Seascape unit fetches $2.53 mil profitArdmore Park unit racks up $6.8 mil profit
Resales at Ardmore Park, a luxurious condominium located in the prime District 10 area of Ardmore-Draycott enclave, have recorded some of the biggest gains in 2024. According to Urban Redevelopment Authority (URA) caveats lodged as of December 17, the freehold development has accounted for the first, second and fourth most profitable condo resale deals that took place between January 1 and December 10 this year.
Topping the list is the sale of a four-bedroom unit spanning 2,885 sq ft on the 26th floor of Ardmore Park for $12.9 million ($4,472 psf) on February 16. The unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This means the seller made a whopping profit of $7.07 million, translating to a 121% gain after a holding period of about 27 and a half years.
The second-highest gain took place on July 24, when another four-bedroom unit measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), which means they raked in a profit of $6.8 million, or a capital gain of 131%, after owning the unit for approximately 23 and a half years.
On April 22, the fourth-highest gained was achieved when yet another 2,885 sq ft, four-bedroom unit at Ardmore Park was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), resulting in a profit of $6.5 million (108%) after a holding it for more than 17 years.
Apart from these three transactions, Ardmore Park also saw three other units changing hands this year. All three units were four-bedroom units measuring 2,885 sq ft, with sellers pocketing profits of $2.65 million, $3 million and $3.05 million, respectively. Last year, the condo saw four resale transactions, with sellers making profits ranging from $2.8 million to $8.16 million.
With the recent string of profitable transactions, Ardmore Park has been a consistent performer in terms of resale gains in recent years. The 330-unit freehold condo was completed in 2001.
In 2014, the condo was also in the spotlight when a 3,718 sq ft, four-bedroom unit on the 14th floor was sold for $16 million ($4,300 psf) in August that year. The property had previously been purchased from the developer in 2005 for $5.08 million ($1,366 psf), which means the seller made a profit of $10.92 million, translating to a 215% gain over approximately nine years.
As of December 30, the latest transaction at Ardmore Park was the sale of a 2,884 sq ft four-bedroom unit on the 24th floor for $12.2 million ($4,229 psf). The unit was last purchased for $7.3 million ($2,529 psf) in May 2007, which means the seller made a profit of $4.9 million (67%) after holding it for around 14 and a half years.
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Another 2,884 sq ft four-bedroom unit on the 11th floor changed hands for $11.9 million ($4,121 psf) on December 17. The unit was also last purchased in May 2007 for $6.78 million ($2,352 psf), which means the seller made a profit of $5.12 million (75%) after a holding period of around 14 and a half years.
In conclusion, investing in a Singapore condo can bring about a multitude of benefits, including high demand, potential for a rise in value, and attractive rental yields. However, it is crucial to carefully consider various factors such as the location, financing options, government regulations, and the overall market conditions. By conducting thorough research and seeking professional advice from experts, investors can make informed decisions and maximize their returns in the ever-evolving real estate market of Singapore. Whether you are a local investor looking to diversify your portfolio or a foreign buyer searching for a stable and profitable investment, Singapore’s condo offerings provide a compelling opportunity. To explore potential projects in Singapore, visit Singapore Projects.
Other profitable deals this year
Apart from Ardmore Park, the top gains this year have been dominated by mature freehold condos in District 10. The first of these is Beverly Hill, an 86-unit boutique condo located on Grange Road that was completed in 1983. A four-bedroom unit measuring 3,778 sq ft on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, making it the fifth-most profitable resale transaction this year. The seller made a profit of $5.47 million (149%) on the deal.
Another District 10 freehold development, Astrid Meadows on Coronation Road West, registered the seventh-most profitable resale deal this year. A 3,035 sq ft, four-bedroom unit on the 13th floor was sold for $8.9 million ($2,935 psf) on July 31, making it the seventh-biggest gain this year. The seller made a profit of $4.9 million (122%) after a holding period of about 18 years. The 208-unit condo was completed in 1982.
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Ardmore Park, a 330-unit freehold condo in District 10, has registered the most profitable condo resale transactions this year, with three transactions in the top four positions (Photos: Samuel Isaac Chua/ EdgeProp Singapore)
The 330-unit freehold Regency Park on Nathan Road, which was completed in 1995, saw a 2,852 sq ft, four-bedroom unit change hands for $4.5 million ($1,578 psf) on July 7 this year. This transaction made the seller a profit of $4.16 million (1,123%) as the unit had been purchased for just $370,833 (about $130 psf) in January 2000.
Fontana Heights, a 52-unit freehold condo on Mount Sinai Rise, also registered a profitable deal this year. A 2,885 sq ft four-bedroom unit on the 11th floor was sold for $8.4 million ($2,911 psf) on July 1, which made the seller a gain of $4 million (92%). The condo was completed in 1985.
A four-bedroom unit measuring 2,982 sq ft on the 17th floor of Wing On Life Garden, a freehold condo on Bukit Timah Road, changed hands for $8 million ($2,684 psf) on January 15 this year. This resulted in a profit of $4.27 million (114%) for the seller. The 81-unit condo, which was completed in 1984, also saw another four-bedroom unit being sold for $4.36 million ($1,497 psf) on February 24 this year, which made the seller a profit of $1.98 million (83%).
Older freehold District 9 condos make the list
Two of the top 10 profitable condo resale transactions in 2024 were from District 9. The first of these, which took third place and recorded a gain of $6.72 million (374%) was from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park on River Valley Road for $8.6 million ($2,505 psf) on August 12. The unit was previously purchased for $1.8 million ($525 psf) in September 1995.
The second transaction from District 9 came from the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill, where the seller made a profit of $4.89 million (42%) when it was sold for $16.5 million ($5,397 psf) on January 9. The apartment had previously been purchased in January 2008 for $11.01 million ($3,608 psf).
In comparison to these profitable transactions, a condo at Marina Collection in Sentosa Cove saw the largest loss this year, when a five-bedroom duplex penthouse measuring 3,789 sq ft was sold for $6.7 million ($1,768 psf) on July 22. The seller had bought the unit in March 2020 for $9.39 million ($2,479 psf), incurring a loss of $2.69 million (29%). This was the highest loss recorded for condo resale transactions this year.
Similarly, another Sentosa Cove condo, Seascape, also saw a significant loss this year. A 2,680 sq ft, four-bedroom unit on the sixth floor was sold for $4.5 million ($1,679 psf) on Aug 14. This transaction incurred a loss of $2.53 million (36%) for the seller, as the unit had been bought for $7.03 million ($2,623 psf) in October 2020.
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Other Sentosa Cove condos that made a loss this year include The Azure, where a 2,013 sq ft, three-bedroom unit on the sixth floor was sold for $2.79 million ($1,385 psf) on December 7. This resulted in a loss of $1.56 million (36%) as the unit had been purchased for $4.35 million ($2,161 psf) in March 2020.
Losses were also made from the