SINGAPORE (EDGEPROP) - A massive 10,710 sq ft penthouse at Goodwood Residence was sold for $32 million, or $2,988 psf.  The unit, which is located on level 12,  was originally purchased for $15.6 million ($1,457 psf) less than ten years ago.

This results in a gross profit of $16.4 million or an approximate annualised returns of 8% for the original owner. Gross profits exclude additional fees like commissions, stamp duties, or potential taxes that might be levied. Even with these additional costs, the sale represents a significant financial win for the seller.  Based on the original floorplan, this penthouse comes with five bedrooms, a dedicated wine room, and even a roof terrace, which is perfect for hosting. The new owner is a Singapore Permanent Resident of Chinese nationality.

Located in District 10 along Bukit Timah Road, the 210-unit Goodwood Residence was developed and completed by GuocoLand back in 2013.  The site has a plot ratio of 1.62 and sits on a 24,608 sqm site, adjoining Goodwood hill.  Out of the 65 resale transactions recorded, 53 have been profitable, while 12 were unprofitable. This suggests that the demand for units in this development has remained strong and consistent.

Read also: GuocoLand’s Martin Modern clinches Silver at the FIABCI World Prix d’Excellence Award

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One of the most striking aspects of this sale is what it reveals about the scarcity and demand of large, freehold condos in Core Central Region (CCR) areas. In the last 12 months, only two transactions have involved units exceeding 10,000 sq ft. The other one was an 11,227 square-foot unit at the luxurious Les Maisons Nassim, which was sold for $68 million back in October 2022.

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