SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Horizon Towers was the most profitable deal during the week of Jan 12 to 19. The 2,616 sq ft unit on the 13th floor was purchased in November 2003 for $1.05 million ($401 psf) and sold on Jan 15 for $3.52 million ($1,346 psf). The seller therefore gained a 235% profit of $2.47 million, which is annualised at 7.3% over 17 years.
The transaction is also the most profitable deal at Horizon Towers so far. Previously, the record was held by the sale of a 19th-floor, 4,822 sq ft unit in August 2009. It was sold for $4.7 million ($975 psf), almost seven years after it was purchased in October 2002 for $2.4 million ($498 psf), and the seller made a profit of $2.3 million.
Horizon Towers is a 99-year leasehold condominium at 15 Leonie Hill Road in prime District 9. The 18-storey building comprises a total of 211 units. Completed in 1984, it was developed by boutique property developer Horizon Towers. The development has 58 years left on its lease. It is within a 10-minute walk to Somerset MRT Station and is a short drive to the Orchard Road shopping belt, Great World City shopping centre, Tanglin Mall and Robertson Quay. The project attempted to go on collective sale in July 2018 and again in January 2019, to no avail.
The second most profitable deal was the sale of a 3,757 sq ft, four-bedroom unit at The Arcadia. The fifth-floor unit changed hands on Jan 12 for $3.54 million ($941 psf), almost 19 years after it was purchased in February 2002 for $1.27 million ($339 psf). The seller therefore gained a 177% profit of $2.26 million, which translates to an annualised profit of 5.5%.
The Arcadia is a 164-unit condominium along Arcadia Road in District 11. Completed in 1983, the 99-year leasehold project was developed by Arcadia Gardens. It has 58 years left on its lease. Units in the project are larger than average, ranging from 3,466 sq ft to 7,502 sq ft. Schools in the vicinity include Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution and National Junior College.
The highest profit ever gained by a seller at The Arcadia occurred in August 2010. The seller bought a 7,503 sq ft, 10th-floor unit for $5.5 million ($733 psf) and sold it 3½ years later for $10 million ($1,333 psf), earning a profit of $4.5 million, which is annualised at 18.6%.
The third most profitable deal of the week was also achieved in District 11. A 2,713 sq ft, four-bedroom unit on the 11th floor at Sky @ Eleven earned the seller a 64% profit of $1.75 million when it was transacted at $4.5 million ($1,660 psf) on Jan 15. It was previously purchased for $2.75 million ($1,015 psf) in April 2007. The profit is therefore annualised at 3.6% over almost 14 years.
Sky @ Eleven is a freehold condominium along Thomson Lane comprising 273 units spread across 42 floors. It was developed by Times Development, a subsidiary of Singapore Press Holdings. Nearby schools include SJI International School, St Joseph’s Institution and Singapore Chinese Girls’ School. It is within a 10-minute drive to Bishan Junction 8 and shopping malls at Novena, such as Square 2 and Velocity @ Novena Square.
The highest profit ever gained at Sky @ Eleven is from the sale of a 2,713 sq ft, four-bedroom unit on the ninth floor. Previously bought in March 2007 for $2.43 million ($894 psf), it was sold in October 2012 for $4.61 million ($1,700 psf). The seller therefore gained a profit of $2.18 million, which is annualised at 12.2% over 5½ years.
Check out the latest listings near Horizon Towers, The Arcadia, Sky @ Eleven, Novena, Leonie Hill Road, Somerset MRT Station, Raffles Girls’ Primary School, Nanyang Girls’ High School, Hwa Chong Institution and National Junior College
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