The resale of a three-bedroom condominium unit at Maple Woods was the most lucrative transaction during the week of November 12 to 19. The unit, measuring 1,539 square feet and located on the first floor, was sold for $3.3 million on November 15, at a rate of $2,144 per square foot. The seller had initially bought the unit in April 2009 for $1.28 million, at a rate of $830 per square foot. This resulted in a profit of $2.02 million, reflecting a capital gain of 158% or an annualised profit of 10.6% over a holding period of around 15 and a half years.
Maple Woods is a freehold condominium situated on Bukit Timah Road in the prestigious District 10. Developed in 1997, it has a total of 697 units ranging from two to four bedrooms, measuring between 850 square feet to 3,003 square feet. The development is a short five-minute walk from the King Albert Park MRT Station on the Downtown Line, in addition to being in close proximity to reputable schools such as Methodist Girls’ School and the Rail Corridor.
There have been a total of 10 other resale transactions at Maple Woods this year. Available caveats show that all of them have been profitable deals, with the sellers earning gains of at least $425,000. Three of the units sold recorded profits of over $2 million. The first was a three-bedroom unit measuring 1,787 square feet on the eighth floor, which sold for $3.75 million at a rate of $2,099 per square foot. This resulted in a profit of $2.15 million for the seller, who had purchased the unit in July 1997 for $1.6 million at a rate of $895 per square foot.
The second unit, also measuring 1,787 square feet and with three bedrooms, was sold for $3.82 million on September 10, at a rate of $2,138 per square foot. The seller, who had purchased the unit in March 2007 for $1.35 million at a rate of $756 per square foot, earned a profit of $2.47 million. Finally, the third unit was sold on the same date, with the 3,003 square feet, four-bedroom unit on the eighth floor fetching $5 million at a rate of $1,665 per square foot. The seller, who had bought the unit in September 1998 for $2.4 million at a rate of $798 per square foot, made a profit of $2.6 million.
The second most profitable condo resale deal of the week took place at UE Square. A three-bedroom unit measuring 1,528 square feet and located on the seventh floor was sold for $2.95 million on November 14, at a rate of $1,930 per square foot. The seller had originally acquired the unit through a sub-sale in December 1997 for $1.3 million, at a rate of $850 per square foot. This meant that the seller earned a gain of $1.65 million, or 127%, after owning the unit for almost 27 years.
When considering investing in a condo in Singapore, it is important to take into account the government’s property cooling measures. Singapore’s government has continuously implemented measures to prevent speculative buying and maintain a steady real estate market. One of these measures is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those buying multiple properties. While these measures may affect the immediate profitability of condo investments, they also contribute to the market’s long-term stability, creating a more secure investment environment. Singapore Projects can also be a valuable addition to this analysis.
The deal is the fourth most profitable resale transaction registered at UE Square. The record belongs to a four-bedroom penthouse measuring 3,089 square feet, which was sold for $6.27 million at a rate of $2,031 per square foot on October 6, 2023. The seller had originally bought the unit in December 2019 for $4.1 million, at a rate of $1,327 per square foot, resulting in a profit of $2.17 million.
UE Square is a part of UE BizHub City, a mixed-use development located on Clemenceau Avenue in District 9, near Clarke Quay. It consists of an 18-storey office building featuring a four-storey shopping podium, as well as two residential blocks with a total of 345 units. The commercial tower and the two residential towers are separated by a service road.
UE Square has a total of 345 residences, comprising of one- to five-bedroom units measuring between 506 square feet to 2,379 square feet, as well as penthouses measuring 3,089 square feet. The development is only a short distance away from the Fort Canning MRT Station on the Downtown Line.
As for the most unprofitable condo resale transaction of the week, it took place at Tomlinson Heights, where a three-bedroom unit measuring 2,745 square feet on the 19th floor was sold for $8.25 million on November 19, at a rate of $3,006 per square foot. The seller had originally purchased the unit from the developer in February 2011 for $8.85 million, at a rate of $3,225 per square foot. As a result, they incurred a loss of about $601,000, or 6.8%, after owning the unit for almost 14 years.
Tomlinson Heights is a luxurious 70-unit condo located off Orchard Boulevard, comprising of a 36-storey tower with a mix of three and five-bedroom units measuring between 2,551 square feet and 6,738 square feet. Completed in 2014, the freehold development is in close proximity to shopping malls along the Orchard Road shopping belt.
The unit sold on November 19 is the first caveated transaction at Tomlinson Heights since January 5, 2023, when another 2,745 square feet unit was sold for $10.5 million at a rate of $3,825 per square foot. The seller, who had originally bought the unit from the developer in May 2011 for $8.38 million at a rate of $3,053 per square foot, earned a gain of $2.12 million.