Ardmore Park unit fetches $4.25 mil profit

By
/ EdgeProp
|
November 12, 2017 12:00 PM SGT
At Ardmore Park, two 2,885 sq ft, four-bedroom units on the 22nd floor of one of the 30-storey towers were sold on Oct 31, with caveats lodged on the same day. One unit was sold for $9.6 million ($3,328 psf), garnering the seller a $4.25 million profit as he had purchased it 15½ years ago for $5.35 million ($1,855 psf).
Meanwhile, the other unit fetched a higher price of $10.2 million ($3,536 psf), but brought the seller a gain of just $400,000, as it was purchased in July 2010 for $9.8 million ($3,397 psf). That was the year when prices at Ardmore reached a peak of $3,688 psf, with a unit on the 27th floor of the same tower fetching $10.64 million in January 2010.
Caveats show that the two units on the 22nd floor of Ardmore Park were likely to have been bought by a company.
ADVERTISEMENT
A 2,885 sq ft unit at Ardmore Park was sold on Oct 31 for a $4.25 million (79%) profit. Find the most affordable listing in the project here (Credit: The Edge Singapore)
This year, there were 15 transactions at Ardmore Park, 13 of which were profitable. The number of resales is also the highest since the last peak in 2010, when 19 deals were transacted.
Completed in 2001, Ardmore Park is a 330-unit development by Wheelock Properties. The project comprises three 30-storey towers sitting on an eight-acre freehold site.
At RiverGate at Robertson Quay, a 3,918 sq ft, four-bedroom unit on the 39th floor was sold for $5.9 million ($1,506 psf). The owner purchased the unit for $7.4 million ($1,880 psf) in July 2009, incurring a loss of $1.47 million, or an annualised rate of 3% over the past eight years.
ADVERTISEMENT
The freehold RiverGate has 545 units in three 43-storey towers. Completed in 2009, the project was jointly developed by CapitaLand and Hwa Hong Corp. RiverGate was the first residential project in Singapore to be accorded landmark status by URA and therefore, the developer was able to build up to 43 storeys when most of the projects beside the Singapore River were restricted to 10 storeys.
The development has a mix of two- to four-bedroom units ranging from 1,000 to 4,000 sq ft. Most of the units have a view of the Singapore River, while those on the high floors have unobstructed views of the CBD skyline.
The project was officially launched in May 2005. Prices hit a high of $2,701 psf when a 3,143 sq ft, four-bedroom unit on the 40th floor fetched $8.49 million in May 2007, during the last property boom a decade ago.
ADVERTISEMENT
RiverGate is a freehold development beside the Singapore River that was completed in 2009. Find the most affordable listing in the project here (Credit: The Edge Singapore)
This article appeared in EdgeProp Pullout, Issue 805 (Nov 13, 2017).