According to the latest property news by EdgeProp Singapore (last updated January 2021), a four-bedroom unit at Horizon Towers was sold for a price of $3.52 million, or $1,346 psf. This transaction earned the seller a whopping 235% profit, a total of $2.47 million. When annualized, it translates to a 7.3% profit over a 17-year holding period. This is just one of the most profitable deals in the property market for the week of January 12 to 19. Check out below which condominium developments gained the highest yields this week.
Horizon Towers at Leonie Hill Road (District 9)
Horizon Towers is a 99-year leasehold luxury property developed in 1984 by Horizon Towers Pre Ltd. The property is an 18-storey tower housing a total of 211 condo units. The record-high transaction was a spacious 2,616 sq ft unit located on the building’s 13th floor. The seller first bought it in November 2003 for a lower price of $1.05 million, or $401 psf. After it was sold again on January 15 of this year for $3.52 million, it earned the title of the most profitable deal at Horizon Towers since 1984.
The previous record was held by a transaction back in 2009 when a 19th-floor, 4,822 sq ft was sold for $4.7 million, or $975 psf. The sale took place seven years after the seller initially bought it in 2003 for $2.4 million, or $498 psf. In total, the property investment yielded a hefty $2.3 million
Horizon Towers is one of the luxury condominium developments sitting on Leonie Hill Road in District 9. This area is part of the prestigious Grange Road-Leonie Hill Road neighbourhood characterized by many high-end residential properties owned by many of Singapore’s most affluent residents. Some of the most notable condominiums in this area include New Futura, Leonie Condotel, The Ritz-Carlton Residences, Scotts Square, and Martin Modern. Leonie Hill Road is considered a prime real estate location due to its close proximity to many of the city-state’s most significant landmarks, commercial centers, and entertainment hubs. It’s also close to many elite, international schools like ISS Elementary and Middle School, and recreational members-only clubs, The American Club.
Horizon Towers is also close to the Somerset MRT Station and is just a short drive away from Singapore’s famous Orchard Road. Other nearby shopping and entertainment centers include Tanglin Mall, Robertson Quay, and Great World City.
The Arcadia at Arcadia Road (District 11)
Coming in second this week is a sale of a four-bedroom unit at The Arcadia. The fifth-floor unit is a spacious 3,757 sq ft home. It was put up for sale on January 12 for $3.54 million, or $941 psf. The transaction took place 19 years after it was bought from the property market at a significantly lower price of $1.27 million, or $339 psf. The transaction of this luxury condo unit yielded a 177% profit of $2.26 million. This roughly translates to an annualized gain of 5.5% for its entire 19-year holding period.
However, this transaction wasn’t able to trump a record-high sale at The Arcadia in August 2010. The highest profit ever gained in this property was for a massive 7,503 sq ft residence located on the 10th floor of the building. The seller initially bought it for $5.5 million, or $733 psf. After three and a half years, it was sold for $10 million, or $1,333 psf. The total profit gained was $4.5 million, which translates to an incredible 18.6% annual profit.
The Arcadia is a 99-year leasehold condominium development built in 1983 by Arcadia Gardens. It comprises 164 massive condo units, ranging from 3,466 sq ft to 7,502 sq ft. The property is notably near many reputable educational centers such as the National Junior College, Hwa Chong Institution, Nanyang Girls’ High School, and Raffles Girls’ Primary School.
Sky @ Eleven at Thomson Lane (District 11)
Another property located in District 11 had the highest profit this week. A 2,713 sq ft unit at Sky @ Eleven was put up for sale at a transacted price of $4.5 million, or $1,660 psf. This deal gained a 64% profit of $1.75 million. This roughly translates to an annualized profit of 3.6% for a 14-year holding period.
Sky @ Eleven is a freehold development located at Thomson Lane. It comprises 273 units spanning across its 42 floors. It’s situated near reputable schools such as Singapore Chinese Girls’ School, SJI International School, and St Joseph’s Institution.