Ardmore Park unit sold at $2.05 mil profit

/ EdgeProp
September 9, 2018 9:00 PM SGT
A 2,885 sq ft, four-bedroom unit on the 14th floor of Ardmore Park, located in prime District 10, posted the highest gain of $2.05 million (26%) for the week of Aug 21 to 28, according to URA caveats.
The unit changed hands for $9.8 million ($3,397 psf) on Aug 27. The seller had purchased it in August 2014 for $7.75 million ($2,687 psf). This translates into an annualised profit of 6% over a holding period of four years. This is the third time the unit has changed hands, according to caveats lodged. It was previously sold for $4.475 million ($1,551 psf) in June 2005.
This is the fourth transaction at Ardmore Park this year, and all transactions at the development this year have been profitable. The profits range from $1.38 million to $4.65 million.
The 330-unit Ardmore Park was developed by Wheelock Properties and completed in 2001 (Credit: Samuel Isaac Chua/ The Edge Singapore)
The all-time-high profit at Ardmore Park was from the resale of an 8,740 sq ft, five-bedroom penthouse on the 29th floor, according to caveats lodged. The penthouse was purchased for $17.3 million ($1,979 psf) in December 2006 and sold for $30 million ($3,434 psf) in July 2010. This translated into a profit of $12.7 million, or an annualised profit of 16% over 3.6 years.
The 330-unit Ardmore Park was developed by Wheelock Properties and completed in 2001. The development comprises four-bedroom units of 2,885 sq ft each and penthouses of over 8,000 sq ft each.
Meanwhile, the second-highest gain — a profit of $1.166 million — for the week in review was achieved at Pavilion 11, in District 11. The seller bought the 1,485 sq ft, three-bedroom unit on the 17th floor for $1.33 million ($898 psf) in April 2007 and sold it for $2.5 million ($1,683 psf) on Aug 23. This translates into a gain of 87%. Over a holding period of 11.3 years, the seller made a 6% annualised profit.
This latest sale at Pavilion 11 is also the development’s third most profitable transaction. The top gain at the development was chalked up by the seller of a 4,219 sq ft penthouse on the 31st floor. The buyer had purchased the property for $3.5...