The Horizon’s resale generates a record $2.16 million profit

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Read more: SRI will auction off the Seascape facility on July 20

SRI will auction off the Seascape facility on July 20

The most profitable deal which was reported from June 27 through July 4, was the purchase of 1,561 square foot three-bedroom apartment at The Horizon on Holt Road. The unit on the seventh floor was sold at $3.35 million ($2,146 per square foot) in June, after it was bought at $1.19 million ($760 per sq ft) in August of 2006. In the end, the seller earned $2.16 millions (182%), translating to an annual increase in the range of 5.4% over 20 years.

Horizon Horizon is an undeveloped condo with freehold rights located in Tanglin in District 10’s most sought-after. The development of 80 units was completed in the year 2001 and includes a mix of three and four-bedroom units ranging from 1,561 sq ft up to 3,197 square feet.

The location of the condo is off River Valley Road is near the River Valley, Jervois Road and Chatsworth Park neighbourhoods. Great World City is about 500m away away from The Horizon, while the Orchard Road shopping belt is just five minutes from the condo.

The resale deal on June 28 is also the highest-profit resales at the condo so far. It is higher than the previous record set by selling a 3197 square feet unit on the 11th floor which was purchased to the value of $5.08 million ($1,589 per square foot) in January of this year. The unit was $3.41 million ($1,068 per square foot) when it was purchased during November of 2000. So, the seller made an income in the amount of $1.67 millions (49%), which is equivalent to an annualized gain in the range of 2.2% over 18 years.

The previous year the 1,561 square foot unit located on the second floor was purchased to a buyer for $3.2 million ($2,050 per square foot) on the 22nd of August. It was the first resale unit in the Horizon to exceed the threshold of $2,000 per square foot. The next resale was the three bedder that was sold on June 28, this year.

This month also witnessed the auction of a 1,335 square foot 3 bedroom unit in One Amber for $2.92 million ($2,188 per sq ft) on June 28. The property was purchased at $971,880 ($728 per square foot) in May 2006. The seller made profits in the amount of $1.95 Million (201%), or an annual increase in the range of 6.6% over 17 years.

One Amber is a condo that is freehold located in Amber Gardens, off Amber Road. It is situated within the Marine Parade planning area in District 15 in the heart of. The 562-unit project was created in partnership with UOL Group and Singapore Land Group which was it was completed in the year the year 2010. It consists of four 23-storey residential towers, each with one-to-four-bedroom apartments with a size of 570 sq feet to 3,165 sq feet.

Amber Road is an Amber Road residential neighbourhood features high-rises, such as the upcoming Amber Park and Amber Sea on Amber Gardens and newly completed projects like Nyon as well as Amber 45.

The residents of Amber Gardens-Amber Road enclave are looking at the future with anticipation of an opening ceremony for this Tanjong Katong MRT station on the Thomson-East Coast Line, which is just a short walk away.

The most profitable resale that was made at One Amber was the sale of a 3,165 square ft penthouse which sold at $4.43 million ($1,399 per square foot) in January of 2011. The property was bought at $2.4 million ($756 per square foot) on March 6, 2006. This led to an all-time high profit that was $2.04 Million (85%), or an annualized increase in the region of 14% over the course of five years.

The prices of One Amber have climbed over the last three years, rising from around $1,660 per psf in July 2020, to $2,048 this month.

On the other hand the most profitable deal of this week was the sale of a 947 sq. ft apartment at Scotts Square. The two-bedroom unit located on the 25th floor of Scotts Square was sold at $2.9 million ($3,062 per square foot) on the 27th of June. It was bought at $3.35 million ($3,537 per square foot) in January 2010. The seller lost $449,825 (13%), translating into a loss per year that was 1.1% over 13 years.

This is not as high as the record loss recorded at Scotts Square, which was made by the sale one square foot located on the 36th level, that was offered to the buyer for $3.65 million ($2,923 per square foot) in February of 2017. The unit was previously valued at $5.21 million ($4,171 per square foot) during August 2007. The result was the loss that was $1.56 millions (30%) or an annualized decrease that was 3.7% over 10 years.

Scotts Square is freehold mixed-use residential as well as commercial development located on Scotts Road, just off the Orchard Road shopping strip in the District 9 district in Singapore. The 338-unit development was designed in the past by Wheelock Properties (renamed Wharf Estates Singapore). The complex is comprised of two 34- high luxury towers set on the top of a posh shopping mall. In 2007, when it first opened the developer was offering units for sale for sale at an average of $4,000 per square foot.