Goodwood penthouse brought $32 million, with a $16.4 million profit for the seller

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Read this: Land Betterment Charges for residential and non-landed use are reduced by 3% to 11% on average

Land Betterment Charges for residential and non-landed use are reduced by 3% to 11% on average

A huge 10,710 square feet penthouse in Goodwood Residence was bought for $32 million, which is $2,988 per square foot. The property, situated on the 12th floor was initially purchased at $15.6 million ($1,457 per sq ft) just 10 years ago.

This amounts to the gross profit being $16.4 million, or approximately annualized return in the range of 8% for the owner who was originally. Gross profits do not include additional costs such as stamp duty, commissions and any taxes that could be imposed. With these added costs, this sale is an important financial win to the buyer. Based on the floorplan originally the penthouse is equipped with 5 bedrooms and a separate wine room, as well as an outdoor terrace that is ideal to host parties. The owner of the property is an Singapore permanent resident of Chinese nationality.

In district 10 located along Bukit Timah Road The Goodwood Residence, which is 210 units in size Goodwood Residence was designed and was completed by GuocoLand in 2013. The site has a plot-to-plot size of 1.62 and is situated on a 24,608 square meter site that is adjacent to Goodwood hill. Of the 65 resales transactions, 53 have been profitable, whereas 12 were not profitable. This suggests that the need for units in this area remains strong and steady.

A major and intriguing aspects of this sale what it tells us about the lack of demand and scarcity of huge, freehold condominiums located in Core Central Region (CCR) regions. In the past twelve months, just two transactions included units that were larger than 10,000 sq feet. Another was an 11,227-square-foot apartment located at the posh Nassim Les Maisons that was purchased for $68 million in the month of October, 2022.