Sales pick up at Ardmore Park area
By Tan Chee Yuen
/ The Edge Property |
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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
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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).
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).
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“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.
A 2,885 sq ft, four-bedroom unit on the 25th floor of Ardmore Park changed hands for $9.5 million ($3,293 psf)
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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
https://www.edgeprop.sg/property-news/sales-pick-ardmore-park-area
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