Four-bedroom apartment at Ardmore Park records $8.16 mil gain
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a unit at luxury condo Ardmore Park was the most profitable condo resale transaction recorded during the week of April 11 to 18. The seller of the four-bedroom, 2,885 sq ft apartment made a profit of $8.16 million after it sold for $13 million ($4,510 psf) on April 14. The unit had been purchased for $4.85 million ($1,681 psf) in December 2000, which means the seller made a 168% profit on the unit over a holding period of more than 22 years.
This is the second most profitable resale transaction recorded at Ardmore Park as well as the second-highest psf price transacted. The most profitable transaction occurred in April 2020 when the seller of a 8,740 sq ft duplex penthouse unit raked in a profit of $11.65 million after it sold for $27.65 million ($3,163 psf). The seller had held the unit since January 1998, when they purchased it for $16 million ($1,831 psf).
The 2,885 sq ft unit at Ardmore Park fetched $13 million on April 14 (Picture: Samuel Isaac Chua/The Edge Singapore)
Ardmore Park is a 330-unit freehold condo located in the prestigious Ardmore Park area in prime District 10. Developed by Wharf Estates Singapore, the former Wheelock Properties, the high-end condo was completed in 2001 and has three 30-storey towers. Typical units at the condo are 2,885 sq ft, four-bedroom apartments but it also has six 8,740 sq ft duplex penthouses. Last July, the development saw a new psf-price high of $4,881 after a four-bedroom apartment changed hands for $14.08 million.
The Ladyhill, another freehold condo in District 10, saw the second most profitable resale transaction during the week in review. A three-bedroom, 2,411 sq ft unit on the first floor was sold for $7.28 million ($3,019 psf) on April 13. The seller had bought the unit from the developer in March 2003 for $3.81 million. This means they made a profit of $3.47 million (91%) on the transaction.
This is the most profitable transaction to take place at The Ladyhill, beating the previous record set in April 2010 when a 2,325 sq ft unit fetched $6.6 million ($2,839 psf). The seller, who had acquired the unit in October 2000 for $3.93 million ($1,690 psf), netted a gain of $2.67 million.
The transaction also marks a new psf-price high for the development and the first time it crossed the $3,000 psf threshold. It beats the previous high of $2,839 psf registered in October 2010 when a 2,325 sq ft unit changed hands for $6.6 million.
The seller of a unit at The Ladyhill made a $3.47 million gain after it sold for $7.28 million ($3,019 psf) on April 13 (Picture: Samuel Isaac Chua/The Edge Singapore)
The Ladyhill is a condo located along Lady Hill Road, close to the exclusive Nassim Road residential enclave. Developed by SC Global Developments, the boutique condo was completed in 2002 and features 55 units in a four-storey building.
Meanwhile, the most unprofitable transaction during the week in review took place at Waterscape at Cavenagh, located along Cavenagh Road in District 9. A two-bedroom penthouse unit measuring 1,184 sq ft unit was sold for $2.23 million ($1,883 psf) on April 12, netting the seller a loss of $235,000. The seller had purchased the unit for $2.47 million ($2,082 psf) in May 2010 from the developer.
This is the third transaction recorded to date at Waterscape at Cavenagh this year. The other two transactions both took place in February. On Feb 1, a 1,313 sq ft unit changed hands for $2.76 million ($2,102 psf), with the seller making a profit of $264,000. On Feb 10, a 1,184 sq ft unit was sold for $2.22 million ($1,873 psf). The seller made a loss of $26,000.
Waterscape at Cavenangh is a freehold condo by Singapore-listed property and hotel group Hiap Hoe that was completed in 2014. The project has four seven-storey blocks and two six-storey blocks, with a total of 200 residences. Units at the development comprise one- to four-bedders of between 581 sq ft and 1,948 sq ft.
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