Ardmore Park unit fetches $3.18 mil profit

By
/ The Edge Property
|
December 16, 2016 11:23 AM SGT
On Dec 2, a 2,885 sq ft unit at Ardmore Park was sold at a $3.18 million profit. It was bought at $2,219 psf in August 2006 and sold at $3,321 psf, resulting in a 50% profit, or a 4% annual gain over a 10-year holding period. The unit has changed hands thrice so far. The first seller reaped a small profit, having bought it from the developer at $2,216 psf in December 1996.
So far this year, there have been seven transactions at Ardmore Park, a 330-unit freehold condo in prime District 10, with six transactions resulting in a profit. Three sellers reaped profits of more than $3 million each. The sole unprofitable transaction was that of a 2,885 sq ft unit on the 20th floor; it was bought at $3,085 psf in September 2011 and sold at $2,947 psf on Sept 9 this year.
For private non-landed homes sold in the week of Nov 29 to Dec 6, the second-largest profit of $964,760 accrued to a 1,679 sq ft unit at Cote D’Azur. The seller had bought the unit at $545 psf from the developer in July 2002 and sold it at $1,120 psf on Dec 2, resulting in a 105% profit, or 5% a year over 14 years. So far this year, all 17 units transacted at the 612-unit Cote D’Azur, whose prior caveats could be traced, have been profitable. Cote D’Azur is a 99-year leasehold condo completed in 2004 and adjacent to Parkway Parade.
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The third-largest profit of $826,300 accrued to a 1,259 sq ft unit at Viz at Holland, a freehold condo in prime District 10. The unit was bought at $710 psf in December 2005 and sold at $1,366 psf on Dec 2, resulting in a 92% profit, or 6% a year over 11 years. So far this year, both units transacted at Viz at Holland, which comprises 165 units completed in 2008, have resulted in profits for their sellers.
The seller of a 1,959 sq ft unit at Cyan, located in prime District 10, incurred the largest loss in the week of Nov 29 to Dec 6. He had bought the unit at $2,399 psf in December 2011 and sold it at $2,042 psf on Dec 6 after a holding period of five years, thus incurring a $700,000 loss, or 15%. Cyan is located on Keng Chin Road, off Bukit Timah Road. The freehold development was completed in 2014 and comprises 278 units.
On Dec 1, the seller of a 1,378 sq ft unit at Pebble Bay incurred a $190,000 loss. The unit was bought at $1,263 psf in June 2012 and sold at $1,125 psf after a four-year holding period. The loss works out to 11%, or 3% annually. The same unit has changed hands four times, with the three previous owners receiving profits ranging from $13,000 to $450,000. Pebble Bay, located on Tanjong Rhu Road, comprises 510 leasehold units completed in 1997.
At The Petals, a 270-unit freehold condo on Hillview Avenue, a seller incurred a loss of $169,000, or 13%, on Dec 6. The 1,302 sq ft unit was bought at $963 psf in September 2012 and sold at $833 psf. In June this year, a 4,402 sq ft unit at The Petals was sold at $429 psf; it had been purchased at $568 psf in July 2014, resulting in a $612,000, or 25%, loss for the seller. The previous owner of the unit also incurred a loss of $650,000, or 21%, as he had bought it for $716 psf in December 2011.
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​At Icon, a 646-unit leasehold development completed in 2007, a 581 sq ft unit was sold at a $162,000 loss, or 15%, on Dec 5. The unit has changed hands five times so far, with the three previous owners enjoying profits. The average transacted price of units measuring less than 600 sq ft at Icon has fallen from the peak of $1,959 psf in 2013 to $1,808 psf so far this year. Icon is located a stone’s throw away from the Tanjong Pagar MRT station.