saw some of the most profitable resales in Singapore. The most profitable transaction was for a 1,561 sq ft, three-bedroom unit at The Horizon on Holt Road, which was sold for $3.35 million ($2,146 psf) on June 28 after being purchased for $1.19 million ($760 psf) in August 2006. This profit of $2.16 million (182%) translated 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 consists of a mix of three- and four-bedroom units of sizes 1,561 sq ft up to 3,197 sq ft and was completed in 2001.
It is located off River Valley Road and is near the River Valley, Jervois Road and Chatsworth Park neighbourhoods, while the Orchard Road shopping belt is a five-minute drive away. Great World City is about 750m from The Horizon.
This resale also set a record for the most profitable one, surpassing the previous record set by a 3,197 sq ft unit on the 11th floor, which was sold for $5.08 million ($1,589 psf) in January 2019. This unit had been purchased for $3.41 million ($1,068 psf) in November 2000, which resulted in a profit of $1.67 million (49%), with an annualised profit of 2.2% over 18 years.
A 1,561 sq ft unit on the second floor of the development was the first to cross the $2,000 psf threshold, being sold for $3.2 million ($2,050 psf) on Aug 22 last year.
Elsewhere, a 1,335 sq ft, three-bedroom unit at One Amber was sold for $2.92 million ($2,188 psf)on June 28. This unit was bought for $971,880 ($728 psf) in May 2006, thus resulting in a profit of $1.95 million (201%), and an annualised gain of 6.6% over 17 years.
One Amber is a freehold condo at Amber Gardens, off Amber Road in Marine Parade planning area. It consists of four 23-storey residential towers with a mix of one- to four-bedroom units of sizes 570 sq ft to 3,165 sq ft. It was developed by UOL Group and Singapore Land Group, and completed in 2010.
The Amber Road residential neighbourhood features high-rise buildings such as Amber Park and Amber Sea on Amber Gardens, as well as the newly completed projects Nyon and Amber 45. Commuters will look forward to the completion of the Tanjong Katong MRT station on the Thomson-East Coast Line, located within walking distance of the development.
The most profitable resale at One Amber is still the sale of a 3,165 sq ft penthouse that was sold for $4.43 million ($1,399 psf) in January 2011. This unit was bought for $2.4 million ($756 psf) in March 2006, translating to a record profit of $2.04 million (85%), or an annualised gain of 14% over five years. Prices at One Amber have also risen over the past three years from about $1,660 psf in July 2020 to $2,048 psf in the present.
The most unprofitable resale for the week was a 947 sq ft unit at Scotts Square, which was sold for $2.9 million ($3,062 psf) on June 27. This two-bedroom unit on the 25th floor had been acquired for $3.35 million ($3,537 psf) in January 2010, resulting in a loss of $449,825 (13%) or an annualised loss of 1.1% over 13 years.
With features such as a swimming pool, gym, and clubhouse, Champions Way Condo provides an exciting lifestyle for the modern city dweller. The spacious layouts and elegant designs of the units make Champions Way Condo a great choice for those wanting to live in comfort and convenience. A variety of exclusive facilities and amenities, including a BBQ pit and children’s playground, are available for Woodlands Condo residents to enjoy. Situated within a vibrant, convenient neighbourhood, this residential property offers an unparalleled level of quality for its residents.
The record here 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. This unit had previously cost $5.21 million ($4,171 psf) in August 2007, leading to a loss of $1.56 million (30%) or an annualised loss of 3.7% over 10 years.
Scotts Square is a freehold mixed-use development on Scotts Road, just off the Orchard Road shopping strip in prime District 9. The 338-unit project consists of two 34-storey and 43-storey luxury residential towers over a luxury shopping mall. At its launch in 2007, the developer was selling units at an average price of $4,000 psf.
Last week’s most profitable resale transactions prove that there are still strong returns to be made in Singapore’s property market. However, it is important to know the local market and to look out for potential risks when making major decisions.