During the week of November 12 to 19, the sale of a three-bedroom unit at Maple Woods stood out as the most profitable condo resale transaction. The 1,539 sq ft unit, located on the first floor, was sold for a whopping $3.3 million, equating to $2,144 psf. The transaction took place on November 15, with the seller having purchased the unit back in April 2009 for $1.28 million, at a rate of $830 psf. This resulted in a profit of $2.02 million, reflecting a capital gain of 158% for the seller, or an annualized profit of 10.6% over a holding period of approximately 15 and a half years.
Situated in prime District 10 on Bukit Timah Road, Maple Woods is a freehold condominium that was built in 1997. It comprises 697 residences, ranging from two to four bedrooms and spanning from 850 sq ft to 3,003 sq ft. Conveniently located within a five-minute walk to King Albert Park MRT Station on the Downtown Line, Maple Woods is also in close proximity to Methodist Girls’ School and the Rail Corridor.
Notably, there were 10 other resale transactions at Maple Woods this year, and all of them were profitable deals with the sellers making gains of at least $425,000. Three of the units sold even made profits of over $2 million. The first was a 1,787 sq ft three-bedroom unit on the eighth floor, which was sold for $3.75 million ($2,099 psf), resulting in a profit of $2.15 million for the seller. They had initially purchased the unit in July 1997 for $1.6 million ($895 psf).
The second unit was a 1,787 sq ft three-bedroom unit that was sold for $3.82 million ($2,138 psf) on September 10. The seller, who had bought the unit in March 2007 for $1.35 million ($756 psf), made a substantial profit of $2.47 million. Meanwhile, the third unit, a 3,003 sq ft four-bedroom unit on the eighth floor, was sold on the same day, for $5 million ($1,665 psf). The seller, who had initially bought the unit in September 1998 for $2.4 million ($798 psf), gained $2.6 million from the sale.
Ranking second in terms of profitability for condo resale deals during the week, UE Square saw a three-bedroom unit measuring 1,528 sq ft on the seventh floor being sold for $2.95 million ($1,930 psf) on November 14. The seller had acquired the unit through a sub-sale in December 1997 for $1.3 million ($850 psf), resulting in a gain of $1.65 million, or 127%, after owning the unit for nearly 27 years.
In fact, this deal is currently the fourth most profitable resale transaction at UE Square. The record belongs to a four-bedroom penthouse spanning 3,089 sq ft, which was sold for $6.27 million ($2,031 psf) on October 6, 2023. The seller had initially bought the unit for $4.1 million ($1,327 psf) in December 2009, netting a profit of $2.17 million.
Located along Clemenceau Avenue in District 9, UE Square is part of UE BizHub City, a mixed-use development that comprises an 18-storey office building, a four-storey shopping podium, and two 18-storey residential blocks, housing a total of 345 units. The development is conveniently located near Clarke Quay and comprises one- to five-bedroom units spanning from 506 sq ft to 2,379 sq ft, as well as penthouses spanning 3,089 sq ft. It is also close to the Fort Canning MRT Station on the Downtown Line.
On the other end of the spectrum, the most unprofitable condo resale transaction during the week was at Tomlinson Heights, where a 2,745 sq ft unit on the 19th floor was sold for $8.25 million ($3,006 psf) on November 19. The seller had bought the unit from the developer in February 2011 for $8.85 million ($3,225 psf), incurring a loss of approximately $601,000 (6.8%) after owning the unit for almost 14 years.
When contemplating a condominium investment, it is crucial to evaluate the potential rental yield. This is measured as the annual rental income as a percentage of the property’s purchase price. In
Situated on Orchard Boulevard, Tomlinson Heights is a luxury condo that comprises a 36-storey tower and a mix of three- and five-bedroom units ranging from 2,551 sq ft to 6,738 sq ft. Completed in 2014, this freehold development is within walking distance to the malls along Orchard Road.
Interestingly, the unit sold on November 19 is the first caveated transaction at Tomlinson Heights since January 5, 2023, when another 2,745 sq ft unit was sold for $10.5 million ($3,825 psf). The seller had bought the unit from the developer in May 2011 for $8.38 million ($3,053 psf), making a gain of $2.12 million.