Sales pick up at Ardmore Park area

By Tan Chee Yuen / The Edge Property | February 25, 2017 8:30 AM SGT
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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.
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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, when a unit on the 26th floor fetched $7.28 million ($3,599 psf). Since then, owing to the property cooling measures, prices have softened to between $2,483 and $2,619 psf in 2016. The last time a unit at Ardmore II changed hands above the $3,000 psf mark was in April 2010 when a unit on the 29th floor was sold for $6.19 million ($3,061 psf).
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A 2,024 sq ft, four-bedroom unit on the 14th floor at Ardmore II was sold for $4.9 million ($2,421 psf) in February
At Ardmore Park, a 2,885 sq ft, four-bedroom unit on the 25th floor changed hands for $9.5 million ($3,293 psf). The seller bought the unit for $4.9 million ($1,699 psf) in September 2002. Last December, an adjacent unit was sold for $9.58 million ($3,321 psf).
“Despite its age, Ardmore Park remains a highly sought-after freehold development among the well-heeled because of the size of the units and the surrounding grounds; buyers realise such a development is very hard to find, especially in a prime residential district,” says Samuel Eyo, managing director at Singapore Christie’s International Real Estate. The 330-unit project was completed in 2001 and continues to be held as the standard for luxury projects to emulate.
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A 2,885 sq ft, four-bedroom unit on the 25th floor of Ardmore Park changed hands for $9.5 million ($3,293 psf)
At the neighbouring The Tate Residences, a prime freehold condo project located on Claymore Road, a 3,218 sq ft, four-bedroom unit on the 21st floor of one of the twin 36-storey towers was sold in February for $7.8 million ($2,424 psf). The unit was purchased for $7.32 million ($2,276 psf) in October 2006. The 85-unit project by Hong Leong Holdings was completed in 2009 and comprises three-bedroom units of at least 1,895 sq ft and four-bedroom units that start from 3,200 sq ft.
This article appeared in The Edge Property Pullout, Issue 768 (Feb 27, 2017) of The Edge Singapore

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