Seller at Maple Woods condo in Bukit Timah reaps $3.77 mil profit

Claiming the top spot on the list of the most profitable condo resale deals in the week of June 23 to 30 is a four-bedder at Maple Woods, a freehold condo on Bukit Timah Road.

The 2,917 sq ft unit on the 10th floor changed hands for $5.8 million ($1,988 psf) on June 24. The owner had purchased the unit in 2006 for $2.03 million ($696 psf). The profit garnered was $3.77 million (185.7%), or a 5.4% gain annualised over 20 years.

This is the condo’s second-most profitable deal to date; it trails behind that of last year’s sale of a 2,551 sq ft four-bedder. That unit, previously bought for $1.46 million in 2004, was then sold for $5.45 million, netting a profit of $3.99 million.

Read also: Is it a Good Deal?: A freehold condo along Bukit Timah Road fetched a profit of $3.52 mil

Located in District 21, Maple Woods is a 697-unit condo that was completed in 1997. It comprises five towers housing two- to four-bedroom units of between 850 and 3,003 sq ft. King Albert Park MRT Station on the Downtown Line is five minutes away by foot.

The week’s next most profitable condo resale transaction took place at The Shelford, a freehold development on Shelford Road in District 11.

On June 25, a 1,389 sq ft three-bedder on the second floor was sold for $3.76 million, or $2,708 psf. It was purchased from developers in 2002 for around $1.14 million, or $819 psf. The profit of $2.62 million represents a gain of 230.6%, or 5.1% annualised over 24 years.

This is the third-most profitable transaction at The Shelford so far. The record belongs to a 2,411 sq ft, four-bedder that changed hands for $5.1 million in 2023. The seller, who bought the unit for $1.51 million in 2002, netted a profit of $3.59 million.

On the flip side, The Orchard Residences saw the steepest loss among this week’s most unprofitable condo resale deals.

A 2,852 sq ft, four-bedroom unit on the 50th floor was sold for $10.2 million ($3,576 psf) on June 26. Having bought the unit in 2013 for $12.3 million ($4,312 psf), the seller was $2.1 million in the red from the sale. That translates to a loss of 17.1%, or 1.5% annualised over 12½ years.

Read also: Four-bedroom unit at Maple Woods sold for $3.5 mil profit

Still, that loss is only the fifth-largest on record at The Orchard Residences. The steepest was a $3.32 million loss incurred in a 2020 sale of a 2,852 sq ft four-bedder. The unit was purchased from the developer for around $13 million in 2007, and later sold for $9.68 million.

The Orchard Residences is a luxury condo on Orchard Boulevard. Situated atop Ion Orchard, it is directly connected to Orchard MRT Interchange. The 99-year leasehold development was completed in 2010 and features 175 units in three- and four-bedroom layouts. The units range from 1,808 to 6,543 sq ft, each with private lift access.

The week’s second- and third-highest losses were both recorded at The Scotts Tower.

On June 26, a 840 sq ft, one-bedder on the 19th floor was sold for $1.75 million. It was purchased from developers for $3.05 million in 2012. The $1.3 million difference represents a 42.6% loss, annualised at 4% over 13½ years.

Three days earlier, a 624 sq ft, one-bedroom apartment on the 10th floor fetched $1.1 million. The seller, who purchased the unit for $2.12 million, incurred a loss of $1.02 million.

The Scotts Tower is a 231-unit condo located on Scotts Road in prime District 9. Completed in 2016, the 31-storey tower houses one- to three-bedroom apartments alongside three penthouses. Sizes range from 624 to 3,315 sq ft.

Excluding the two deals on June 23 and 26, the condo saw four resale transactions this year — all unprofitable. These units, fetching between $1.26 million and $1.88 million, incurred losses ranging from $30,000 to $1.33 million.

Read also: Seller at Grange Residences reaps $6 mil profit on resale

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