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

Goodwood Residence, located in District 10, is popular amongst both Permanent Residents and Foreigners alike. A 10,710 square-foot penthouse unit, located on the 12th level, was recently sold for $32 million or $2,988 psf. According to records, the same unit had originally been purchased for $15.6 million, or $1,457 psf, less than 10 years ago. This transaction resulted in a gross profit of $16.4 million for the original owner, indicating a potential annualised return of 8%.

In addition, the building also has solar panels that generate power and are able to reduce energy costs. With the building designed to be energy efficient and reduce air pollution, Tengah Plantation Close EC can be an ideal place to live for those concerned about saving energy and reducing their environmental impact.

What this sale highlights is the sheer scarcity and demand for large, freehold condos located in Core Central Region (CCR) areas. In the past 12 months, there have only been two such units sold. The other one was an 11,227 square-foot unit at Les Maisons Nassim, sold for $68 million back in October 2022.

Goodwood Residence was built and completed by GuocoLand back in 2013. The development has a plot ratio of 1.62 and sits on a 24,608 sqm site, adjoining Goodwood hill. Out of the 65 resale transactions noted, 53 have been highly profitable while only 12 were unprofitable, indicating that there has been a strong and consistent demand for units here.

Looking at the original floor plan, this penthouse comes with five bedrooms, as well as a wine room and roof terrace – perfect for hosting. The new owner is a Singapore Permanent Resident of Chinese nationality.

In addition to the actual cost of the unit, taxes and other fees may still apply. Despite such additional costs, this sale still made significant financial gains for the original owner and highlights the increasingly sought-after nature of such large units in CCR areas.