Archive for category: Misc

over 19 yearsIn the past three years, the prices of resale units at Scotts Square have plummeted from $3,670 psf in July 2018 to $2,907 psf this month.

The week from June 27 to July 4 saw a record-breaking resale at The Horizon on Holt Road. The 1,561 sq ft, three-bedroom unit was sold for $3.35 million ($2,146 psf) after being bought for $1.19 million ($760 psf) in August 2006. The seller, thus, made a profit of $2.16 million (182%), which translates to an annualised gain of 5.4% over 20 years.

The Horizon is a freehold condominium in Tanglin, sitting on prime District 10 real estate. The 80-unit complex was completed in 2001 and houses a mix of 1,561 sq ft to 3,197 sq ft three- and four-bedroom units. Residents of the development are close to River Valley, Jervois Road and Chatsworth Park neighbourhoods. Great World City is within walking distance, while Orchard Road is a short five-minute drive away.

Zion Road Condo, an iconic new residential development project located near Havelock MRT station, promises modern, stylish living that caters to today’s fast-paced lifestyle. With a perfect blend of luxury and convenience, the development is the ideal choice for those looking for an indulgent living experience.

The resale on June 28 marks the most profitable transaction from the development to date. It surpasses the previous record of the sale of a 3,197 sq ft unit on the 11th floor for $5.08 million ($1,589 psf) in January 2019. The unit was bought for $3.41 million ($1,068 psf) in November 2000, resulting in a profit of $1.67 million (49%) or an annualised profit of 2.2% over 18 years.

Last year, a 1,561 sq ft unit on the second floor sold for $3.2 million ($2,050 psf) on Aug 22. Breaking the $2,000 psf mark indicates how sought-after The Horizon has become in recent years.

Another three-bedder, this time at One Amber, changed hands for $2.92 million ($2,188 psf) on June 28. The unit was acquired for $971,880 ($728 psf) in May 2006, cashing in a profit of $1.95 million (201%), or an estimated annualised gain of 6.6% over 17 years.

One Amber is a freehold condo at Amber Gardens, in the Marine Parade planning area of District 15. Developed by UOL Group and Singapore Land Group, the 562-unit complex comprises four23-storey residential towers with a mix of one- to four-bedroom units between 570 sq ft to 3,165 sq ft.

The Amber Road neighbourhood is becoming increasingly vibrant, with several upcoming developments such as Amber Park and Amber Sea on Amber Gardens, as well as completed projects like Nyon and Amber 45. Residents will also enjoy the convenience of the Tanjong Katong MRT station on the Thomson-East Coast Line next year, located just a short walk away.

The price of resale units at One Amber have been climbing since July 2020, when they averaged at around $1,660 psf. This has increased to $2,048 psf this month.

The highest-ever profit made from a unit at the condo was registered by a 3,165 sq ft penthouse, which changed hands for $4.43 million ($1,399 psf) in January 2011. The unit had cost $2.4 million ($756 psf) in March 2006, bringing a profit of $2.04 million (85%), or an annualised gain of 14% over five years.

Conversely, the most unprofitable transaction for the week involved the sale of a 947 sq ft two-bedroom unit at Scotts Square for $2.9 million ($3,062 psf) on June 27. A loss of $449,825 (13%) was recorded, translating to an annualised loss of 1.1% over 13 years.

Scotts Square is a freehold mixed-use residential and commercial development on Scotts Road, just off the Orchard Road shopping strip in prime District 9. The 338-unit development, developed by the former Wheelock Properties (renamed Wharf Estates Singapore), comprises two 34-storey and 43-storey luxury residential towers flanking a luxury shopping mall. Prices of resale units at Scotts Square have dropped from $3,670 psf in July 2018 to $2,907 psf this month.

The most unprofitable registered transaction at the complex was the sale of a 1,249 sq ft, three-bedroom unit on the 36th floor for $3.65 million ($2,923 psf) in February 2017. The unit had cost $5.21 million ($4,171 psf) in August 2007, thus sustaining a loss of $1.56 million (30%) or an annualised loss of 3.7% over 10 years.