Four-bedder at Ardmore Park sold for $3.05 mil profit
/ EdgeProp Singapore |
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The sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park was the most profitable condo resale transaction during the week of Nov 19 to 26. The 14th-floor unit changed hands for $11.25 million ($3,900 psf) on Nov 22. The seller had bought the unit in September 2016 for $8.2 million ($2,843 psf). As such, the seller raked in a profit of $3.05 million, reflecting a capital gain of 37%, or an annualised profit of 4.6% over a holding period of about eight years.
The deal comes two months after another 2,885 sq ft, four-bedroom unit on the 23rd floor was sold for $12.7 million ($4,402 psf) on Oct 1. The seller of the unit bought it in September 2010 for $9.7 million ($3,363 psf), which means the seller made a profit of $3 million on the sale. This also translated to a capital gain of 30.9%.
The 2,885 sq ft unit at Ardmore Park changed hands for $11.25 million ($3,900 psf) on Nov 22 (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.
Apart from the units sold on Nov 22 and Oct 1, the development has seen four other resale transactions to date this year, all of which have been profitable. The units sold were all four-bedders of 2,885 sq ft and fetched prices ranging from $4,108 psf to $4,472 psf. The sellers raked in profits between $2.65 million and $7.07 million.
The second most profitable condo resale deal during the week in review was the sale of a four-bedroom apartment at Goldenhill Park Condominium. The 1,539 sq ft unit on the 16th floor sold for $3.43 million ($2,228 psf) on Nov 21. The seller, who purchased the unit from the developer in May 2001 for $1.14 million ($741 psf), netted a gain of $2.29 million or 201%. They had owned the unit for 23½ years.
This is the second-highest gain recorded to date on a unit at Goldenhill Park Condominium. The record belongs to a 2,928 sq ft, four-bedroom penthouse that was sold for $4.3 million ($1,469 psf) in February 2022. The seller, who bought the unit from the developer in April 2001 for about $2 million ($683 psf), made a gain of $2.3 million.
A 1,539 sq ft unit at Goldenhill Park Condominium sold for $3.43 million ($2,228 psf) on Nov 21, netting a gain of $2.29 million (Picture: Samuel Isaac Chua/The Edge Singapore)
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 houses 390 units of two- to four-bedroom apartments occupying between 926 sq ft and 2,928 sq ft. The condo is close to the Lorong Chuan MRT Station on the Circle Line.
Five other resale transactions have occurred at the development this year, all of which have been profitable. The units, sold for between $2,082 psf and $2,246 psf, netted profits ranging from $760,000 to $1.91 million.
Meanwhile, the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove was the most unprofitable condo resale deal during the week. The 2,831 sq ft unit on the 10th floor changed hands for $4.7 million ($1,660 psf) on Nov 20. The seller had bought the unit in May 2007 for $5.8 million ($2,050 psf). As a result, the seller incurred a loss of $1.1 million (19%) after owning the unit for 17½ years.
On Nov 20, the sale of a 2,831 sq ft unit at The Oceanfront @ Sentosa Cove for $4.7 million ($1,660 psf) resulted in a loss of $1.1 million (Picture: Samuel Isac Chua/The Edge Singapore)
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo in the exclusive Sentosa Cove residential enclave. The waterfront condo was completed in 2010 and has 264 units housed in five towers between 12 and 15 storeys high. Residences include two-, three- and four-bedders of 1,216 sq ft to 4,284 sq ft. There are also penthouses of 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 at $1,500 psf to $1,999 psf. Four of these deals were unprofitable, with the sellers incurring losses between $30,000 and $519,000. The other two deals were profitable, with the sellers netting gains of about $268,000 and $1.7 million, respectively.
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