Average profit of $2.66 mil for 16 units sold at Ardmore Park this year
By Lin Zhiqin
/ EdgeProp |
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The most recent transaction at Ardmore Park, a luxury freehold condominium in prime District 10, was the sale of a 2,885 sq ft, four-bedroom unit on Nov 14. It was sold for $9.3 million ($3,224 psf). The previous owner, who paid $4.83 million ($1,674 psf) for it in 2006, made a $4.47 million, or 93%, profit.
This brings the number of transactions at Ardmore Park to 16 so far this year, which is double the volume seen between 2012 and 2016 when seven to nine units were sold each year. Prices, which dipped from the peak of $3,372 psf in 2013 to $2,742 psf in 2014, have also recovered. The 16 units were sold at an average of $3,130 psf.
Based on the matching of URA caveat data, just two of the 16 units were sold at a loss. The average profit is $2.66 million, or 50%, for the 16 units sold this year. Completed in 2001, Ardmore Park is a 330-unit development by Wheelock Properties. The project comprises three 30-storey towers sitting on an eight-acre freehold site.
Prices at Ardmore Park, which dipped to $2,742 psf in 2014, have recovered to $3,130 psf this year. Find the most affordable listings in the project at here.
At Regency Park, another freehold condo in District 10, a 3,649 sq ft unit on the 13th floor was sold for the second-highest profit in the week of Nov 7 to 14. The previous owner bought it for $3 million ($822 psf) in 2000. The sale on Nov 10, at $6.15 million ($1,685 psf), translates into a $3.15 million, or 105%, gain. This is also the most profitable transaction at Regency Park this year.
Also on Nov 10, another 3,175 sq ft unit on the 14th floor of Regency Park fetched a $2 million, or 61%, profit. Based on the matching of URA caveat data, the unit has changed hands thrice, and always at a profit. The earliest caveat indicates that it was bought for $2.38 million ($750 psf) in September 2004. It fetched a $140,000, or 6%, profit when it changed hands for the first time at $794 psf in April 2005. In November 2008, it changed hands for the second time at $1,039 psf, resulting in a profit of $780,000, or 31%.
Based on the matching of URA caveat data, there have been nine profitable transactions at Regency Park this year, with an average profit of $1.72 million, or 66%. The sole unprofitable transaction this year occurred in September, when the owner of a 3,647 sq ft unit on the 15th floor incurred a loss of $530,000. The unit was purchased in 2012 for $6.88 million ($1,885 psf) and sold for $6.35 million ($1,740 psf).
The same unit changed hands for a $2.83 million, or 70%, profit in 2012. It was bought at $4.05 million ($1,110 psf) in 2006 before being sold for $1,885 psf in 2012.
Regency Park is a 292-unit condo located on Nathan Road, off River Valley Road. It was completed in 1990 and comprises three- and four-bedroom units and penthouses. Three-bedroom units are 2,227 to 3,281 sq ft, four-bedroom units are 3,454 to 3,647 sq ft and penthouses are 6,047 to 6,412 sq ft.
Two units at Regency Park fetched profits of $3.15 million and $2 million on Nov 10. Find the most affordable listings in the project at here.
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