Profit of $4.65 mil for first unit sold at Ardmore Park this year
By Lin Zhiqin
/ EdgeProp |
The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park in prime District 10 was the first transaction at the luxury condominium this year. According to URA caveat data as at Feb 27, it was sold for $8.4 million ($2,912 psf) on Feb 19, fetching a $4.65 million (124%) profit for the seller, who bought it for $3.75 million ($1,300 psf) in August 2003.
The original owner bought the unit, located on the sixth floor, from the developer for $4.77 million ($1,654 psf) in August 1996 and suffered a $1.02 million (21%) loss when he sold it in August 2003.
A four-bedroom unit on the sixth floor of Ardmore Park fetched a $4.65 million (124%) profit on Feb 19. Find the most affordable listing here
The transaction on Feb 19 was the most profitable deal in the week of Feb 13 to 20, according to the matching of URA caveat data. It follows the 16 profitable transactions at Ardmore Park last year, in which the sellers reaped profits averaging $3.06 million (57%).
Only two transactions resulted in losses for the sellers last year. The more recent one was in June when a unit on the 14th floor was sold for $9.3 million ($3,224 psf). The seller paid $9.99 million ($3,463 psf) for it in April 2011 and suffered a $690,000 (7%) loss.
Completed in 2001, Ardmore Park is a 330-unit development by Wheelock Properties. The project comprises three 30-storey towers sitting on an eight-acre freehold site. It is often regarded as the yardstick against which new luxury projects are measured.
At Costa Rhu in District 15, a 4,209 sq ft unit fetched a $3.15 million (137%) profit when it was sold for $5.45 million ($1,295 psf) on Feb 13. The seller, who bought it for $2.3 million ($546 psf) in March 2005, made the highest gain on record at the 737-unit condo. However, the first owner of the unit, who bought it from the developer at $3.12 million ($742 psf) in June 1996, made an $821,034 (26%) loss in 2005.
There have been 393 profitable transactions with an average profit of $547,288 (48%) at Costa Rhu. Find the most affordable listing here
There have been 393 profitable transactions and 151 unprofitable transactions at the 737-unit Costa Rhu. The average profit is $547,288 (48%) and the average loss is $293,853 (21%). The second most profitable deal at Costa Rhu involved the sale of a 5,813 sq ft, four-bedroom unit for $5 million ($860 psf) in April 2011. Based on the purchase price of $2 million ($344 psf) in August 2003, the seller made a profit of $3 million (150%), or 13% a year.
Costa Rhu fronts the Marina Bay and is located just a short walk from Gardens by the Bay. It was completed more than two decades ago and is the biggest in the Tanjong Rhu area in terms of number of units.
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