Resale unit at Ardmore Park rakes in $6.7 mil profit

SINGAPORE (EDGEPROP) - The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park was the most profitable resale transaction between Nov 9 and 23. The luxury unit on the 23rd floor was sold for $11 million ($3,813 psf) on Nov 17. The unit had been bought for $4.28 million ($1,482 psf) back in April 1999. As a result, the seller earned a profit of $6.73 million (157%), which translates to an annualised profit of 4.3% over nearly 23 years.

This is the most profitable resale transaction at Ardmore Park this year. The luxury condominium has recorded 12 resale transactions over the past 11 months, and only one has been unprofitable.

Four resale transactions at Ardmore Park this year now claim the top spots in terms of highest psf price transacted for a unit there. The record is another 2,885 sq ft unit that fetched $11.3 million ($3,917 psf) on Oct 28. It is followed by the resale transaction on Nov 17. Another unit changed hands for $10.8 million ($3,744 psf) on Aug 6, while yet another unit was sold for $10.75 million ($3,726 psf) on Oct 4.

Ardmore Park is a freehold luxury condo in prime District 10. The development comprises three 30-storey towers and was completed in 2001. There are 330 four-bedroom units of 2,885 sq ft and six duplex penthouses of 8,740 sq ft. (Discover insightful data of any Singapore condominium with our condo directory)

The second top gain during the period of review was a 2,217 sq ft unit at Morimasa Gardens, a freehold development on Gilstead Road in prime District 11. The unit fetched $3.7 million ($1,669 psf) when it was sold on Nov 23, having been purchased for $1.11 million ($501 psf) in February 2004. Thus, the seller earned a profit of $2.59 million (233%), which translates to an annualised profit of 7% over 18 years.

This marks the most profitable resale deal recorded at Morimasa Gardens. It surpasses the previous record from the sale of a 1,873 sq ft unit, for $2.88 million ($1,548 psf), on Sept 17, 2019. That unit had been bought for $1.06 million ($566 psf) in September 2005. As a result, the seller earned a profit of $1.84 million (173%), which translates to an annualised profit of 7.4% over 14 years.

On the other hand, the most unprofitable resale transaction over the two-week period was for an 807 sq ft unit at The Boutiq. The one-bedroom unit fetched $1.49 million ($1,858 psf) on Nov 11, having been bought for $1.92 million (2,386 psf) in August 2011. The seller made a loss of about $426,000 (23%), which translates to an annualised loss of about 2% over 10 years.

This latest resale transaction is also the most unprofitable deal at The Boutiq. The previous record loss involved an 861 sq ft one-bedder that was sold for $1.65 million ($1,916 psf) in April 2016, after it had been bought for $2.02 million ($2,346 psf) in June 2011. The seller made a loss of $370,230 (18%), which translates to an annualised loss of 4% over five years.

The Boutiq is a freehold condo at 145 Killiney Road in prime District 9. The 130-unit condo consists of a 10-storey residential block, and was completed in 2014. The unit mix comprises one- and two-bedroom units of 506 sq ft to 883 sq ft, as well as eight penthouses of 1,173 sq ft to 2,293 sq ft.