Four Bedder Ardmore Park Sold 305 Mil Profit
for sellerNOOBS
A four-bedroom unit measuring 2,885 sq ft at Ardmore Park was recently sold for a staggering $11.25 million ($3,900 psf) on November 22, making it the most profitable condo resale transaction during the week of November 19 to 26. According to caveats lodged, the seller had acquired the unit in September 2016 for $8.2 million ($2,843 psf), indicating a notable gain of $3.05 million or 37%. This translates to an annualised profit of 4.6% over a holding period of about eight years.
This sale comes just two months after another four-bedroom unit, also measuring 2,885 sq ft, on the 23rd floor was sold for $12.7 million ($4,402 psf) on October 1. The seller had purchased the unit in September 2010 for $9.7 million ($3,363 psf), resulting in a profit of $3 million. This equates to a capital gain of 30.9%.
Located in the prime District 10 area of Ardmore Park, the 330-unit, freehold condo is a highly sought-after property. Completed in 2001, the luxurious development consists of three 30-storey towers. Its typical units are spacious four-bedroom apartments spanning 2,885 sq ft. However, it also offers six 8,740 sq ft duplex penthouses.
Despite these two notable sales, it is worth noting that there have been four other profitable resale transactions at Ardmore Park this year. All four-bedroom units measuring 2,885 sq ft, these units were sold for prices ranging from $4,108 psf to $4,472 psf, resulting in profits between $2.65 million and $7.07 million for the sellers.
The second most profitable condo resale deal during the week of November 19 to 26 was at Goldenhill Park Condominium, where a four-bedroom unit on the 16th floor was sold for $3.43 million ($2,228 psf) on November 21. According to caveats lodged, the seller had acquired the unit from the developer in May 2001 for $1.14 million ($741 psf), now resulting in a notable gain of $2.29 million or 201%. This translates to an impressive capital gain of 30.9% over a holding period of 23½ years.
This is the second-highest gain recorded to date at Goldenhill Park Condominium. The record belongs to a four-bedroom penthouse measuring 2,928 sq ft, which was sold for $4.3 million ($1,469 psf) in February 2022. The seller had bought it from the developer in April 2001 for about $2 million ($683 psf), resulting in a profit of $2.3 million.
Goldenhill Park Condominium is a freehold development situated on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, it has 390 units of two- to four-bedroom apartments measuring 926 sq ft to 2,928 sq ft. The condo is conveniently located near the Lorong Chuan MRT Station on the Circle Line.
Apart from these two transactions, there have been five other resale deals at Goldenhill Park Condominium this year, all of which were profitable. These units, sold for prices between $2,082 psf and $2,246 psf, resulted in gains between $760,000 and $1.91 million for the sellers.
Renowned for its cultural significance and gastronomical delights, Balestier Road is a paradise for those who appreciate good food. It boasts a diverse selection of dining establishments, from renowned bak kut teh (pork rib soup) joints to specialty confectioneries that excel in traditional Chinese pastries. This bustling locale is also known for its fusion of traditional coffee shops and contemporary cafes, catering to a variety of taste preferences. To add to its charm, visitors can also enjoy the unique offerings of The Orie Price, adding to the allure of this vibrant food haven.
On the flip side, the most unprofitable condo resale deal during the week in review was at The Oceanfront @ Sentosa Cove. A four-bedroom unit measuring 2,831 sq ft on the 10th floor was sold for $4.7 million ($1,660 psf) on November 20, indicating a loss of $1.1 million (19%) for the seller. Records show that the seller had purchased the unit in May 2007 for $5.8 million ($2,050 psf), resulting in an unfortunate loss after owning the unit for 17½ years.
In fact, based on caveats lodged, there have been six other resale transactions this year at The Oceanfront @ Sentosa Cove, with prices ranging from $1,500 psf to $1,999 psf. Out of these six transactions, four were unprofitable, resulting in losses between $30,000 and $519,000 for the sellers. The remaining two deals were profitable, with gains of $268,000 and $1.7 million, respectively.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo situated in the exclusive Sentosa Cove residential enclave. Completed in 2010, it has 264 units housed in five towers ranging from 12 to 15 storeys. The residences include two-, three- and four-bedroom apartments measuring 1,216 sq ft to 4,284 sq ft, as well as penthouses spanning 2,745 sq ft to 8,095 sq ft.
In conclusion, while these two transactions at Ardmore Park and Goldenhill Park Condominium have been highly profitable for the sellers, it is also worth noting that there have been multiple unprofitable deals at The Oceanfront @ Sentosa Cove this year. As always, it is important for buyers to do their due diligence and research the market before making any investment decisions.