The 2,885 sq ft unit at Ardmore Park was sold for $10.8 million ($3,744 psf) on Aug 6
SINGAPORE (EDGEPROP) - The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park was the most profitable transaction during the week of Aug 3 to 10. The unit, which is on the 25th floor, was sold for $10.8 million ($3,744 psf) on Aug 6 and had been purchased for $5.69 million ($1,975 psf) in August 1996. The seller therefore made a profit of $5.1 million (90%), or an annualised profit of 2.6% over 25 years. (See also: Ardmore Park unit tops profits for 2020)
Ardmore Park is an ultra-luxury freehold development in prime District 10. The condominium consists of three 30-storey residential blocks and was completed in 2001. There are 330 four-bedroom units of 2,885 sq ft, as well as six duplex penthouses of 8,740 sq ft.
The recent resale is the most profitable resale deal recorded at the development so far this year. Over the past eight months, there have been seven resale transactions — only one resulted in a loss, while the rest recorded profits ranging from $1 million to $5.1 million.
The 2,885 sq ft unit at Ardmore Park was sold for $10.8 million ($3,744 psf) on Aug 6. (Picture: Samuel Isaac Chua/The Edge Singapore)
The unprofitable sale involved another four-bedroom unit on the 28th floor that was sold for $9 million ($3,120 psf) on Feb 3. The unit was purchased for $10.5 million ($3,640 psf) in February 2013. Hence, the seller made a loss of $1.5 million, or an annualised loss of 1.9% over eight years.
The second top gain made over the week was for a 2,896 sq ft unit at Hillcrest Arcadia. The four-bedroom apartment was sold for $2.57 million ($890 psf) on Aug 4. It was purchased for $900,656 ($311 psf) in May 2001. This means that the seller earned a profit of $1.67 million (186%), or an annualised profit of 5.3% over 20 years.
Hillcrest Arcadia is a 99-year leasehold development on Arcadia Road in District 11, and was completed in 1980. The 272- unit development has a mix of one- to four-bedroom units of 581 sq ft to 2,896 sq ft.
The most profitable transaction recorded at Hillcrest Arcadia was for a 2,896 sq ft unit that was sold for $3 million ($1,036 psf) on March 25, 2011. It was purchased for $839,840 ($290 psf) in March 2004. Thus, the seller earned a record profit of $2.16 million (257%), or an annualised profit of 19% over seven years.
The most unprofitable deal of the week was the sale of a 2,820 sq ft unit at The Oceanfront @ Sentosa Cove for $5.32 million ($1,889 psf). (Picture: The Edge Singapore)
On the other hand, the most unprofitable deal of the week was the sale of a 2,820 sq ft unit at The Oceanfront @ Sentosa Cove. The unit was sold for $5.32 million ($1,889 psf) on Aug 6, but had been purchased in August 2007 for $7.19 million ($2,550 psf). The seller therefore made a loss of $1.86 million (26%), or an annualised loss of 2.1% over 14 years. This transaction is the latest in a string of unprofitable deals recorded at The Oceanfront so far this year. Among the 17 resale transactions this year, 12 were unprofitable, with losses ranging from $5,000 to $2.11 million.
However, the most unprofitable resale at The Oceanfront so far this year was for a 3,025 sq ft unit that was sold for $6.05 million ($2,000 psf) on April 26. The unit was purchased in July 2007 for $8.16 million ($2,700 psf). This resulted in a $2.11 million (26%) loss, or an annualised loss of 2.1% over 13 years.
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