Sales pick up at Ardmore Park area

By Tan Chee Yuen / The Edge Property | February 25, 2017 8:30 AM SGT
Over the past couple of weeks, sales activities at the prestigious Ardmore Park neighbourhood have been brisk. Ardmore Three, a freehold development by Wheelock Properties, registered the sale of a fourth unit in as many weeks. The latest transaction, on Feb 13, was for the sale of a 1,787 sq ft, three-bedroom unit on the 23rd floor for $6.1 million ($3,412 psf).
The renewed interest in Ardmore Three came after Wheelock Properties launched its deferred payment scheme towards end-January. Under the DPS, buyers need only pay a 1% booking fee, followed by 4% a fortnight later and another 15% four weeks later, with the remainder only due two years from the date of signing the option to purchase. However, there is a catch for those who opt for the DPS, as they will receive only a 12% additional buyer’s stamp duty (ABSD) rebate instead of 15% under the normal payment scheme.
Wheelock Properties has been offering a 15% discount and a 15% ABSD assistance package to buyers of Ardmore Three since last April. So far, the developer has sold about 60 units at the 84-unit freehold project that was completed in 2014.
Wheelock Properties launched a new deferred payment scheme at Ardmore Three towards end-January and since then, four units have been sold
Besides Ardmore Three, two other luxury condominiums in Wheelock Properties’ Ardmore series have also seen some renewed interest recently. At Ardmore II, a unit on the 14th floor was sold for $4.9 million ($2,421 psf), according to a caveat lodged with Realis on Feb 13. It is the first unit transacted at the development this year. The last time a unit changed hands at Ardmore II was in December, when a unit on the 30th floor was sold for $5.3 million ($2,619 psf).
Ardmore II is a freehold development with 118 identical four-bedroom units of 2,024 sq ft each in two 36-storey towers. The project was launched in mid-2006, a decade after the launch of the Ardmore Park condo.
Prices at Ardmore II peaked in August 2007, a year before the collapse of Lehman Brothers,...