Maple Woods topped the list of most profitable condo resale transactions for the week of Nov 12 to 19. A three-bedroom unit on the first floor was sold for $3.3 million ($2,144 psf) on Nov 15, making it the most profitable deal of the week. The seller had purchased the 1,539 sq ft unit in April 2009 for $1.28 million ($830 psf), raking in a profit of $2.02 million. This translates to a capital gain of 158% or an average profit of 10.6% per year over a holding period of 15 and a half years.
Located in prime District 10 on Bukit Timah Road, Maple Woods is a freehold condo built in 1997. It comprises 697 units of two- to four-bedrooms, ranging from 850 sq ft to 3,003 sq ft. The development is a five-minute walk from King Albert Park MRT Station on the Downtown Line and is also near prestigious schools such as Methodist Girls’ School and the Rail Corridor.
Apart from the most profitable deal, there were 10 other resale transactions at Maple Woods this year, all of which were profitable. The sellers made gains of at least $425,000 for each unit, with three units achieving profits of over $2 million.
The first unit was a three-bedroom unit on the eighth floor measuring 1,787 sq ft, which was sold for $3.75 million ($2,099 psf) on July 1997. The seller made a profit of $2.15 million after purchasing the unit in July 1997 for $1.6 million ($895 psf).
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Another 1,787 sq ft three-bedroom unit was sold on Sept 10. It changed hands for $3.82 million ($2,138 psf), netting a gain of $2.47 million for the seller who had bought the unit in March 2007 for $1.35 million ($756 psf). The third unit was a four-bedroom unit on the eighth floor, measuring 3,003 sq ft, which was sold for $5 million ($1,665 psf) on the same day. The seller, who had purchased the unit in September 1998 for $2.4 million ($798 psf), made a profit of $2.6 million.
Located on Clemenceau Avenue in District 9, near Clarke Quay, UE Square is a freehold mixed-use development that comprises a residential component and an office tower. The development houses 345 units, ranging from one- to five-bedrooms and penthouses, with sizes ranging from 506 sq ft to 2,379 sq ft. A 18-storey office tower and a four-storey shopping podium complete the development.
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), making it the second most profitable resale transaction for the week. The seller had purchased the unit in the sub-sale market in December 1997 for $1.3 million ($850 psf), earning a profit of $1.65 million (127%) after holding onto the property for nearly 27 years.
The most unprofitable transaction for the week took place at Tomlinson Heights on Nov 19. The 2,745 sq ft three-bedroom unit on the 19th floor was sold for $8.25 million ($3,006 psf), incurring a loss of $601,000 (6.8%) for the seller who had bought the property from the developer in February 2011 for $8.85 million ($3,225 psf).
Tomlinson Heights is a luxury freehold condo 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. It is situated off Orchard Boulevard and within walking distance of Orchard Road shopping belt. Only one other resale transaction has been registered at Tomlinson Heights since the start of the year, back on Jan 5, when another 2,745 sq ft unit was sold 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 gain of $2.12 million.