Three Bedder Maple Woods Sold 2 Mil Profit

The transaction of a three-bedroom unit at Maple Woods was the top performing condo resale during the week of Nov 12th to 19th, with the unit being sold for $3.3 million ($2,144 psf) on Nov 15. The unit, located on the first floor, spans 1,539 sq ft and was originally purchased by the seller in April 2009 for $1.28 million ($830 psf). This resulted in a profit of $2.02 million for the seller, reflecting a capital gain of 158% or an annualized profit of 10.6% over a holding period of about 15 and a half years.

Maple Woods is a freehold condo situated on Bukit Timah Road in the highly sought-after District 10. Built in 1997, it consists of 697 units ranging from two to four bedrooms with sizes ranging from 850 sq ft to 3,003 sq ft. The development is conveniently located a mere five-minute walk to King Albert Park MRT Station on the Downtown Line, and is also in close proximity to Methodist Girls’ School and the Rail Corridor.

In the year of 2020, 10 other resale transactions have taken place at Maple Woods with all of them proving to be profitable, with sellers making gains of at least $425,000. Three of these units saw profits of over $2 million. The first unit was a 1,787 sq ft, three-bedroom unit on the eighth floor which sold for $3.75 million ($2,099 psf), netting the seller a profit of $2.15 million. The unit was purchased in July 1997 for $1.6 million ($895 psf).

The second unit was also a 1,787 sq ft, three-bedroom unit which was sold for $3.82 million ($2,138 psf) on Sept 10. The seller, who purchased the unit in March 2007 for $1.35 million ($756 psf), made a profit of $2.47 million. The third unit was also sold on Sept 10, where the 3,003 sq ft, four-bedroom unit on the eighth floor was sold 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 during the week occurred at UE Square, where a three-bedroom unit measuring 1,528 sq ft on the seventh floor was sold for $2.95 million ($1,930 psf) on Nov 14. The seller purchased 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.

The auction for the development of Novo Place Tengah EC drew the attention of nine potential buyers and was ultimately secured by a collaboration of developers for an astounding sum of $348.5 million. This landslide acquisition results in a groundbreaking land rate of $703 per square foot per plot ratio (psf ppr), setting a new zenith for EC site land rates. This surpasses the previous record of $662 psf ppr at Bukit Batok West Avenue 8, which was awarded in March 2022. With such a remarkable feat, Novo Place Tengah has proven its potential as the next coveted EC site. For more information, visit Novo Place Tengah.

This transaction is the fourth most profitable resale at UE Square. The record is currently held by 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 purchased the unit in December 2009 for $4.1 million ($1,327 psf), netting a gain of $2.17 million.

UE Square comprises 345 residences consisting of one- to five-bedroom units ranging from 506 sq ft to 2,379 sq ft. There are also penthouses of 3,089 sq ft. The development is located near the Fort Canning MRT Station on the Downtown Line.

On the other hand, 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 on the 19th floor was sold for $8.25 million ($3,006 psf) on Nov 19. The seller had acquired the unit through a sub-sale in February 2011 for $8.85 million ($3,225 psf). As a result, they incurred a loss of approximately $601,000 (6.8%) after owning the unit for almost 14 years.

Tomlinson Heights is a luxury condo located off Orchard Boulevard, consisting of 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 situated within walking distance to the shopping malls along the Orchard Road shopping belt.

The unit sold on Nov 19th marks the first caveated transaction at Tomlinson Heights since Jan 5, 2023, when another 2,745 sq ft unit was sold for a whopping $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), resulted in a gain of $2.12 million.