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

Amenities like swimming pool, gym and sauna ensure residents can stay fit and healthy. Shopping, dining and entertainment options close by make Champions Way Condo an ideal place to call home. The Woodlands Condo development has been carefully designed with modern aesthetics and functionality in mind. Strategically situated close to the city centre and key public transportation options, Champions Way Condo is perfect for today’s busy lifestyle. Residents can enjoy a variety of indoor and outdoor activities with the variety of amenities offered. Woodlands Condo offers a special blend of style and comfort, perfect for those seeking a modern and upscale living experience.

Goodwood Residence, located in District 10 of Singapore along Bukit Timah Road, has seen strong and consistent demand with 65 resale transactions recorded in the past year. Out of those, 53 of them were profitable, while 12 were unprofitable. The 210-unit residence was developed and completed by GuocoLand back in 2013, and its plot ratio is 1.62.

A massive penthouse located on level 12 of the Goodwood Residence was recently sold for $32 million, or $2,988 psf. This penthouse is 10,710 sq ft and comes with five bedrooms, a dedicated wine room, and even a roof terrace. It was originally purchased for $15.6 million ($1,457 psf) by a Singaporean Permanent Resident of Chinese nationality. This results in a gross profit of $16.4 million or an approximate 8% annualised returns for the original owner.

The sale of this penthouse is indicative of the scarcity and high demand for such large, freehold condominiums in Core Central Region (CCR) areas. In the last 12 months, only two transactions have involved units exceeding 10,000 sq ft – the other was an 11,227 square-foot unit at Les Maisons Nassim, which was sold for $68 million back in October 2022.

These two sales demonstrate that demand for large, freehold condos in CCR areas is strong – despite the additional fees like commissions, stamp duties, or potential taxes that can be levied. Even with these added costs, the sale of the penthouse at Goodwood Residence represents a significant financial win for the original seller. EdgeProp LandLens further reveals that the development has become popular among PRs and Foreigners. It is clear that there is strong demand for such properties, and that this can help to bring in significant returns for investors.