Ardmore Park unit makes $4.6 mil profit

By
/ The Edge Property
|
February 26, 2017 8:30 AM SGT
On Feb 9, a 2,885 sq ft unit at Ardmore Park in prime District 10 was sold at a $4.6 million profit. The gain works out to 94%, or 5% a year over 14 years. The previous owner bought it at $4.9 million, or $1,699 psf, in September 2002 and sold it at $9.5 million, or $3,293 psf.
Ardmore Park is a freehold condominium completed in 2001. Find the most affordable unit in the project here
This was the first transaction at Ardmore Park this year. The next most recent transaction, in December 2016, resulted in a $3.18 million profit for the seller. The 2,885 sq ft unit was bought at $6.4 million, or $2,219 psf, in August 2006 and sold at $9.58 million, or $3,321 psf. The profit works out to 50%, or 4% a year over 10 years.
There were 58 rental contracts for units of 2,800 to 2,900 sq ft at Ardmore Park in 2H2016, with monthly rents averaging $14,598. This implies a 2% gross rental yield for the recently transacted unit. Completed in 2001, Ardmore Park is a freehold condominium comprising 330 units.
For private non-landed homes sold in the week of Feb 7 to 14, the biggest loss of $1.16 million was incurred by the seller of a 947 sq ft unit at Scotts Square in prime District 9. The unit was bought from the developer at $3.96 million, or $4,184 psf, in September 2007 and sold at $2.8 million, or $2,956 psf, on Feb 7. The loss works out to 29%, or 4% a year over nine years.
There were 19 rental contracts for units of 900 to 1,000 sq ft at Scotts Square in 2H2016, with monthly rents averaging $6,511. This implies a 3% gross rental yield for the recently transacted unit.
Based on the matching of URA caveat data, both units transacted at Scotts Square so far this year were sold at a loss. A week earlier, on Feb 3, a 1,249 sq ft unit was sold at a $1.56 million loss, the biggest at Scotts Square so far. The seller...