DEAL WATCH: Third unit at Ardmore II sold below $2,500 psf this year
By Tan Chee Yuen
/ The Edge Property |
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A 2,024 sq ft high-floor unit in ArdmoreII was sold for $5.05 million ($2,496 psf) in September, based on caveats listed by the Urban Redevelopment Authority (URA). The price was slightly below The Edge Fair Value of $2,530 psf.
The sale represented the third value deal in the project this year. In September, a mid-floor unit changed hands for the same price as the subject property. Another mid-floor unit was sold for $4.7 million ($2,323 psf) in March.
Based on URA caveats, prices last touched the $2,500 psf level in December 2011 and March 2012 when comparable units were sold at $2,574 psf and $2,570 psf respectively. Ardmore II is a luxury freehold development in District 10 that was completed in 2010. Prices in the 118-unit project hovered between $2,800psf and $3,000 psf in 2013 (see Table 1). No caveat was lodged in 2014.
According to flash estimates by the URA, prices of non-landed homes in the high-end segment, or Core Central Region, softened by another 1.3% q-o-q in 3Q2015, putting it at 9% below their peak in 1Q2013.
A location scan of properties within 500m of Ardmore II shows potential value deals at below $2,000 psf, or just over $2,000 psf. Gross rental yields were generally between 2.2% and 2.6% (see Table 2).
Table 1: Transaction volume and prices in Ardmore II (2011 to 2015)
Year | Sales volume (units) | Price range ($psf) |
|---|---|---|
2011 | 9 | 2,574 – 2,940 |
2012 | 6 | 2,520 – 2,841 |
2013 | 2 | 2,841 – 2,950 |
2014 | - | - |
2015 | 4 | 2,323 – 2,866 |
Source: URA, The Edge Property
Table 2: Location scan of properties within 500m of Ardmore II
Project Name | Tenure | Completion | Average Price (S$ psf) | Sales Volume | Average Rent (S$ psf pm) | Rental Volume | Rental Yield (%) |
|---|---|---|---|---|---|---|---|
Freehold | 1980 | 1,729 | 2 | 3.1 | 20 | 2.2 | |
Freehold | 2000 | 1,900 | 1 | - | - | - | |
Freehold | 2008 | 1,913 | 1 | 5.1 | 11 | 3.2 | |
ST REGIS RESIDENCES SINGAPORE | 999 years | 2008 | 2,152 | 3 | 4.6 | 26 | 2.6 |
Freehold | 2008 | 2,269 | 1 | 4.2 | 9 | 2.2 | |
Freehold | 1985 | 2,539 | 1 | 3.8 | 24 | 1.8 | |
Freehold | 2010 | 2,619 | 3 | 4.8 | 23 | 2.2 | |
Freehold | 2001 | 2,957 | 5 | 5.5 | 62 | 2.3 |
Source: URA, The Edge Property
Browsing for value deals in Ardmore II and nearby projects? Click here to search
This article appeared in The Edge Property Pullout, Issue 699 (October 19, 2015) of The Edge Singapore.
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