Resale condo prices in Nov 11 – 17Neighbourhoods with the highest profits over 2 years
The transaction of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park was the top-performing resale condo deal for the week of November 19 to 26. This 14th-floor unit was sold for $11.25 million ($3,900 psf) on November 22. The previous owner purchased the unit in September 2016 for $8.2 million ($2,843 psf), resulting in a profit of $3.05 million or 37%, with an annualized profit of 4.6% over eight years.
This sale comes just two months after another four-bedroom unit of the same size on the 23rd floor was sold for $12.7 million ($4,402 psf) on October 1. The previous owner bought the unit in September 2010 for $9.7 million ($3,363 psf), making a profit of $3 million, or 30.9%.
The 2,885 sq ft unit at Ardmore Park was sold for $11.25 million ($3,900 psf) on November 22 (Picture: Samuel Isaac Chua/)Ardmore Park is a freehold condo consisting of 330 units, located in the prestigious Ardmore Park area in District 10. Completed in 2001, the luxury condo has three 30-storey towers and mainly comprises four-bedroom apartments measuring 2,885 sq ft. There are also six duplex penthouses measuring 8,740 sq ft.
Read also: Is it a Good Deal?: A freehold three-bedder in Bukit Timah sold for $2,144 psf, netting over $2 million profitAdvertisementAdvertisementApart from the units sold on November 22 and October 1, there have been four other profitable resale transactions at the development this year. All four transactions involved four-bedroom units of 2,885 sq ft, selling for prices ranging from $4,108 psf to $4,472 psf. The sellers reaped profits between $2.65 million and $7.07 million.
The second most profitable resale deal during the week was for a four-bedroom unit at Goldenhill Park Condominium. The 1,539 sq ft unit on the 16th floor was sold for $3.43 million ($2,228 psf) on November 21. The seller, who bought the unit directly from the developer in May 2001 for $1.14 million ($741 psf), made a profit of $2.29 million, representing a whopping 201% gain. The previous owner had held onto the unit for 23.5 years.
This is the second-highest profit recorded at Goldenhill Park Condominium to date. The highest profit belongs to a four-bedroom penthouse measuring 2,928 sq ft, which was sold for $4.3 million ($1,469 psf) in February 2022. The previous owner had bought the unit from the developer for around $2 million ($683 psf) in April 2001, making a gain of $2.3 million.
A 1,539 sq ft unit at Goldenhill Park Condominium was sold for $3.43 million ($2,228 psf) on November 21, reaping a profit of $2.29 million (Picture: Samuel Isaac Chua/)Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo offers 390 units ranging from two-bedroom to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. It is situated close to the Lorong Chuan MRT Station on the Circle Line.
There have been five other profitable resale transactions at the development this year, with the units selling for prices between $2,082 psf and $2,246 psf. The sellers made profits ranging from $760,000 to $1.91 million.
The most unprofitable condo resale transaction during the week was the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove. The 2,831 sq ft unit on the 10th floor sold for $4.7 million ($1,660 psf) on November 20. The previous owner had bought the unit in May 2007 for $5.8 million ($2,050 psf), incurring a loss of $1.1 million (19%) over 17.5 years.
Read also: Three-bedder at Maple Woods sold for $2 mil profitAdvertisementOn November 20, a 2,831 sq ft unit at The Oceanfront @ Sentosa Cove was sold for $4.7 million ($1,660 psf), resulting in a loss of $1.1 million (Picture: Samuel Isac Chua/)The Oceanfront @ Sentosa Cove is a 99-year leasehold condo situated in the exclusive Sentosa Cove residential enclave. Completed in 2010, the waterfront condo has 264 units spread over five towers, ranging from 12 to 15 storeys in height. The development offers two-, three- and four-bedroom apartments measuring between 1,216 sq ft and 4,284 sq ft, as well as penthouses ranging from 2,745 sq ft to 8,095 sq ft.
Based on caveats lodged, there have been six other resale transactions this year at The Oceanfront @ Sentosa Cove, with the units selling for prices between $1,500 psf and $1,999 psf. Four of these deals resulted in losses ranging from $30,000 to $519,000, while the other two transactions were profitable, with the sellers making gains of around $268,000 and $1.7 million, respectively.
An added advantage of investing in a condominium is the opportunity to leverage its value for future investments. Numerous investors utilize their condos as security to acquire additional funds for new ventures, allowing them to grow their real estate portfolio. This tactic has the potential to enhance profits, however, it is important to have a solid financial strategy in place and carefully assess the potential effects of market changes. With the added option of Singapore projects, investors have even more opportunities to expand their real estate portfolio through leveraging the value of their condominium investment. It is crucial to carefully consider the risks involved, but the potential for increased returns makes this a viable option for many investors.
Explore the latest listings for condosAsk BuddyCompare price trends of new condo sales vs EC salesMost unprofitable condo transactions in the past yearCondo projects with the most unprofitable transactionsLanded transactions with the highest profits in the past yearRecently launched projectsCompare price trends of new condo sales vs EC salesMost unprofitable condo transactions in the past yearCondo projects with the most unprofitable transactionsLanded transactions with the highest profits in the past yearRecently launched projectsRELATED NEWSApartment at Veranda sold for $1.67 million in profitsThree-bedroom unit at Spanish Village sold for $2.7 million in profitsFour-bedroom unit at Ardmore Park sold for $6.5 million in profitsResale condo prices in November 11 – 17Neighborhoods with the highest profits over two years