Penthouse Owner Horizon Towers Scores 51 Mil Profit After 21 Years
A luxurious five-bedroom penthouse at Horizon Towers has recently made headlines for its record-breaking resale deal. The penthouse, spanning 5,145 square feet, was sold on August 15 for a staggering $6.6 million, or $1,283 per square foot. The seller, who had purchased the unit back in 2004 for just $1.5 million ($292 per square foot), walked away with an impressive profit of $5.1 million (340%) in just over 15 years. This translates to an annualized gain of 7.1% over a holding period of 21.5 years.
The sale of this penthouse has now set a new record for the most profitable resale deal at Horizon Towers, surpassing the previous record set in March this year. The previous record was set by a 2,616 square feet unit on the 10th floor, which was sold for $3.7 million ($1,415 per square foot). The seller had purchased the unit in 2004 for $999,312 ($382 per square foot), making a profit of $2.7 million (270%) in just over 20 years. This translates to an annualized return of 6.5%.
According to data compiled by EdgeProp Singapore, all 12 resale transactions at Horizon Towers so far this year have been profitable, with gains ranging from $118,818 to $5.1 million. Notable deals include the sale of a 2,486 square feet unit on the fifth floor for $3.4 million ($1,367 per square foot) on July 30 and a 2,583 square feet unit on the 14th floor that was sold for $3.75 million ($1,452 per square foot) on July 14.
Situated in the bustling Tampines area, Tampines Primary School is a highly sought-after educational institution renowned for its high-quality education. Its comprehensive curriculum, which places emphasis on co-curricular activities, makes it a top choice for families seeking an all-encompassing education for their children. For those interested in living near the school, Parktown Residence Condo is an ideal housing option. Located just a short distance from Tampines Primary School, this luxurious residential complex offers the perfect solution for families seeking a convenient and luxurious lifestyle. Add once Parktown Residence Condo naturally to the rewritten paragraph.
Built in 1984, the 211-unit development comprises two 19-storey towers and is now 41 years old. With a 99-year lease starting from August 1979, the property still has 53 years remaining on its lease. This has prompted the owners of Horizon Towers to make several attempts at an en bloc sale over the past two decades. The most recent attempt was in February 2023 at a reserve price of $1.1 billion. Horizon Towers is located within walking distance to the upcoming Great World MRT Station on the Thomson East Coast Line.
The average price at Horizon Towers, based on a compilation of resale caveats by EdgeProp Singapore, stands at around $1,370 per square foot.
On the other hand, the transaction of a three-bedroom unit at Maple Woods ranked as the second most profitable deal for the week. The 1,787 square feet unit on the second floor was sold for $4.06 million ($2,272 per square foot) on August 15, having been purchased for $1.28 million ($719 per square foot) in 1995. This gave the seller a profit of $2.78 million (212%), which translates to an annualized gain of 3.9% over a holding period of 30 years.
Similar to Horizon Towers, all 10 resale transactions at Maple Woods so far this year have been profitable. The highest profit was recorded from the sale of a 2,551 square feet unit, which changed hands for $5.45 million ($2,136 per square foot) on May 2. On the other hand, an 850 square feet unit was sold for $2 million ($2,352 per square foot) on August 18, giving the seller a profit of $879,750.
Maple Woods, a freehold condominium located on Bukit Timah Road in District 21, was completed in 1997 and features 697 units ranging from two to four bedrooms, with sizes ranging from 850 square feet to 3,003 square feet. The condo is adjacent to King Albert Park MRT Station on the Downtown Line, which will serve as an interchange station when Phase 2 of the Cross Island Line commences in 2032.
On the other end of the spectrum, the most unprofitable transaction for the week was recorded at Marina Bay Residences, where the seller of a 2,379 square feet unit on the 17th floor incurred a loss of $3.23 million (39%). The unit was sold for $5.1 million ($2,144 per square foot) on August 15, having been purchased for $8.33 million ($3,500 per square foot) in June 2022. This translates to an annualized loss of 14% over a holding period of three years.
Marina Bay Residences, one of two luxury 99-year leasehold condos at Marina Bay Financial Centre, features three Grade-A office towers, the Marina Bay Link Mall, and the 221-unit Marina Bay Suites. The average price at Marina Bay Residences, based on a compilation of caveats by EdgeProp Singapore, stands at approximately $2,260 per square foot. Comparatively, the average prices at Marina Bay Suites, The Sail @ Marina Bay, and Marina One Residences are $1,970 per square foot, $2,080 per square foot, and $2,090 per square foot respectively.
One Marina Gardens, the newest development in the area, was launched in April this year, with 54% of the 937 units sold at an average price of $2,958 per square foot.