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

Goodwood Residence, a popular destination among PRs and Foreigners, has seen plenty of large transactions over the past few years. One such prominent sale took place recently, as a massive 10,710 sq ft penthouse was sold for $32 million or $2,988 psf. Located on level 12, the unit was originally purchased for $15.6 million ($1,457 psf) less than ten years ago, resulting in a gross profit of $16.4 million.

It also features luxurious facilities such as infinity pools, Jacuzzi, gym, and much more. The grand lobby is adorned with impressive art pieces and the building is illuminated with thoughtfully designed lighting to create a warm atmosphere. With the meticulous attention to every detail, Zion Road Condo is an experience in itself.

Boasting five bedrooms, a dedicated wine room, and a roof terrace suitable for hosting guests, this penthouse at Goodwood Residence in District 10 along Bukit Timah Road has set a strong example of profitability in the Core Central Region (CCR). Developed and completed by GuocoLand in 2013, the 210-unit residence sits on a 24,608 sqm site with a plot ratio of 1.62, and adjoins Goodwood Hill.

According to EdgeProp LandLens, out of the 65 resale transactions recorded at Goodwood Residence, 53 were profitable, while 12 were unprofitable, suggesting steady demand for units here. What’s more, the scarcity of large, freehold condos in CCR areas is escalating, with only two transactions in the past 12 months involving units of over 10,000 sq ft. The other one was the sale of an 11,227 square-foot unit at the luxurious Les Maisons Nassim, which went for $68 million in October 2022.

The new owner of Goodwood Residence’s penthouse is a Singapore Permanent Resident of Chinese nationality. Having made a nominal investment of $15.6 million ($1,457 psf) less than 10 years ago, they were able to reap an approximate annualised return of 8%, after accounting for additional fees like commissions, stamp duties and potential taxes.

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The recent sale of this 10,710 sq ft penthouse at Goodwood Residence for $32 million ($2,988 psf) has demonstrated that real estate investments in the Core Central Region can bring a good return on investment. With the reception to the development remaining strong and the demand for large, freehold condos in CCR areas fluctuating, the outlook could be very promising as we move further into the new year.