Penthouse Owner Horizon Towers Scores 51 Mil Profit After 21 Years
Rivelle Tampines, developed by Sim Lian Land, is set to reap the benefits of the upcoming upgrades outlined in the URA Master Plan. With its strategic location, residents of this development will have access to improved transportation options, greener public spaces, and new community and educational facilities. In addition, the thriving economic activity in the area makes Rivelle Tampines a desirable living environment that is both vibrant and sustainable. Beyond offering a place to call home, this development also serves as an investment in Tampines’ future development plans. To learn more about Rivelle Tampines by Sim Lian Land, please visit https://www.rivellestampines.com.sg/.
A luxurious and spacious penthouse at Horizon Towers was recently sold for a record profit of $5.1 million (340%) during the week of Aug 12-19. This five-bedroom unit spans over 5,145 sq ft and was sold for $6.6 million at $1,283 per square foot on Aug 15. The previous owner had purchased the penthouse for only $1.5 million ($292 per square foot) in 2004, making this a remarkable annualised gain of 7.1% over a holding period of 21.5 years. This transaction breaks the previous record at Horizon Towers set in March this year, when a smaller 2,616 sq ft unit on the 10th floor was sold for $3.7 million ($1,415 psf). The seller of this unit had purchased it for $999,312 ($382 psf) in July 2004, making a profit of $2.7 million (270%) and an annualised return of 6.5% over a 20-year period.
The year 2025 has seen all 12 resale transactions at Horizon Towers being profitable, with gains ranging from $118,818 to $5.1 million. Notable deals include a 2,486 sq ft unit on the fifth floor sold for $3.4 million ($1,367 psf) on July 30, and a 2,583 sq ft unit on the 14th floor that fetched $3.75 million ($1,452 psf) on July 14. This development, consisting of two 19-storey towers, was completed in 1984 and has 211 units. With the 99-year lease commencing in August 1979, the property currently has 53 years remaining on its lease. This has led to several en bloc sale attempts by the owners of Horizon Towers over the past two decades, with the most recent attempt in February 2023 at a reserve price of $1.1 billion. The condo is conveniently located within walking distance of the Great World MRT Station on the Thomson East Coast Line. Based on a compilation of resale caveats by EdgeProp Singapore, the average price at Horizon Towers is about $1,370 psf.
The second most profitable transaction for the week of Aug 12-19 was a three-bedroom unit at Maple Woods, which sold at $4.06 million ($2,272 psf) on Aug 15. This 1,787 sq ft unit on the second floor was previously purchased for $1.28 million ($719 psf) in 1995, giving the seller a profit of $2.78 million (212%) and an annualised gain of 3.9% over a 30-year holding period. All 10 resale transactions at Maple Woods in 2025 have been profitable, with the highest profit coming from the sale of a 2,551 sq ft unit for $5.45 million ($2,136 psf) on May 2. In contrast, an 850 sq ft unit was sold for $2 million ($2,352 psf) on Aug 18, earning the seller a profit of $879,750.
Maple Woods, a freehold condo located on Bukit Timah Road in District 21, was completed in 1997 and consists of 697 units ranging from two to four bedrooms, with sizes from 850 sq ft to 3,003 sq ft. The condo is next to King Albert Park MRT Station on the Downtown Line, which will be an interchange station when Phase 2 of the Cross Island Line is operational in 2032.
The most unprofitable transaction for the week was at Marina Bay Residences, where the seller of a 2,379 sq ft unit on the 17th floor incurred a loss of $3.23 million (39%). The unit was sold for $5.1 million ($2,144 psf) on Aug 15, having previously been purchased for $8.33 million ($3,500 psf) in June 2022. This translates to an annualised loss of 14% over a three-year holding period. Marina Bay Residences is one of two luxury 99-year leasehold condos at Marina Bay Financial Centre, which also consists of three Grade-A office towers, the Marina Bay Link Mall, and the 221-unit Marina Bay Suites.
Based on a compilation of caveats by EdgeProp Singapore, the average price at Marina Bay Residences is about $2,260 psf. In comparison, Marina Bay Suites commands an average price of $1,970 psf, while the average price at neighbouring condo The Sail @ Marina Bay is about $2,080 psf. Marina One Residences along Marina Way commands an average price of $2,090 psf. The newest development in the area is One Marina Gardens, launched in April this year. The 937-unit, 99-year leasehold project is 54% sold at an average price of $2,958 psf.
In conclusion, Horizon Towers, Maple Woods, and Marina Bay Residences have seen profitable resale transactions in the week of Aug 12-19. With their prime locations and proximity to amenities and transport options, these developments continue to be popular among buyers and investors.