Bukit Timah penthouse sold for $32m, seller pockets impressive $16m profit

When it comes to property, size matters.

A massive penthouse in Bukit Timah was sold for $32 million, with its seller pocketing a staggering $16 million in profit.

EdgeProp reported on Oct 11 that the 10,710 sq ft unit in Goodwood Residence, located on the 12th floor, was originally purchased for $15 million less than 10 years ago.

This meant that the seller made a gross profit of $16.4 million — double his original investment — after the penthouse was sold. The new owner is a Singapore Permanent Resident of Chinese nationality, reported EdgeProp.

The sale was concluded last month, according to Urban Redevelopment Authority (URA) records.

Based on the floorplan, this penthouse —  roughly the size of four tennis courts —  has five bedrooms and a roof terrace.

Goodwood Residence is located in District 10, and is a four-minute drive away from Newton MRT station. Other amenities in the vicinity include two supermarkets and three shopping centres.

URA records showed that five other units in Goodwood Residence changed hands the past year from $3 million to $7 million.

The sizes of these units, however, are much more compact compared to the latest unit sold. They range from 1.5 sq ft to 2.6 sq ft.

Similar smaller-sized units within the development are also currently available on the market, according to listings on PropertyGuru. They are going for $2 million to $9 million.

But the sale of this 10,710 sq ft unit in Goodwood Residence follows the trend of large apartments that have been marketed at eye-watering prices.

On Oct 7, an 11,000 sq ft penthouse in Marina Bay went on sale for a cool $60 million. And a 23,000 sq ft "super penthouse" was listed for $111 million last April.

ALSO READ: This video tour of a $7.2m Sentosa Cove penthouse gets netizens asking 'can use CDC voucher?'

chingshijie@asiaone.com