Ardmore Park unit sold at $3.5 mil profit
By Lin Zhiqin
/ The Edge Property |
So far this year, there have been three profitable and one unprofitable transactions at Ardmore Park in prime District 10, based on the matching of URA caveat data. A 2,885 sq ft unit fetched a $4.6 million profit on Feb 9; another reaped a $3.5 million profit on Feb 28.
Then, two other 2,885 sq ft units at Ardmore Park were sold on April 5. One fetched the biggest profit of $3.5 million for the week of April 4 to 11. The seller had bought it at $4.8 million ($1,664 psf) from the developer in August 1996 and sold it at $8.3 million ($2,877 psf). The profit works out to a 73% gain, or 3% a year over 21 years. The other unit was sold at a $70,000 loss. The seller had bought it at $8.25 million ($2,860 psf) in June 2011 and sold it at $8.18 million ($2,836 psf).
There were 20 rental contracts for units ranging from 2,800 to 2,900 sq ft at Ardmore Park in 1Q2017, with the monthly rent averaging $14,203. This implies a 2% gross rental yield for the two units sold on April 5. Ardmore Park is a freehold condominium with 330 units. It was completed in 2001.
So far this year, three units at Ardmore Park have been sold for profits ranging from $3.5 million to $4.6 million. Find the most affordable listing in the project here
A 2,852 sq ft unit at Cairnhill Plaza in prime District 9 fetched the second- biggest profit of $1.9 million for the week of April 4 to 11. The unit was bought at $1.7 million ($596 psf) in April 2005 and sold at $3.6 million ($1,262 psf) on April 5. The profit works out to 112%, or 6% a year over 12 years.
There were five rental contracts for units ranging from 2,800 to 2,900 sq ft at Cairnhill Plaza in 1Q2017, with the monthly rent ranging from $6,000 to $8,000. The freehold Cairnhill Plaza has 204 units. It was completed in 1978.
A 2,852 sq ft unit at Cairnhill Plaza fetched a $1.9 million profit on April 5. Find the most affordable listing in the project here
On April 7, a 2,056 sq ft unit at Costa Rhu fetched the third-biggest profit of $1.09 million for the week. The seller had bought it at $966,320 ($470 psf) from the developer in December 1998 and sold it at $2.06 million ($1,000 psf). The profit works out to 113%, or 4% a year over 18 years.
Based on the matching of URA caveat data, there have been 123 profitable transactions, with an average profit of $674,737 (58%), and two unprofitable transactions at Costa Rhu since 2012. The two unprofitable transactions were those of units that were sold for the same prices that they were purchased at.
There were three rental contracts for units ranging from 2,000 to 2,100 sq ft at Costa Rhu in 1Q2017, with the monthly rent ranging from $5,200 to $6,100. Costa Rhu, a 99-year leasehold condo with 737 units, was completed in 1997.
A 2,713 sq ft unit at Sky@Eleven in prime District 11 fetched the fourth-biggest profit of $1.04 million for the week. The unit was bought at $3.26 million ($1,200 psf) and sold at $4.3 million ($1,585 psf) on April 6. The profit works out to 32%, or 3% a year over 10 years.
Another unit at Sky@Eleven was sold during the week. The 1,851 sq ft unit fetched a $839,860 profit on April 11. It was bought at $2.11 million ($1,140 psf) in July 2007 and sold at $2.95 million ($1,593 psf). The profit works out to 40%, or 4% a year over 10 years.
There were six rental contracts for 2,700 to 2,800 sq ft units at Sky@Eleven in 1Q2017, with the monthly rent averaging $9,175. This implies a 2.5% gross rental yield for the 2,713 sq ft unit. In the same period, there were three rental contracts for units ranging from 1,800 to 1,900 sq ft, with the monthly rent ranging from $6,200 to $7,200. The freehold Sky@Eleven is adjacent to CHIJ Toa Payoh and has 273 units. It was completed in 2010.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles