Duplex penthouse at Leedon Residence yields $2.8 mil profit

March 17, 2023



The four-bedroom duplex penthouse at Leedon Residence was sold for $9.5 million ($2,536 psf) on March 2.

The most profitable resale transaction to close between Feb 28 and March 7 was the sale of a 3,746 sq ft, four-bedroom duplex penthouse at Leedon Residence. The unit was sold for $9.5 million ($2,536 psf) on March 2. It was purchased for $6.7 million ($1,789 psf) on Jan 19, 2018. Thus, the seller earned a $2.8 million (42%) profit on the resale, which translates to an annualised profit of 7.1% in five years.

The transaction falls marginally below the most profitable deal at Leedon Residence, where a seventh-floor, five-bedroom apartment garnered $12.5 million ($2,657 psf) in July 2021. This same unit had previously been acquired for $9.6 million ($2,041 psf) in October 2017. Consequently, this generated a record profit of $2.9 million (30%), equating to an annualised gain of 7.2% over four years.

Leedon Residence is a prime freehold condo on Leedon Heights. The project was developed by mainboard- listed property developer GuocoLand, and was completed in 2015. The 381-unit development comprises eleven 12-storey blocks. The entire development sits on a sprawling 4.9ha site, one of the largest single freehold plots in District 10.

The surrounding area has seen several new launches in recent years, such as the neighbouring Leedon Green, Wilshire Residences, Hyll on Holland, and the mixed-use One Holland Village beside Holland Village MRT Station.

Leedon Residence was designed by architect Chan Soo Khian of SCDA Architects, and the project stands out due to its focus on bigger-sized unit layouts and emphasis on space and luxury throughout the site.

As one of the newer luxury condos in the Leedon-Farrer Road neighbourhood, Leedon Residence also commands one of the highest average prices in the vicinity at about $2,590 psf, based on URA caveats compiled by EdgeProp Singapore.

Only the three upcoming new projects — Leedon Green ($2,848 psf), Wilshire Residences ($2,725 psf), and Hyll on Holland ($2,706 psf) — have seen higher prices compared to Leedon Residence.



As one of the newer luxury condos in the Leedon-Farrer Road neighbourhood, Leedon Residence also commands one of the highest average prices in the vicinity at about $2,590 psf.

There have been three resale transactions at Leedon Residence so far this year. The other two sales were for a 2,659 sq ft unit on the ninth floor which fetched $7.2 million ($2,708 psf) on Jan 30, and a 2,648 sq ft unit on the ninth floor which changed hands for $7.35 million ($2,776 psf) on Feb 14.

The week’s second-highest profit-making resale took place at D’Grove Villas, where a 1,690 sq ft, fifth-floor apartment was traded for $4.3 million ($2,544 psf) on March 2. This unit had previously been purchased for $2.16 million ($1,277 psf) back in 1995. Consequently, the seller earned a substantial $2.1 million (95%) profit. This translates to an annualised gain of 2.4% over a period of nearly 28 years.

More at: https://www.edgeprop.sg/property-new...-28-mil-profit