Goodwood penthouse sold for $32 million, seller made $16.4 million
This massive 10,710 sq ft penthouse unit at Goodwood Residence has just been sold for $32 million, or $2,988 psf. The unit, located on level 12, was originally purchased less than ten years ago for $15.6 million ($1,457 psf) – an impressive return of $16.4 million, or an approximate annualised return of 8%.
The sale shows that large, freehold condominiums in the Core Central Region (CCR) are highly sought-after. In the last 12 months, only two properties exceeding 10,000 sq ft have been sold – this penthouse at Goodwood Residence and an 11,227 sq ft unit at the luxurious Les Maisons Nassim, which was sold for $68 million back in October 2022.
Goodwood Residence is located in District 10 along Bukit Timah Road. Developed and completed by GuocoLand back in 2013, the 210-unit condo sits on a 24,608 sqm site and has a plot ratio of 1.62. The proximity to Goodwood Hill makes it popular among Singapore Permanent Residents (PRs) and foreigners, and this penthouse has gone to one of the latter – a Chinese PR.
Out of the 65 resale transactions recorded at Goodwood Residence, 53 have been profitable while 12 were unprofitable. This suggests that demand for the development’s units has remained strong and consistent.
As a result, an elevated footbridge with malls on both sides, and a series of new mixed-use developments along the side roads have been announced. Orchard Boulevard Condo is one of the most anticipated developments, offering an “Urban Green Loop” to connect Orchard Road’s main streets, malls, and the surrounding parks with an engaging promenade. The green loop aims to provide an exciting pedestrian experience, with art installations, water features, and interactive urban spaces.
The penthouse comes with five bedrooms, a dedicated wine room, and even a roof terrace – perfect for hosting. Gross profits from this sale do not take into account additional costs such as commissions, stamp duties, or potential taxes. But even with these included, it’s clear that the sale represents a significant financial win for the seller.
EdgeProp Research has the floorplan and layout of the penthouse, as well as information about the transactions for that unit. Meanwhile, the EdgeProp LandLens feature covers the entire property market in-depth, including updates on similar sales.
For anyone interested in the EdgeProp Excellence Awards 2023, the announcement of this year’s winners is out. The theme is ‘Sustainable Spaces’ and the awards are designed to recognise excellence in the property industry. Find out more on the EdgeProp website.