Resale at Ardmore Park earns seller $6.5 mil profit
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The most profitable resale transaction during the week of April 8 to 15 occurred at Ardmore Park when a four-bedroom unit was sold for $12 million ($4,160 psf) on April 9. The 2,885 sq ft unit on the 10th floor had previously fetched $5.5 million ($1,907 psf) when it was bought in January 2010. Hence, the seller raked in a profit of $6.5 million (118%), which translates to an annualised profit of 5.3% over 15 years.
There have been three resale transactions at Ardmore Park so far this year. The other sales involved another four-bedder on the 10th floor that changed hands for $11.8 million ($4,090 psf) when it was sold on March 3, which resulted in a profit of $3.8 million (47.5%) or an annualised profit of 8.2% over five years.
The other four-bedroom unit that changed hands is on the seventh floor and it fetched $13.2 million ($4,576 psf) on Jan 21. The seller raked in a profit of $8.54 million (183%) or an annualised profit of 4.6% over close to 23 years.
A four-bedroom unit at Ardmore Park fetched $12 mil ($4,160 psf) when it was sold on April 9. (Picture: Samuel Isaac Chua/The Edge Singapore)
Ardmore Park is a luxury condo in the Ardmore-Draycott residential enclave in prime District 10. Nearby luxury condos include Ardmore II, Ardmore Three, Sculptura Ardmore along Ardmore Park, as well as Nouvel 18 on Anderson Road and One Draycott at Draycott Park.
The 330-unit Ardmore Park comprises a trio of 30-storey towers. Typical units are 2,885 sq ft four-bedroom units with six 8,740 sq ft duplex penthouses. Based on a compilation of caveats by EdgeProp Singapore, Ardmore Park commands one of the highest resale prices in that neighbourhood, with most resale units fetching approximately $4,190 psf.
Nearby at Anderson Road is Nouvel 18, with resale prices hovering at $3,060 psf. At One Draycott at Draycott Park, resale prices are around $2,900 psf.
The second most profitable resale transaction recorded during the week was the sale of a 2,088 sq ft unit at Costa Rhu. The four-bedroom unit on the third floor fetched $4.3 million ($2,059 psf) when it was sold on April 10. It was purchased for nearly $1.5 million ($718 psf) back in November 2006. The seller raked in a profit of $2.8 million (187%), which is an annualised profit of 5.9% over 18 years.
A four-bedroom unit at Costa Rhu made a $2.8 million profit when it sold on April 10. (Picture: Samuel Isaac Chua/The Edge Singapore)
The most profitable transaction at Costa Rhu occurred in 2018 when a 4,209 sq ft unit on the 13th floor changed hands for $5.45 million ($1,295 psf) in February 2018. The unit had been bought for $2.3 million ($546 psf) back in March 2005. Thus, the seller earned a record $3.15 million (137%) which is an annualised gain of 6.9% over 13 years.
Costa Rhu is a waterfront condo along Tanjong Rhu in District 15. Completed in 1997, the 99-year leasehold development comprises 737 units with a mix of two to four bedrooms of 990 sq ft to 2,551 sq ft.
Resale prices at Costa Rhu have steadily climbed in recent years, increasing from $1,297 psf in April 2021 to $1,496 psf in April 2023. The latest resale price at Costa Rhu is about $1,591 psf, according to resale caveats.
At the other end, the most unprofitable transaction during the week took place at Gramercy Park when a 1,981 sq ft unit was sold for $5.65 million ($2,853 psf) on April 9. The three-bedder on the 14th floor had previously fetched $6.08 million ($3,073 psf) when it was purchased in February 2018. Thus, the seller suffered a loss of $435,820 (7%) which translates to an annualised loss of 1% over seven years.
The week’s most unprofitable sale was at Gramercy Park, where a three-bedroom unit was sold at a $435,820 loss. (Picture: Samuel Isaac Chua/The Edge Singapore)
There have been two resale transactions at Gramercy Park so far this year. The other resale transaction involved a 2,691 sq ft unit on the 13th floor that changed hands for $7.5 million ($2,787 psf) in March. No matching caveats were found for this unit.
Completed in 2016, Gramercy Park is a 174-unit development with two high-rise residential towers with 87 units each. The ultra-luxury condo is situated along Grange Road in prime District 10. The development is situated close to the Orchard Road shopping belt and the River Valley neighbourhood.
Based on a compilation of caveats by EdgeProp Singapore, resale prices at Gramercy Park have slipped in recent years after peaking in 2021. According to caveats, the resale price at Gramercy Park was $2,550 psf in May 2016 and reached its peak of $3,320 psf in May 2021. Transaction prices have since fallen to $2,830 psf.
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