Goodwood penthouse sold for $32 million, seller made $16.4 million

Goodwood Residence is a popular condo amongst PRs and foreigners looking for a luxury lifestyle in prime District 10. A massive 10,710 sq ft penthouse unit of this development was recently sold for $32 million, or $2,988 psf.

Located in District 10 along Bukit Timah Road, Goodwood Residence is a 24,608 sqm site, boasting a total of 210-units and a plot ratio of 1.62. Over the past year, the development has seen 65 recorded resale transactions, with 53 of them proving profitable. This suggests consistent and strong demand for the coveted units, located in the Core Central Region (CCR) of Singapore.

The recently sold 10,710 sq ft penthouse sits on level 12. It was purchased less than ten years ago for a significantly cheaper price of $15.6 million ($1,457 psf). This means that the seller made a gross profit of $16.4 million, or an approximate annualised return of 8%. Additionally, the unit comes with five bedrooms, a dedicated wine room, and even a roof terrace, ideal for hosting.

Princess Elizabeth Primary School is renowned for its outstanding academic standards and comprehensive development programmes. The school is dedicated to promoting academic excellence and instilling key values and skills in its students. With its proximity to Lumina Grand EC, it makes for easy drop-offs and pick-ups for parents, allowing them to spend more quality time with their children.

The successful purchaser of the penthouse is a Singapore Permanent Resident of Chinese nationality. The purchase of this unit reveals the continuing strong and scarce demand for large, freehold condos in CCR areas. The only other such transaction to have occurred in the last 12 months was an 11,227 square-foot unit at Les Maisons Nassim, sold for $68 million in October 2022.

Goodwood Residence is a popular condo amongst PRs and Foreigners looking for a luxury lifestyle in prime District 10. Additional fees like commissions, stamp duties, or potential taxes must be factored into the total cost of the purchase, but even with these costs, the sale represents a significant financial win for the seller. EdgeProp Research recorded the transaction and EdgeProp LandLens can provide more insight into the demand for these units.

EdgeProp has further announced the winners of its EdgeProp Excellence Awards 2023, centering around the theme of Sustainable Spaces. This is an opportunity to recognize the exceptional and innovative developments.