The most profitable condo resale deal during the week of Nov 12 to 19 was the sale of a three-bedroom unit at Maple Woods. The 1,539 sq ft unit, located on the first floor, sold for $3.3 million ($2,144 psf) on Nov 15. The seller had previously purchased the unit in April 2009 for $1.28 million ($830 psf), resulting in a profit of $2.02 million. This translates to a 158% capital gain for the seller, 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, it features 697 units ranging from two to four bedrooms, with sizes 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 also in close proximity to prestigious schools like the Methodist Girls’ School and the Rail Corridor.
The development has seen 10 other resale transactions this year, all of which have been profitable deals. Three of the units sold garnered profits of over $2 million. The first unit is a three-bedroom, 1,787 sq ft unit on the eighth floor that was sold for $3.75 million ($2,099 psf) in July 1997. The seller made a profit of $2.15 million, having purchased the unit for $1.6 million ($895 psf).
The second unit, a 1,787 sq ft, three-bedroom unit, was sold for $3.82 million ($2,138 psf) on Sept 10. The seller, who bought the unit in March 2007 for $1.35 million ($756 psf), made a profit of $2.47 million. The third unit, a 3,003 sq ft, four-bedroom unit on the eighth floor, was also sold on Sept 10 for $5 million ($1,665 psf). The seller, who bought the unit in September 1998 for $2.4 million ($798 psf), made a profit of $2.6 million.
The second most profitable condo resale transaction during the week took place at UE Square. The seventh-floor, three-bedroom unit measuring 1,528 sq ft was sold for $2.95 million ($1,930 psf) on Nov 14. The seller had acquired the unit through a sub-sale in December 1997 for $1.3 million ($850 psf), resulting in a profit of $1.65 million (127%) after owning the unit for nearly 27 years.
This deal is the fourth most profitable resale transaction ever registered 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 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 and close to Clarke Quay. It comprises an 18-storey commercial tower, a four-storey shopping podium and a pair of 18-storey residential towers that house 345 units. A service road separates the residential and commercial components of the development.
The 345 residences at UE Square consist of one- to five-bedroom units ranging from 506 sq ft to 2,379 sq ft, as well as penthouses of 3,089 sq ft. The development is situated near the 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, located on the 19th floor, changed hands for $8.25 million ($3,006 psf) on Nov 19. However, the seller had purchased the unit from the developer in February 2011 for $8.85 million ($3,225 psf), resulting in a loss of around $601,000 (6.8%) after a holding period of almost 14 years.
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Tomlinson Heights is a luxury condo with 70 units, situated off Orchard Boulevard, just a stone’s throw from Orchard Road. It features 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 the shopping malls along Orchard Road.
The transaction recorded on Nov 19 was the first caveated resale transaction at Tomlinson Heights since Jan 5, 2023, when another 2,745 sq ft unit was sold for $10.5 million ($3,825 psf). The seller of this particular unit bought it from the developer in May 2011 for $8.38 million ($3,053 psf), making a profit of $2.12 million.