During the week of Nov 12 to 19, the most profitable condo resale transaction was recorded at Maple Woods with the sale of a three-bedroom unit for $3.3 million. Measuring 1,539 sq ft, the unit on the first floor was sold for $2,144 psf on Nov 15. The seller had purchased the unit in April 2009 for $1.28 million at $830 psf, making a profit of $2.02 million. This reflects a capital gain of 158% or an annualised profit of 10.6% over a holding period of approximately 15 and a half years.
Maple Woods is a freehold condo situated on Bukit Timah Road in prime District 10. Built in 1997, the development boasts a total of 697 units consisting of two to four-bedroom units ranging from 850 sq ft to 3,003 sq ft. It is just a five-minute walk from King Albert Park MRT Station on the Downtown Line and is in close proximity to reputable schools such as Methodist Girls’ School and the Rail Corridor.
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When it comes to investing in condos in Singapore, one cannot ignore the impact of the government’s property cooling measures. Throughout the years, the Singaporean government has implemented various measures to regulate the real estate market and discourage speculative buying. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may initially affect the profitability of condo investments, they ultimately contribute to the market’s long-term stability, creating a secure investment environment. New condo launches are also affected by these cooling measures and are a significant consideration for investors.
There have been 10 other resale transactions at Maple Woods this year according to available caveats. All of them have been profitable deals, with sellers making gains of at least $425,000. Three of these units even garnered profits of over $2 million. The first of these units is a 1,787 sq ft, three-bedroom unit on the eighth floor that was sold for $3.75 million at $2,099 psf, resulting in a profit of $2.15 million. The seller had bought the unit in July 1997 for $1.6 million at $895 psf.
The second unit, also a 1,787 sq ft, three-bedroom unit, was sold for $3.82 million ($2,138 psf) on Sept 10. The seller, who purchased the unit in March 2007 for $1.35 million ($756 psf), reaped a profit of $2.47 million. The third unit, also sold on Sept 10, is a 3,003 sq ft, four-bedroom unit on the eighth floor that changed hands for $5 million ($1,665 psf). The seller, who bought the unit in September 1998 for $2.4 million ($798 psf), made a gain of $2.6 million.
The second most profitable condo resale deal during the week took place at UE Square. On Nov 14, a three-bedroom unit measuring 1,528 sq ft on the seventh floor was sold for $2.95 million ($1,930 psf). The seller had acquired the unit through a sub-sale in December 1997 for $1.3 million ($850 psf). This resulted in a profit of $1.65 million (127%) over the span of almost 27 years.
This deal is the fourth most profitable resale transaction registered at UE Square. The record belongs to a four-bedroom penthouse spanning 3,089 sq ft that was sold for $6.27 million ($2,031 psf) on Oct 6, 2023. The seller, who bought the unit for $4.1 million ($1,327 psf) in December 2009, made a profit of $2.17 million.
UE Square is part of UE BizHub City, a mixed-use development along Clemenceau Avenue in District 9, close to Clarke Quay. It comprises an 18-storey office building with a four-storey shopping podium and a pair of 18-storey residential blocks that house 345 units. A service road divides the mixed-use development, separating the commercial tower from the two residential towers. UE Square boasts 345 residences consisting of one- to five-bedroom units ranging from 506 sq ft to 2,379 sq ft. There are also penthouses measuring 3,089 sq ft. The development is located near Fort Canning MRT Station on the Downtown Line.
Meanwhile, the most unprofitable condo resale transaction during the week was the sale of a three-bedroom unit at Tomlinson Heights. The 2,745 sq ft unit on the 19th floor was sold for $8.25 million ($3,006 psf) on Nov 19. The seller had purchased the unit from the developer in February 2011 for $8.85 million ($3,225 psf). This resulted in a loss of about $601,000 (6.8%) after owning the unit for almost 14 years.
Tomlinson Heights is a luxury 70-unit condo off Orchard Boulevard, comprising a 36-storey tower with a mix of three- and five-bedroom units ranging from 2,551 sq ft to 6,738 sq ft. Completed in 2014, the freehold development is within walking distance of malls along the Orchard Road shopping belt.
The unit sold on Nov 19 is the first caveated transaction at Tomlinson Heights since Jan 5, 2023, when another 2,745 sq ft unit changed hands for $10.5 million ($3,825 psf). The seller, who bought the unit from the developer in May 2011 for $8.38 million ($3,053 psf), made a profit of $2.12 million.