Four-bedder at Ardmore Park sold for $7.05 mil gain

/ EdgeProp Singapore |

June 7, 2023 7:13 PM SGT

SINGAPORE (EDGEPROP) - The sale of a unit at luxury condo Ardmore Park was the most profitable condo resale transaction recorded during the week of May 23 to 30. The seller of the four-bedroom, 2,885 sq ft apartment made a profit of $7.05 million after it was sold for $12.9 million ($4,472 psf) on May 29. The unit had been purchased from the developer for $5.85 million ($2,029 psf) in July 1996. Hence, the seller made a 120% profit over a holding period of nearly 27 years. According to a property title search, the buyer of the unit is one Eddy Hartono, an Indonesian who is a Singapore permanent resident.

This is the fourth most profitable resale transaction recorded at Ardmore Park. The most profitable transaction occurred in April 2020 when the seller of a 8,740 sq ft duplex penthouse raked in a profit of $11.65 million after it was sold for $27.65 million ($3,163 psf). The seller had held the unit since January 1998, when they purchased it for $16 million ($1,831 psf).

Recent profitable resale transactions at Ardmore Park (Source: EdgeProp Research tool)

price trends Ardmore Park - EDGEPROP SINGAPORE

Chart showing price trend for Ardmore Park since August 2018 (Source EgdeProp Research tool)

The second most profitable transaction at Ardmore Park occurred earlier this year in April, when a 2,885 sq ft apartment fetched $13 million ($4,510 psf), with the seller reaping a profit of $8.16 million. The third most profitable transaction was the sale of a 2,885 sq ft unit last November for $12.5 million ($4,333 psf), with the seller netting a $7.75 million gain.

Ardmore Park is a 330-unit, freehold condo located in the prestigious Ardmore Park area in prime District 10. Developed by Wharf Estates Singapore, the former Wheelock Properties, the high-end 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. Last July, the development saw a new psf-price high of $4,881 when a four-bedroom apartment changed hands for $14.08 million.

The 2,885 sq ft unit at Ardmore Park was sold for $12.9 million on May 29 (Picture: Samuel Isaac Chua/The Edge Singapore)

Scotts 28, a condo along Scotts Road in District 9, saw the second most profitable transaction during the week in review. A 1,733 sq ft three-bedder on the eighth floor was sold for $4.3 million ($2,481 psf) on May 26. The seller had bought the unit from the developer in November 1995 for $2.32 million ($1,341 psf). Hence, they made a profit of $1.98 million or a capital gain of 85% over 27½ years.

This is the most profitable resale transaction recorded at Scotts 28 to date. The previous long-held record was set in June 1996, when the sub-sale of a 3,466 sq ft unit for $6.86 million ($1,979 psf) netted the seller a $1.96 million profit. The transaction on May 26 also marks a new psf-price high for the development, surpassing the last high of $2,433 psf registered last August with the sale of a 1,636 sq ft unit for $3.98 million.

The seller of a three-bedroom unit at Scotts 28 made a gain of $1.98 million when it was sold for $4.3 million on May 26 (Picture: Samuel Isaac Chua/The Edge Singapore)

The 136-unit, freehold Scotts 28 was developed by MCL Land and completed in 1998. It has two- to five-bedders of between 1,098 and 4,650 sq ft. Located just off Orchard Road next to Goodwood Park Hotel, the condo is within a 10-minute walk of malls such as Far East Plaza, Scotts Square and Tang Plaza. It is also a five-minute walk to Newton MRT Station (Downtown and North-South Lines).

Meanwhile, Aalto, a freehold condo along Meyer Road in District 15’s Marine Parade area, saw the most unprofitable transaction recorded during the week in review. A duplex penthouse measuring 5,608 sq ft changed hands for $13.2 million ($2,354 psf) on May 24. It was purchased from the developer for $16.28 million ($2,902 psf) in March 2008. Hence, the seller suffered a loss of $3.08 million (19%) after holding the unit for over 15 years.

This is the most unprofitable transaction recorded to date at Aalto. The previous record was set in April 2017 with the sale of a 2,443 sq ft unit for $4.1 million ($1,678 psf). The seller made a $1.23 million loss on the transaction.

The seller of a 5,608 sq ft duplex penthouse at Aalto incurred a loss of $3.08 million when it was sold for $13.2 million on May 24 (Picture: Samuel Isaac Chua/The Edge Singapore)

Aalto is a freehold, high-end condo on Meyer Road that was developed by Hong Leong Holdings and completed in 2010. It has twin 27-storey towers and a total of 196 apartments. Typical units are made up of three- and four-bedroom apartments sized between 1,442 and 2,443 sq ft. There are also two 5-bedroom, duplex penthouses of 6,168 sq ft and 5,608 sq ft respectively, and two 5-bedroom, sub-penthouse units of 3,940 sq ft and 4,424 sq ft respectively.

Check out the latest listings near Ardmore Park, Scotts 28, Aalto, Newton MRT Station

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