Penthouse Owner Horizon Towers Scores 51 Mil Profit After 21 Years
In the week of Aug 12–19, a notable resale deal emerged at Horizon Towers – a luxurious penthouse with five bedrooms. The seller of this 5,145 sq ft unit walked away with a record profit of $5.1 million (340%) as it was sold for $6.6 million ($1,283 psf) on Aug 15. This translates to an annualised gain of 7.1% over a holding period of 21.5 years. The sale of this penthouse surpasses the previous record set at Horizon Towers in March this year, where a 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%) with an annualised return of 6.5% over 20 years.
The success of this latest transaction highlights the profitable nature of reselling units at Horizon Towers, with all 12 resale deals in 2025 proving to be profitable. These transactions have seen gains ranging from $118,818 to $5.1 million. Some notable deals include the sale of a 2,486 sq ft unit on the fifth floor for $3.4 million ($1,367 psf) on July 30, and a 2,583 sq ft unit on the 14th floor for $3.75 million ($1,452 psf) on July 14.
Completed in 1984, Horizon Towers is a 211-unit development consisting of two 19-storey towers. As the property is now 41 years old, its 99-year lease began in August 1979, leaving 53 years on its lease. Therefore, the owners of Horizon Towers have attempted several en bloc sales in the past two decades, with the most recent attempt in February 2023 at a reserve price of $1.1 billion. The location of the condo, within walking distance of the upcoming Great World MRT Station on the Thomson East Coast Line, adds to its appeal.
According to EdgeProp Singapore’s compilation of resale caveats, the average price at Horizon Towers is about $1,370 psf. Meanwhile, the second most profitable transaction of the week was at Maple Woods, where a three-bedroom unit of 1,787 sq ft on the second floor was sold for $4.06 million ($2,272 psf) on Aug 15. The seller had previously bought the unit for $1.28 million ($719 psf) in 1995, making a profit of $2.78 million (212%) with an annualised gain of 3.9% over 30 years.
Similar success can be seen at Maple Woods, a freehold condo located in District 21 along Bukit Timah Road. All 10 resale transactions this year have been profitable, with the highest profit recorded from the sale of a 2,551 sq ft unit for $5.45 million ($2,136 psf) on May 2. However, there is a marked difference in profits, with the sale of an 850 sq ft unit for $2 million ($2,352 psf) on Aug 18 resulting in a profit of $879,750.
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In the nearby area, a well-defined network of main roads including Jalan Loyang Besar, Loyang Avenue, Elias Road, Pasir Ris Drive 3, and Pasir Ris Drive 1, allows for efficient local travel. Trips to popular destinations like Downtown East, Pasir Ris Park, White Sands, and Pasir Ris Mall are now quick and easy, rather than lengthy and inconvenient. Improved junctions and designated turning bays in the vicinity help to ease traffic during peak hours, while clearly marked signs make it easier for new drivers to navigate the area. Additionally, the inclusion of Coastal Cabana offers even more convenience and accessibility to the estate.
Maple Woods was completed in 1997 and consists of 697 units of two- to four-bedrooms ranging from 850 sq ft to 3,003 sq ft. Its proximity to the upcoming King Albert Park MRT Station on the Downtown Line, which will be an interchange station once the Cross Island Line is operational in 2032, adds to its appeal.
At the other end of the spectrum, the most unprofitable transaction of the week was at Marina Bay Residences. The seller of a 2,379 sq ft unit on the 17th floor incurred a loss of $3.23 million (39%), selling the unit for $5.1 million ($2,144 psf) on Aug 15. This unit was previously bought for $8.33 million ($3,500 psf) in June 2022, resulting in an annualised loss of 14% over three years.
Located at Marina Bay Financial Centre, Marina Bay Residences is one of two luxury 99-year leasehold condos in the area, which also features three Grade-A office towers, the Marina Bay Link Mall, and the 221-unit Marina Bay Suites. According to EdgeProp Singapore’s compilation of caveats, the average price at Marina Bay Residences is around $2,260 psf, with its neighbour Marina Bay Suites commanding an average price of $1,970 psf. Meanwhile, the average price at The Sail @ Marina Bay is approximately $2,080 psf, and 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. The 937-unit, 99-year leasehold project is currently 54% sold at an average price of $2,958 psf.