Resale at Ardmore Park yields $4.7 mil profit
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a four-bedroom unit at Ardmore Park was the most profitable transaction during the week of March 16 to 23. The 2,885 sq ft unit on the sixth floor was sold for $9.5 million ($3,293 psf) on March 16. The apartment had been bought for $4.8 million ($1,664 psf) in August 1996. Thus, the seller made a profit of close to $4.7 million (98%), which translates to an annualised profit of 2.8% over 24½ years.
Ardmore Park is an ultra-luxury condominium in prime District 10. The freehold development features a trio of 30-storey residential blocks and was completed in 2001. The 330-unit development comprises four-bedroom units of 2,885 sq ft, as well as six duplex penthouses of 8,740 sq ft.
The four-bedroom unit at Ardmore Park was sold for $9.5 million ($3,293 psf) on March 16. (Picture: Samuel Isaac Chua/The Edge Singapore)
The most profitable resale at Ardmore Park was that of one of the penthouses there for $30 million ($3,432 psf) in July 2010. The apartment was previously purchased for $17.29 million ($1,979 psf) in December 2006. As a result, the seller made a record profit of $12.7 million (73%) on the resale, which is an annualised profit of 16% over nearly four years.
Elsewhere, the sale of a 2,271 sq ft unit at Sky @ Eleven was the second most profitable during the week in review. The four-bedroom unit changed hands for $3.99 million ($1,760 psf) on March 22. It was previously transacted for $2.15 million ($950 psf) in March 2007. The seller thus made a profit of $1.84 million (85%) on the resale, which translates to an annualised profit of 4.5% over 14 years.
Sky @ Eleven is a freehold condominium on Thomson Lane in District 11. The 273-unit development was completed in 2010. It has three- and four-bedroom units of 1,851 to 2,820 sq ft, and penthouses of 4,844 to 5,597 sq ft.
Two other deals at the development earlier this year also resulted in a profit. A 2,713 sq ft, four-bedroom unit was sold for $4.5 million ($1,660 psf) on Jan 15 and had been purchased for $2.75 million ($1,015 psf) in April 2007. This resulted in a profit of $1.75 million (63%) and an annualised profit of 3% over nearly 14 years. A 2,820 sq ft unit was also sold for $4.8 million ($1,711 psf) on Feb 3; it was purchased for $4 million ($1,435 psf) in October 2010. The seller made $$778,300 (19%) and an annualised profit of 1.7% over 10 years.
The most unprofitable resale transaction during the week occurred at Silversea condominium in District 15. The 2,530 sq ft, four-bedroom unit was sold for $4.15 million ($1,641 psf) on March 22. The unit previously fetched $5.92 million ($2,340 psf) in November 2011. Thus, the transaction resulted in a loss of $1.77 million (30%), which translates to an annualised loss of 3.7% over more than nine years. This transaction is also the most unprofitable resale at the development so far.
The sale of a 2,530 sq ft unit at Silversea on March 22 tops the list of unprofitable deals at the leasehold development. (Picture: Samuel Isaac Chua/The Edge Singapore)
Silversea is a 99-year leasehold development on Marine Parade Road. The 383-unit condo was completed in 2014. It comprises two-bedroom units of 969 to 1,152 sq ft; three-bedroom units of 1,485 to 1,701 sq ft; four-bedroom units of 2,497 to 2,766 sq ft; and penthouses of 3,552 to 4,962 sq ft.
The previous record for unprofitable deals at Silversea was for the sale of a 2,540 sq ft unit, for $3.66 million ($1,443 psf), in May 2017. But the property had been bought for $4.9 million ($1,931 psf) in April 2012. The seller thus made a loss of $1.23 million (24%), which translates to an annualised loss of 5% over five years.
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