Unit at Ardmore Park earns $3.1 mil profit
By Valerie Kor
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The most profitable deal during the week of Sept 22 to 29 was the sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park in prime District 10. Previously purchased for $5.38 million ($1,865 psf) in January 1997, it was sold for $8.5 million ($2,947 psf) on Sept 24. The 13th-floor apartment thus reaped a 58% profit, or $3.1 million, which is annualised at 1.9% over more than 23 years.
Ardmore Park is a freehold condominium completed in 2001 that comprises 330 units across three 30-storey towers. Developed by Wheelock Properties, the condominium is nestled within a private residential enclave, within minutes’ drive to the shopping belt at Orchard Road and Tanglin Mall.
The transaction is the fifth resale at the development this year. In April, a 8,740 sq ft penthouse, one of six in the development, was sold at $27.65 million ($3,163 psf), earning the seller a 72.8% profit of $11.65 million after a holding period of 22 years.
Within the same month on April 2, a 2,885 sq ft, four-bedroom apartment at Ardmore Park earned a 10% profit, or $720,000. It transacted at $8 million ($2,773 psf), after a holding period of slightly more than five years.
The four-bedroom unit at Ardmore Park changed hands for $8.5 million on Sept 24, earning the seller a profit of $3.1 million
The second top gain was from the sale of a 3,035 sq ft, four-bedroom unit at waterfront condominium, Camelot By-The-Water, in Tanjong Rhu. The sixth-floor apartment changed hands for $5.09 million ($1,676 psf), 20½ years after it was purchased for $2.24 million ($739 psf), earning the seller a 127% profit of $2.85 million, which is annualised at 4.1%.
Completed in 2001, Camelot By-The-Water is a 99-year leasehold development on the banks of Kallang River. It comprises 99 units of between 2,400 sq ft and 5,800 sq ft in a 20-storey building. It is a 10-minute drive to the CBD.
The third most profitable deal of the week was concluded at another waterfront condominium in Tanjong Rhu. A 2,626 sq ft, four-bedroom unit on the fourth floor at Pebble Bay was sold at $4.1 million ($1,561 psf), earning an 86% profit of $1.9 million, or an annualised profit of 5.6% over 11½ years. The 99-year leasehold development by CapitaLand comprises 510 units.
The seller of a 1,518 sq ft unit at Reflections at Keppel Bay made a loss of $1.08 million (Photo: The Edge Singapore)
On the flip side, the top loss during the week was incurred by the sale of a 1,518 ssq ft, three-bedroom unit on the fourth floor at Reflections at Keppel Bay. Bought in November 2010 for $3.58 million ($2,357 psf), it changed hands for $2.5 million ($1,647 psf), making a 30% loss of $1.08 million, or 3.6% annualised over almost a decade.
The District 4 property by Keppel Land is 99-year leasehold and comprises 1,129 units across six towers and 11 villa apartment blocks. It is within a five-minute drive to VivoCity and a 15-minute drive to the CBD.
Source: URA, EdgeProp Singapore
Note: 1. Computed based on URA caveat data as at Oc 6 for private non-landed houses transacted from Sept 22 to 29
2. The profit and loss computation excludes transaction costs such as stamp duties.
2. The profit and loss computation excludes transaction costs such as stamp duties.
Check out the latest listings near : Ardmore Park, Orchard Road, Tanglin Mall, Camelot By-The-Water,Tanjong Rhu
For price trends, recent transactions, other project info, check out these projects' research page: Ardmore Park, Orchard Road, Camelot By-The-Water
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