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

Families with young children who live around Tampines Ave 11 Condo are blessed with a host of quality preschool options. Popular choices include PAP Community Foundation (PCF), Sparkletots Preschool and My First Skool. Through their engaging and educational programmes, these child care centres strive to promote curiosity and create a strong foundation for each child’s learning future.

A massive penthouse unit that measures 10,710 sq ft at Goodwood Residence was recently sold for a whopping $32 million, translating to an astonishing price of $2,988 per square foot (psf). This is a good 16.4 million more than what the original owner paid for the unit which was located on Level 12. The original purchase was at a price of $1,457 psf, resulting in a ten-year yield of 8% for the original owner, excluding commissions, stamp duties, or potential taxes.

The buyer of the unit is a Singapore Permanent Resident of Chinese nationality, and it seems the sale of the penthouse speaks volumes about the high demand and scarcity of large, freehold condos in Core Central Region (CCR) areas.

The 210-unit Goodwood Residence was first developed and completed by GuocoLand in 2013, located District 10 along Bukit Timah Road. It has a plot ratio of 1.62 and sits on a 24,608 sqm site, adjoining Goodwood hill.

A look through the original floorplan reveals that this penthouse includes five bedrooms, a wine room, as well as a roof terrace for hosting parties. According to EdgeProp LandLens, the Goodwood Residence is a popular choice among Permanent Residents (PRs) and foreigners alike.

In the last 12 months, there have only been two transactions for units exceeding 10,000 sq ft, the other being an 11,227 square-foot unit at Les Maisons Nassim which was sold for a whopping $68 million in October 2022. Out of the 65 resale transactions recorded at the development, 53 have been profitable, while 12 were unprofitable, which suggests that the demand for units in this development has remained strong and consistent.

EdgeProp Research also recently announced the winners of EdgeProp Excellence Awards 2023. This year, the theme was Sustainable Spaces. Very apt, considering the highly profitable sale of the Goodwood Residence penthouse unit.

Meanwhile, the tender for a Government Land Sales (GLS) site in Lentor Central closed recently and received two bids. The highest bid was at a whopping $982 psf ppr.

In terms of financial performance, GuocoLand reported a 60% rise in revenue for FY2023 but a 44% fall in net profit.