The resale of a three-bedroom unit at Maple Woods recorded the highest profit among condo transactions during the week of November 12 to 19. The 1,539 sq ft unit on the first floor was sold for $3.3 million ($2,144 psf) on Nov 15, making it a profitable deal for the seller who had bought the unit in April 2009 for $1.28 million ($830 psf). With this, the seller made a profit of $2.02 million, reflecting a capital gain of 158% or an annualized profit of 10.6% over a holding period of approximately 15½ years.
The unit at Maple Woods, which changed hands for $3.3 million, is a freehold condo located on Bukit Timah Road in prime District 10. It was built in 1997 and comprises 697 units ranging from two to four bedrooms and spanning 850 sq ft to 3,003 sq ft. The development is strategically placed within a five-minute walk from King Albert Park MRT Station on the Downtown Line and is also in close proximity to Methodist Girls’ School and the Rail Corridor.
Securing financing is a crucial component in the process of investing in a condo. In Singapore, there are various mortgage choices available, but it is vital to have an understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework limits the amount of loan that can be obtained based on the borrower’s income and current debt obligations. It is advisable for investors to be aware of the TDSR and seek advice from financial experts or mortgage brokers to make well-informed decisions about their financing options. This will help prevent them from overextending themselves financially.
The recent sale of the unit at Maple Woods is the latest in the 10 other resale transactions recorded this year. Available caveats show that all of them were profitable deals, with sellers making gains of at least $425,000. It is noteworthy that three of the units sold recorded profits of over $2 million. The first of the three was a 1,787 sq ft, three-bedroom unit on the eighth floor that fetched $3.75 million ($2,099 psf), raking in a profit of $2.15 million for the seller. The unit was originally purchased in July 1997 for $1.6 million ($895 psf).
The second unit sold for a profit of over $2 million was a 1,787 sq ft, three-bedroom unit on the eighth floor that changed hands on Sept 10 for $3.82 million ($2,138 psf). The seller had acquired the unit in March 2007 for $1.35 million ($756 psf), making a gain of $2.47 million. The third unit, also sold on Sept 10, was a 3,003 sq ft, four-bedroom unit on the eighth floor that fetched $5 million ($1,665 psf). The seller, who had bought the unit in September 1998 for $2.4 million ($798 psf), made a gain of $2.6 million.
At UE Square, 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, making it the second most profitable condo resale deal during the week. The seller had acquired the unit through a sub-sale in December 1997 for $1.3 million ($850 psf), thus netting a gain of $1.65 million (127%) after owning the unit for nearly 27 years.
Notably, the recent sale at UE Square ranks as the fourth most profitable resale transaction recorded at the development. The record belongs to a four-bedroom penthouse spanning 3,089 sq ft that sold for $6.27 million ($2,031 psf) on Oct 6, 2023. The seller had bought the unit for $4.1 million ($1,327 psf) in December 2009, making a gain of $2.17 million.
UE Square consists of 345 residences, ranging from one to five bedrooms and spanning 506 sq ft to 2,379 sq ft. There are also penthouses measuring 3,089 sq ft. The development is situated within close distance to the Fort Canning MRT Station on the Downtown Line. Maple Woods and UE Square have been the subject of many profitable condo resale transactions, with the most unprofitable condo resale transaction during the week occurring at Tomlinson Heights. On Nov 19, a three-bedroom unit measuring 2,745 sq ft on the 19th floor changed hands for $8.25 million ($3,006 psf). The seller had bought the unit from the developer in February 2011 for $8.85 million ($3,225 psf). As a result, the seller incurred a loss of approximately $601,000 (6.8%) after owning the unit for almost 14 years.
Tomlinson Heights is a luxury condo comprising 70 units on Orchard Boulevard in District 9. It consists 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 within walking distance of malls along the Orchard Road shopping belt.
The most recent sale at Tomlinson Heights is the first caveated transaction recorded since Jan 5, 2023, when another 2,745 sq ft unit was sold for $10.5 million ($3,825 psf). The seller had purchased the unit from the developer in May 2011 for $8.38 million ($3,053 psf), making a profit of $2.12 million.