Four-bedder at Ardmore Park sold for $3 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom apartment at Ardmore Park, a freehold condo in District 10, was the most profitable condo resale transaction during the week of Sept 24 to Oct 1. The 2,885 sq ft unit on the 23rd floor fetched $12.7 million ($4,402 psf) on Oct 1. The seller of the unit had bought it in September 2010 for $9.7 million ($3,363 psf). This means the seller made a profit of $3 million on the sale, which translates to a capital gain of 30.9%, or an annualised profit of 2.2% over a holding period of about 14 years.
The 2,885 sq ft at Ardmore Park fetched $12.7 million ($4,402 psf) on Oct 1 (Picture: Samuel Isaac Chua/The Edge Singapore)
Ardmore Park is a 330-unit, freehold condo located in the Ardmore Park area in prime District 10. The luxury condo was completed in 2001 and has three 30-storey towers. Typical units at the condo are 2,885 sq ft, four-bedroom apartments, but it also has six 8,740 sq ft, duplex penthouses.
The development has seen four other resale transactions to date this year, all of which have been profitable. Three of the units sold fetched gains of at least $6.5 million. In February, a 2,885 sq ft unit has changed hands for $12.9 million ($4,472 psf). The seller had bought the unit in July 1996 for $5.83 million ($2,022 psf), which means they reaped a profit of about $7.1 million on the deal.
On July 24, a 2,885 sq ft unit had sold for $12 million ($4,160 psf). The seller, who bought the unit in December 2000 for $5.2 million ($1,803 psf), reaped a profit of $6.8 million. On April 22, another 2,885 sq ft unit had changed hands for $12.5 million ($4,333 psf) on May 29. The seller, who acquired the unit in February 2007 for $6 million ($2,080 psf), raked in a $6.5 million gain.
The second most profitable condo resale transaction during the week was the sale of a 1,302 sq ft, three-bedroom unit at The Belvedere. The seventh-floor unit fetched $3.09 million ($2,371 psf) on Sept 24. The seller had purchased the unit from the developer in October 2006 for about $968,000 ($743 psf). As a result, they made a gain of $2.12 million on the deal, which reflects a capital gain of 219% for the seller. They had owned the unit for just under 18 years.
This is the third biggest gain ever made on a unit at The Belvedere, based on caveats lodged. The record belongs to a 2,766 sq ft unit that fetched $4.9 million ($1,771 psf) in a sub-sale in June 2007. The seller, who bought the unit from the developer in April 2005 for $2.18 million ($788 psf), made a gain of $2.72 million.
A 1,302 sq ft unit at The Belvedere changed hands for $3.09 million ($2,371 psf) on Sept 24, netting a gain of $2.12 million (Picture: The Edge Singapore)
The Belvedere is a freehold condo located on Meyer Road in District 15. Completed in 2007, it consists of two residential blocks housing 167 units. Apartments comprise two-bedroom units spanning 1,012 sq ft to 1,206 sq ft and three-bedroom units spanning 1,238 sq ft to 1,615 sq ft. It also has seven penthouse units spanning 2,131 to 2,949 sq ft. The development is next to the Katong Park MRT Station on the Thomson-East Coast Line.
The Belvedere has seen five other units change hands this year, all of which have occurred above purchase price, based on available caveats. The units were sold at prices ranging between $2,121 psf and $2,486 psf, with the sellers fetching gains ranging from $600,000 to $2 million.
Meanwhile, the sale of a unit at Scotts Square was the most unprofitable condo resale transaction this week. The 947 sq ft, two-bedroom unit on the 41st floor sold for $3.18 million ($3,357 psf) on Sept 27. The seller had bought the unit from the developer in August 2007 for about $4.1 million ($4,324 psf). Thus, they incurred a loss of around $916,000 (22.4%) after owning the unit for roughly 17 years.
The deal comes just a week after a three-bedroom unit measuring 1,238 sq ft had incurred a loss of $1.14 million upon its sale for $4 million ($3,231 psf) on Sept 20. The seller had bought the unit from the developer in August 2007 for about $5.14 million ($4,155 psf).
A 947 sq ft unit at Scotts Square sold for $3.18 million ($3,357 psf) on Sept 27, incurring a loss of about $916,000 (Picture: Samuel Isaac Chua/The Edge Singapore)
Scotts Square is a freehold condo located on Scotts Road, just off the Orchard Road shopping belt in prime District 9. It is part of a mixed-use development that includes the Scotts Square shopping mall. Residences are spread across two towers spanning 34 and 43 storeys that sit on top of the four-storey retail podium. The condo was completed in 2011 and has 338 units. Units comprise one-bedders of 624 sq ft to 635 sq ft, two-bedders of 893 sq ft to 947 sq ft, and three-bedders of 1,249 sq ft to 1,238 sq ft. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.
Check out the latest listings for The Belvedere, Scotts Square, Ardmore Park, Condominium properties
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