Despite getting on 18 years, Ardmore Park condo continues to command premium prices. The latest transaction this month was for a mid-floor unit that changed hands for $9.68 million, or $3,356 psf, according to a caveat lodged with URA Realis on Jan 11.
Even though this latest price is nowhere near the record of $3,688 psf achieved at Ardmore Park in January 2010, it is the highest since last August, when a ninth-floor unit in a neighbouring tower fetched $9.8 million ($3,397 psf).
The seller of the 17th-floor unit had purchased it for $5.54 million ($1,919 psf) from the developer in February 1997. That was 21 years ago. Having sold it for $9.68 million, the seller chalked up a capital gain of $4.14 million, making it the top gainer this week (See Top Gains & Losses table, Page EP12). The unit is “pool facing” and such units are sought after, according to Samuel Eyo, managing director of Lighthouse Property Consultants.
Developed by Wheelock Properties and completed in 2001, Ardmore Park has three 30-storey towers with a total of 330 units. It sits on a sprawling eight-acre (3.2 ha), freehold site, the largest in the prestigious Ardmore Park enclave. All the typical units in the development are 2,885 sq ft, four-bedders with identical layout. There are only two penthouses per tower – on the 29th and 30th floors – and these are sized at 8,740 sq ft, with five bedrooms each.
The development is often regarded as the yardstick against which new luxury projects are measured. Despite newer developments sprouting up, resale prices in the development have not been affected over the years. Owners who had purchased their units when the project was launched more than 20 years ago have been able to recognise multi-million-dollar profits.
Eyo attributes Ardmore Park’s draw to its prestige, amenities and large land plot it occupies. Amenities include an Olympic-sized swimming pool, two tennis courts, and a generous clubhouse set amid lush greenery. Despite its age, Ardmore Park has been well-maintained, observes Eyo.
Another reason why units at Ardmore Park condo have been able to hold their value is that newer developments in recent years have smaller units in their mix to appeal to a younger audience and investors. These include YTL’s 3 Orchard-By-the-Park, which has a mix of two- to four-bedroom types; and III Cuscaden, with compact one- to three-bedroom apartments sized from 420 to 1,281 sq ft.
Ardmore Park appeals to those who still equate luxury with space, observes Eyo. About 30% of the units at Ardmore Park are owner-occupied, with the rest owned by investors, and therefore tenanted. Monthly rental rates for typical four-bedroom units at Ardmore Park last December ranged from $13,000 to $17,000. This is down from $20,000 to $22,000 in the past, says Eyo.