Four-bedder at Ardmore II rakes in $2.1 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at Ardmore II was the most profitable condo resale transaction recorded during the week of Feb 7 to 14. The 2,024 sq ft unit on the eighth floor changed hands for $6.28 million ($3,103 psf) on Feb 8. It was purchased by the seller in October 2006 for $4.21 million ($2,082 psf). This means they made a profit of $2.07 million (49%) over a holding period of more than 16 years.
This marks the second most profitable transaction ever recorded at Ardmore II. The most profitable transaction took place in August 2007, when a 2,024 sq ft unit on the 26th floor was sold for $7.28 million ($3,599 psf). It was purchased in October of the previous year for $4.65 million ($2,299 psf), which means the seller made a gain of $2.63 million.
Ardmore II is a freehold luxury development by Wheelock Properties in the exclusive Ardmore Park area in District 10. Completed in 2010, it has a total of 118 units, all of which are identical four-bedroom units of 2,024 sq ft. The 36-storey twin tower project is located a few minutes’ walk away from Orchard Road.
The 2,024 sq ft unit at Ardmore II changed hands for $6.28 million ($3,103 psf) on Feb 8 (Picture: The Edge Singapore)
The Feb 8 transaction is the first at Ardmore II this year. In 2022, four resale transactions occurred at the development, all of which were profitable. The units were priced at between $6 million ($2,965 psf) and $6.85 million ($3,385 psf), with the sellers netting gains of between $300,000 and $1.65 million respectively.
The second most profitable transaction during the period in review occurred at Regency Suites. A 1,421 sq ft unit on the 13th floor fetched $2.97 million ($2,089 psf) on Feb 9. The three-bedroom unit was purchased in November 2005 for $970,000 ($683 psf). Thus, the seller netted a gain of 206%, or just under $2 million, across a holding period of over 17 years.
The transaction is the most profitable one at Regency Suites thus far. Prior to this, the most profitable transaction was the sale of a 1,421 sq ft unit on the 31st floor for $2.7 million ($1,900 psf) in March 2020. The seller, who had bought the unit in December 2005 for $1.08 million ($760 psf), made a gain of $1.62 million.
Regency Suites is a freehold development along Kim Tian Road, off Tiong Bahru Road in District 3. It was completed in 2008 with a total of 84 residences. The units comprise a mix of one- to four-bedders, ranging from 592 to 4,532 sq ft.
The seller of a 1,421 sq ft unit at Regency Suites made a gain of just under $2 million on Feb 9 (Picture: Samuel Isaac Chua/The Edge Singapore)
Last year, only one apartment changed hands at Regency Suites — a 592 sq ft unit on the third floor which fetched $1.24 million ($2,095 psf). The seller had purchased the unit in May 2018 for $1.08 million ($1,824 psf). Hence, they walked away with a profit of $160,000.
Meanwhile, the most unprofitable transaction during the week took place at The Sail @ Marina Bay. On Feb 10, a one-bedder measuring 689 sq ft was sold for $1.47 million ($2,132 psf). It was acquired by the seller in June 2010 for $1.76 million ($2,555 psf). Hence, the seller clocked a loss of around $291,000.
This is the fourth resale transaction at The Sail @ Marina Bay so far this year, based on caveats lodged. Of the other three transactions, two occurred below their respective purchase prices. On Jan 3, an 883 sq ft unit fetched $1.59 million ($1,800 psf), with the seller making a loss of around $78,000. On Feb 6, the seller of a 689 sq ft unit suffered a loss of $370,000 when the unit was sold for $1.56 million ($2,264 psf).
On the flip side, the seller of a 1,184 sq ft unit at The Sail @ Marina Bay reaped a profit of $1.44 million when it was sold on Jan 26 for $2.6 million ($2,196 psf). The unit was purchased from the developer for $1.16 million ($976 psf) in November 2004.
The seller of a 689 sq ft unit at The Sail @ Marina Bay made a loss of around $291,000 on Feb 10 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Sail @ Marina Bay is a 99-year leasehold luxury condo by City Developments and AIG Global. It is located on Marina Boulevard in District 1. The 1,111-unit condo was completed in 2008 and comprises two towers — the 70-storey Tower 1 and 63-storey Tower 2. Units consist of studios to four-bedders ranging from 592 to 2,185 sq ft. There are also penthouse units ranging from 3,391 to 6,297 sq ft.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Search Articles