Archive for category: Misc

in nine years

The most profitable transaction of the week from June 27 to July 4 was the sale of a three-bedroom unit at The Horizon on Holt Road. The 1,561 sq ft seventh-floor unit was sold for an impressive $3.35 million ($2,146 psf), after it was acquired for just $1.19 million ($760 psf) in August 2006. This resulted in a profit of $2.16 million (182%) for the seller, which translates to a remarkable annualised gain of 5.4% over 20 years.

The Horizon is a freehold condo in the affluent Tanglin district in prime District 10. The 80-unit development was completed in 2001 and comprises a range of three- and four-bedroom units of sizes 1,561 sq ft to 3,197 sq ft. The condo’s location off River Valley Road is near to the River Valley, Jervois Road and Chatsworth Park neighbourhoods. Great World City is a quick walk away, while Orchard Road shopping belt is just a five-minute drive away.

This resale transaction of June 28 also set a record as the most profitable resale to date at the condo. The previous record was held by 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 when purchased in November 2000 ($1,068 psf). The seller made a impressive $1.67 million profit (49%), with an annualised profit of 2.2% over 18 years.

Last August, a 1,561 sq ft unit on the second floor was sold for $3.2 million ($2,050 psf) on Aug 22. It was the first resale unit at The Horizon to cross the $2,000 psf threshold, now surpassed by the sale of the three-bedder on June 28.

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. This unit was originally bought for $971,880 ($728 psf) in May 2006, returning a whopping $1.95 million profit (201%) for the seller. This translates to a handsome annualised gain of 6.6% over 17 years.

One Amber is a freehold condo at Amber Gardens, off Amber Road in prime District 15. The 562-unit development was developed by UOL Group and Singapore Land Group, and completed in 2010. It consists of four 23-storey residential towers housing one- to four-bedroom units of 570 sq ft to 3,165 sq ft.

The Amber Road residential neighbourhood features high-rise developments such as the upcoming Amber Park and Amber Sea on Amber Gardens and newly completed projects such as Nyon and Amber 45. Soon, the residents of this area can look forward to the opening of the Tanjong Katong MRT station on the new Thomson-East Coast Line.

The most profitable resale at One Amber dates back to January 2011 when a 3,165 sq ft penthouse changed hands for $4.43 million ($1,399 psf). The same unit had been bought for $2.4 million ($756 psf) in March 2006, making a profit of $2.04 million (85%) for the seller, with an annualised gain of a staggering 14% over 5 years. Prices at One Amber have been on the rise, increasing from around $1,660 psf in July 2020 to $2,048 psf in July 2021.

Unfortunately, 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 after it was purchased for $3.35 million ($3,537 psf) in January 2010. The seller lost $449,825 (13%), translating into an annualised loss of 1.1% over 13 years.

This is far from the record loss at Scotts Square, which was set 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 been bought for $5.21 million ($4,171 psf) in August 2007. The seller made a loss of a whopping $1.56 million (30%) or an annualised loss of 3.7% over 10 years.

Such activities are important, as living in a Tampines Condo does not offer the same opportunities to socialize as living in one that is connected to a community club. Furthermore, Tampines Avenue 11 Condo provides recreational amenities such as an Olympic-sized swimming pool and a rooftop sky garden that offers breathtaking views of the city. Residents can also take advantage of the spa, gym, outdoor tennis court, and a playground ensuring there is something for everyone.

Scotts Square is a freehold mixed-use residential and commercial development located 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 (now Wharf Estates Singapore). It consists of two 34-storey and 43-storey luxury residential towers along with a luxury shopping mall. Units were initially sold by the developer for around $4,000 psf.

These transactions prove that for those looking for profit, now is the best time to buy and sell property in Singapore. Whether you are a beginner or an expert, it is always wise to be informed on everything relating to the local property market.