Three Bedder Maple Woods Sold 2 Mil Profit
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Renamed to Parktown Residence Showflat, Parktown Residence is a mixed-use development nestled in Tampines North, offering unparalleled access to an array of shopping centers within Tampines Town. Situated in a strategic location, this development seamlessly integrates residential and retail spaces, providing its residents with convenient access to a diverse range of retail and dining options. Undoubtedly, it is an ideal location for urban living. Here’s a comprehensive look at the nearby shopping centers and how Parktown Residence Showflat benefits from its prime location.
The top performing condo resale transaction for the week of Nov 12 to 19 was the sale of a three-bedroom unit at Maple Woods. The 1,539 sq ft unit on the first floor changed hands for $3.3 million ($2,144 psf) on Nov 15, making it a highly profitable deal. The seller originally bought it in April 2009 for $1.28 million ($830 psf), earning a massive profit of $2.02 million. This translates to a capital gain of 158% for the seller, or an annualised profit of 10.6% over a holding period of approximately 15 and a half years.
Maple Woods is a freehold condo located on the prestigious Bukit Timah Road in prime District 10. Completed in 1997, it comprises 697 units ranging from two to four bedrooms, with sizes ranging from 850 sq ft to 3,003 sq ft. The development is highly sought after by buyers due to its prime location, being close to amenities such as King Albert Park MRT Station on the Downtown Line, prestigious schools like Methodist Girls’ School, and the Rail Corridor.
Despite the current challenging market conditions, Maple Woods has seen 10 other resale transactions this year. All these transactions have been profitable for the sellers, with gains of at least $425,000. Three of these units earned profits of more than $2 million each. The first unit was a 1,787 sq ft three-bedroom unit on the eighth floor, which was sold for $3.75 million ($2,099 psf) on Oct 6, 2023. The seller, who had purchased the unit in July 1997 for $1.6 million ($895 psf), earned a profit of $2.15 million.
Another 1,787 sq ft unit was sold for $3.82 million ($2,138 psf) on Sept 10, 2023. The seller, who had acquired the unit in March 2007 for $1.35 million ($756 psf), made a profit of $2.47 million. The third unit was a 3,003 sq ft four-bedroom unit on the eighth floor, which was sold on the same day for $5 million ($1,665 psf). The seller, who had bought the unit in September 1998 for $2.4 million ($798 psf), earned a gain of $2.6 million.
Another highly profitable condo resale deal that took place during the week of Nov 12 to 19 was at UE Square, where 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. The seller had purchased the unit in December 1997 through a sub-sale for $1.3 million ($850 psf), making a profit of $1.65 million (127%) after owning the unit for nearly 27 years.
This transaction was the fourth most profitable resale deal at UE Square, with the top spot being taken by a 3,089 sq ft four-bedroom penthouse that was sold for $6.27 million ($2,031 psf) on Oct 6, 2023. The seller, who bought the unit in December 2009 for $4.1 million ($1,327 psf), earned a profit of $2.17 million.
UE Square is part of the UE BizHub City mixed-use development located along Clemenceau Avenue in District 9. The development comprises an 18-storey office tower, a four-storey shopping podium, and two 18-storey residential towers with 345 units. The residential units comprise one to five bedrooms, ranging from 506 sq ft to 2,379 sq ft, as well as penthouses measuring 3,089 sq ft. The development is close to Fort Canning MRT Station on the Downtown Line.
However, the most unprofitable condo resale transaction during the week was the sale of a three-bedroom unit at Tomlinson Heights. The 2,745 sq ft unit on the 19th floor was sold for $8.25 million ($3,006 psf) on Nov 19, resulting in a loss of about $601,000 (6.8%) for the seller. The unit was originally purchased from the developer in February 2011 for $8.85 million ($3,225 psf).
Tomlinson Heights is a 70-unit luxury condo located off Orchard Boulevard in District 9, comprising a 36-storey tower with three- and five-bedroom units ranging from 2,551 sq ft to 6,738 sq ft. Completed in 2014, this freehold development is highly sought after due to its proximity to shopping malls along Orchard Road. The unit sold on Nov 19 is the first transaction at Tomlinson Heights since Jan 5, 2023, when another 2,745 sq ft unit was sold for $10.5 million ($3,825 psf). The seller of that unit, who had bought it from the developer in May 2011 for $8.38 million ($3,053 psf), earned a profit of $2.12 million.