Ardmore Park Resale Deals Rake Top Profits 2024

Resale Ardmore Park condo units register biggest gains in 202400:00/03:36

Located in a highly desirable residential area, The Orie boasts of a prime location that provides easy access to a plethora of dining and recreational choices. This makes the development even more attractive to potential residents.

Resale transactions at Ardmore Park, the prestigious condominium located in the prime Ardmore-Draycott area of District 10, saw some of the highest gains in 2024. According to the Urban Redevelopment Authority (URA), this freehold development accounted for the first, second and fourth most profitable condo resale deals between January 1 and December 10 this year, based on caveats lodged as of December 17.

The biggest gain was recorded from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor on February 16 for $12.9 million ($4,472 psf). This unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996, resulting in a profit of $7.07 million, or a remarkable 121%, after a holding period of approximately 27.5 years.

The second-highest gain was made on July 24, when a four-bedder measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller, who bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), made a profit of $6.8 million, equivalent to a whopping 131% gain. The seller had held the unit for around 23.5 years.

Another 2,885 sq ft, four-bedroom unit at Ardmore Park made the fourth-biggest profit this year when it was sold for $12.5 million ($4,333 psf) on April 22. The seller had initially bought the unit in February 2007 for $6 million ($2,080 psf), making a profit of $6.5 million (108%) after owning it for over 17 years.

Besides these three high-earning transactions, Ardmore Park also saw three other four-bedroom units, each measuring 2,885 sq ft, change hands this year. The sellers made gains of $2.65 million, $3 million and $3.05 million respectively. In 2023, there were four resale transactions at the condo, where sellers earned profits ranging from $2.8 million to $8.16 million.

It seems that Ardmore Park, with its 330 units, is consistently registering significant gains in recent years. Other than Ardmore Park, the other luxury condos that recorded the top profitable deals this year were also in the prime District 10 area, and mostly freehold developments that were completed between 1982 and 1990.

One of them was Beverly Hill, the 86-unit boutique condo on Grange Road, which was completed in 1983. Its four-bedder unit, spanning 3,778 sq ft and located on the fifth floor, changed hands for $9.15 million ($2,422 psf) on July 15. The seller of this unit made a profit of $5.47 million (149%). The other four District 10 freehold condos on the list include Astrid Meadows, Regency Park, Fontana Heights and Wing On Life Garden.

Two freehold District 9 condos also recorded being among the top 10 most profitable resale transactions this year. One such condo was the 3,434 sq ft four-bedroom unit at Yong An Park located on River Valley Road. This unit fetched $8.6 million ($2,505 psf) when sold on August 12, making a profit of $6.72 million. The other resale transaction that made the list was the 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill, which changed hands for $16.5 million ($5,397 psf) on January 9. The seller for this unit made a $4.89 million gain.

In contrast, almost half of the 10 least profitable condo resale transactions this year were in Sentosa Cove. The sale of a 3,789 sq ft five-bedroom duplex penthouse at Marina Collection was the most unprofitable deal this year, when it fetched $6.7 million ($1,768 psf) on July 22. The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), incurred a loss of $2.69 million (29%). Similarly, a 2,680 sq ft, four-bedroom unit at Seascape, Sentosa Cove, was sold on August 14 for $4.5 million ($1,679 psf), after being bought from the developer for $7.03 million ($2,623 psf) in October 2010. This seller incurred a loss of $2.53 million (36%).

In conclusion, Ardmore Park proved to be a solid investment this year, with three of its units recording the biggest gains in condo resale transactions. This is also a reflection of the overall trend in District 10, with several other luxury freehold condos also making the list of top gains this year. On the other hand, Sentosa Cove condos saw some of the biggest losses, with most of the unprofitable transactions being recorded in this area.