SINGAPORE (EDGEPROP) - The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park was the most profitable transaction during the week of Aug 10 to 17. The unit, which is on the fifth floor, was sold for $9.8 million ($3,397 psf) on Aug 12 and had been purchased for $6.79 million ($2,357 psf) in July 2009. The seller therefore made a profit of $3 million (44%), or an annualised profit of 3.1% over 12 years. (See also: Unit at Ardmore Park reaps $5.1 mil profit)
This is the second consecutive week that a resale transaction at Ardmore Park has topped the list of most profitable gains. Last week, a four-bedroom unit on the 25th floor at Ardmore Park was sold for $10.8 million ($3,744 psf). That earned the seller a profit of $5.1 million (90%), or an annualised profit of 2.6% over 25 years. That transaction is also the most profitable resale recorded so far this year at the development.
Ardmore Park is an ultra-luxury freehold development located in prime District 10. The condominium consists of three 30-storey residential blocks and was completed in 2001. There are 330 four-bedroom units of 2,885 sq ft, as well as six duplex penthouses of 8,740 sq ft. (See: Discover insightful data of any Singapore condominium with our condo directory)
The second top gain made over the week was for a 6,028 sq ft unit at The Berth By The Cove. The four-bedroom unit was sold for $6.99 million ($1,161 psf) on Aug 16. It was purchased for $4.49 million ($745 psf) in January 2005. This means that the seller earned a profit of $2.51 million (56%), or an annualised profit of 2.7% over 16½ years.
The Berth By The Cove is a 99-year leasehold development on Sentosa Cove in District 4. It consists of two- to four-bedroom units of 1,012 sq ft to 6,228 sq ft. The 200-unit development is also one of five high-end condominiums built by property developer Ho Bee Land within the exclusive Sentosa Cove residential enclave. The other developments are Turquoise, The Coast, Seascape and Cape Royale.
The latest resale is also the most profitable recorded so far this year at the development. There have been four profitable and four unprofitable deals recorded at The Berth By The Cove so far this year. Profits have ranged from $163,480 to $2.51 million, while losses have ranged from $178,000 to $1.52 million.
On the other hand, the most unprofitable deal during the week was the sale of a 1,593 sq ft unit at Marina Bay Suites. The three-bedroom unit was sold for $2.86 million ($1,800 psf) on Aug 12, but had been purchased for $3.49 million ($2,197 psf) in November 2013. The seller therefore made a loss of $632,000 (18%), or an annualised loss of 2.5% over nearly eight years.
This transaction is the latest in a string of unprofitable deals at Marina Bay Suites. Based on URA caveats, the development has not recorded a profitable resale transaction in the past two years. Losses have ranged from $14,000 to $2.49 million, the latter of which was from the sale of a 2,680 sq ft unit for $4.67 million ($1,746 psf) in November 2019. It was purchased in May 2010 for $7.17 million ($2,678 psf).
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