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Unit at Ardmore Park sold at $5 mil profit
By Atiqah Mokhtar | July 22, 2022
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SINGAPORE (EDGEPROP) - Two units sold at freehold luxury development Ardmore Park were the two most profitable transactions recorded during the week of July 5 to 12. The units sold were two adjacent 2,885 sq ft, four-bedders on the 17th floor of the same tower, based on caveats lodged on July 5. A property title search shows that both units were purchased by members of an Indonesian family.

Read also: Five-bedroom penthouse at Nassim Park Residences reaps $2.3 mil profit

One of the units was sold for $14.08 million ($4,881 psf), marking a new psf price high for resale transactions at the development. The unit was purchased for $9.08 million ($3,148 psf) in October 2010, meaning the seller netted a profit of $5 million (55.1%). On an annualised basis, the seller saw a profit of 3.8% over the holding period of nearly 12 years.

The other unit was sold for $11.5 million ($3,986 psf), reaping the seller a profit of $3.5 million or 43.8%. It was purchased for $8 million ($2,773 psf) in May 2019, which works out to an annualised profit of 12.4% over the holding period of around three years.

The 330-unit Ardmore Park condo is located in the prestigious Ardmore Park area. Developed by Wharf Estates Singapore (formerly Wheelock Properties), the 21-year-old freehold, high-end condo has three 30-storey towers. The typical units at the condo are 2,885 sq ft, four-bedroom apartments, but it also has six duplex penthouses of 8,740 sq ft each.



Prior to the two units sold on July 5, four other typical units were sold this year, based on caveats lodged. They changed hands at prices ranging from $10.5 million ($3,640 psf) to $12.23 million ($4,240 psf), with gains from $1.4 million to $4.2 million.

Goodwood Gardens saw the third most profitable transaction for the week, after a 2,185 sq ft, four-bedroom unit on the ninth floor changed hands for $4.88 million ($2,233 psf) on July 5. The unit was purchased for $2.43 million ($1,112 psf) in March 2004. This means the seller recorded a gain of $2.45 million (101%), or an annualised profit of 3.9% over almost 18½ years.

Goodwood Gardens is a freehold development located on Balmoral Crescent, off Bukit Timah Road in District 10. The boutique development was completed in 2004 and has just 29 units in a 12-storey tower. It was developed by TID, a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan. It has two- to four-bedders starting from 1,076 sq ft to 2,239 sq ft. There are also two penthouses of 3,875 and 3,972 sq ft.

The unit sold in July is the first apartment transacted at Goodwood Gardens in over three years. Prior to this, the most recent resale transaction occurred in February 2019, when a 2,239 sq ft unit on the third floor was sold for $3.41 million ($1,523 psf). The development is located within walking distance of Newton MRT Station on the Downtown Line. It is also within a 10-minute drive to the Orchard Road shopping belt.

Meanwhile, the most unprofitable transaction for the week occurred at One Shenton, after a 1,119 sq ft, two-bedroom unit on the 45th floor changed hands for $1.89 million ($1,687 psf), based on a caveat lodged on July 5. The unit was purchased in June 2007 for $2.25 million ($2,009 psf), meaning the seller suffered a loss of 16.1% or about $361,000,which works out to an annualised loss of 1.2% over a 15- year holding period.

One Shenton is a 99-year leasehold condo by City Developments located at Shenton Way in the CBD. The development’s 50-storey twin towers were completed in 2011 and house 341 units. It has one- to four-bedroom apartments as well as sky villas, with sizes ranging from 517 sq ft to 11,765 sq ft.

According to data compiled by the EdgeProp Research tool, One Shenton has seen eight other units transacted below their original purchase price. These units range from one-bedroom units of 538 sq ft to a three-bedroom-plus-study of 1,572 sq ft, at transacted prices of between $1.09 million ($1,424 psf) and $2.56 million ($2,044 psf). The sellers saw losses ranging from $10,430 to $1 million.

Check out the latest listings near Ardmore Park, One Shenton, Goodwood Gardens, Newton MRT Station


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