Resale unit at luxury Ardmore Park sold for $5.95 mil profit

SINGAPORE (EDGEPROP) - The sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park was the most profitable resale transaction over the week of Sept 28 to Oct 5. The luxury unit on the 23rd floor was sold for $10.75 million ($3,726 psf) on Oct 4. The unit had been bought for $4.8 million ($1,664 psf) in July 1999. As a result, the seller earned a profit of $5.95 million (124%), which translates to an annualised profit of 3.7% over 22 years.

This is the ninth resale transaction at Ardmore Park so far this year, which has seen eight profitable deals and one that made a loss. The latest resale transaction is also the most profitable one in 2021.

The second most profitable sale was for another four-bedroom unit on the 25th floor that fetched $10.8 million ($3,744 psf) on August 6. That unit had been bought for $5.7 million ($1,975 psf) in August 1996. The seller earned a profit of $5.1 million (89%), or an annualised profit of 2.5% over 25 years.

The only unprofitable deal at Ardmore Park this year was for a four-bedroom unit on the 28th floor that changed hands for $9 million ($3,120 psf) on Feb 3. The unit had previously been sold for $10.5 million ($3,640 psf) in February 2013. This means that the seller made a loss of $1.5 million (14%) on the resale transaction, which translates to an annualised loss of 1.9% over eight years.

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

The second top gain of the week was a 3,466 sq ft unit at Fontana Heights. The four-bedroom unit was sold for $6.62 million ($1,909 psf) on Oct 4, after it had been purchased for $2.52 million ($727 psf) in September 1999. Thus, the seller earned a profit of $4.1 million (163%), which translates to an annualised gain of 4.5% over 22 years.

This latest resale transaction is also the most profitable deal recorded at Fontana Heights. It replaced the previous record profit, which was the sale of another 3,466 sq ft, four-bedroom unit that fetched $6.33 million ($1,826 psf) on Oct 29, 2020. The unit had been bought for $2.65 million ($765 psf) in March 2006. As a result, the seller earned a profit of $3.68 million (138%), or an annualised profit of 6.1% over 14 years.

Fontana Heights is a freehold development on Mount Sinai Rise in prime District 10. The 51-unit condo was completed in 1985 and comprises three- and four-bedroom units of 3,000 to 4,607 sq ft.

On the other hand, the most unprofitable resale transaction during the week was the sale of a 3,498 sq ft unit at Belle Vue Residences. The unit changed hands for $4.83 million ($1,381 psf) on Oct 5, after it had been bought for $6.84 million ($1,956 psf) in June 2013. Thus, the seller made a $2.01 million (29%) loss, or an annualised loss of 4.1% over eight years.

This latest resale transaction is also the most unprofitable deal at Fontana Heights. The previous record loss involved a 2,302 sq ft unit that was sold for $4.56 million ($1,980 psf) on Nov 13, 2017. The seller had bought the unit for $6.38 million ($2,772 psf) in November 2011. This resulted in a loss of $1.82 million (28%), or an annualised loss of 5.4% over six years.

Belle Vue Residences is located on Oxley Walk in prime District 9. The freehold development was completed in 2010. The 176-unit condo has nine 5-storey residential blocks and consists of two- to five-bedroom units of 1,378 to 5,005 sq ft.