The demand for condos in Singapore remains consistently high due to the limited availability of land. As a small island country with a rapidly increasing population, Singapore has been facing challenges in finding suitable land for development. This has resulted in stringent land use regulations and a highly competitive real estate market, causing property prices to continuously surge. As a result, investing in real estate, specifically in condos, has become a highly profitable option with the potential for significant capital appreciation. To explore the latest Singapore Condo options, visit https://www.ananar.com/.
Maple Woods condominium has made headlines as the most profitable resale transaction during the week of Nov 12 to 19, with the sale of a three-bedroom unit on the first floor for a whopping $3.3 million. The 1,539 sq ft unit was sold at a rate of $2,144 per square foot on Nov 15, reflecting a significant increase from its initial purchase price of $1.28 million ($830 per square foot) in April 2009. This resulted in a profit of $2.02 million for the seller, representing a capital gain of 158% or an annualised profit of 10.6% over a holding period of about 15½ years.
Situated in prime District 10 along Bukit Timah Road, Maple Woods is a freehold condominium that was built in 1997. It comprises 697 units ranging from two to four-bedroom apartments, with sizes ranging from 850 sq ft to 3,003 sq ft. The development boasts a strategic location, being just a five-minute walk from King Albert Park MRT Station on the Downtown Line. Additionally, it is within close proximity to reputable schools such as Methodist Girls’ School and the Rail Corridor.
This year, 10 other resale transactions have taken place at Maple Woods, all of which have been profitable deals. Sellers have made gains of at least $425,000, with three units selling for over $2 million. The first was a 1,787 sq ft, three-bedroom unit on the eighth floor that sold for $3.75 million ($2,099 psf) on July 1997, making a profit of $2.15 million. The second unit was a 1,787 sq ft, three-bedroom unit that sold for $3.82 million ($2,138 psf) on Sept 10. And finally, the third unit was a 3,003 sq ft, four-bedroom unit that was sold on Sept 10 for $5 million ($1,665 psf). These transactions resulted in profits of $2.47 million and $2.6 million respectively.
The second most profitable condo resale deal during the week took place at UE Square, with a three-bedroom unit measuring 1,528 sq ft on the seventh floor fetching $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 gain of $1.65 million (127%) after owning the unit for nearly 27 years.
This marked the fourth most profitable resale transaction recorded at UE Square, with the record still belonging to a four-bedroom penthouse spanning 3,089 sq ft that changed hands 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 gain of $2.17 million.
The most unprofitable condo resale transaction during the week was the sale of a 2,745 sq ft unit at Tomlinson Heights for $8.25 million ($3,006 psf) on Nov 19, resulting in a loss of approximately $601,000 (6.8%). The seller had purchased the unit from the developer in February 2011 for $8.85 million ($3,225 psf).
Tomlinson Heights is a luxury 70-unit condominium located off Orchard Boulevard in District 9. 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, this freehold development was completed in 2014 and is situated within walking distance of malls along the Orchard Road shopping belt.