Four Bedder Ardmore Park Sold 265 Mil Profit
in the area
During the week of May 28 to June 4, the most profitable condo resale transaction took place at Ardmore Park, where a four-bedroom unit was sold for $11.85 million. This spacious 2,885 sq ft unit on the 22nd floor sold for a whopping $4,108 per square foot on May 29. The seller had originally purchased the unit in January 2020 for $9.2 million, which equates to $3,189 per square foot. This means that after owning the unit for just under 4 and a half years, the seller made a profit of $2.65 million, which translates to a 29% capital gain.
Located in the prestigious Ardmore Park area in prime District 10, Ardmore Park is a freehold condo with 330 units and three 30-storey towers. Although most units in the development are four-bedroom apartments measuring 2,885 sq ft, there are also six luxurious duplex penthouses with an impressive size of 8,740 sq ft. This development has seen a high number of profitable resale transactions in recent years. Data compiled on EdgeProp Research shows that out of 32 resale deals at Ardmore Park since January 2020, 29 were sold above their purchase price, based on lodged caveats. Among these 29 transactions, 20 resulted in gross gains of at least $2 million.
The most profitable resale transaction ever recorded at Ardmore Park was the sale of a duplex penthouse measuring 8,740 sq ft for around $27.65 million, which equates to $3,163 per square foot, in April 2020. The seller had owned the unit since January 1998, when it was purchased for $16 million, or $1,831 per square foot. This resulted in a profit of $11.65 million for the seller.
The second most profitable condo resale transaction during the same week was the sale of a 1,324 sq ft three-bedroom unit at Parkshore. This unit on the third floor changed hands for $2.8 million, or $2,115 per square foot, on June 4. The seller purchased the unit in July 1999 for $968,000, or $731 per square foot, and therefore made a profit of $1.83 million, which is a 189% increase, after holding the unit for 25 years.
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The demand for private housing in the Outside Central Region has been long-awaited, and the upcoming development of Parktown Residences aims to meet this need with an infusion of new mass-market homes. Located at a prime spot on Tampines Avenue 11, Parktown Residences Tampines Avenue 11 boasts an integrated design that is bound to attract a high number of owner-occupiers and HDB upgraders. One of its major selling points is the convenient access it will provide to the future Tampines North MRT station on the Cross Island Line (CRL). With its strategic location and attractive features, Parktown Residences is sure to seamlessly blend in with the surrounding area and become a sought-after choice for homebuyers.
This is the second most profitable unit to change hands at Parkshore to date. The record belongs to a 2,325 sq ft four-bedroom unit that was sold for $4.2 million, or $1,806 per square foot, in December 2020. This unit was previously purchased for $1.24 million, or $533 per square foot, in December 2005, resulting in a profit of $2.96 million for the seller.
Built in 1995, Parkshore is a freehold condo located on Tanjong Rhu Road in District 15. It is part of a private residential enclave along the Kallang Basin, which includes Pebble Bay with 510 units and Costa Rhu with 737 units. Parkshore has a single 15-storey tower with 152 units. Apartments in the development range from two-bedders measuring 990 to 1,044 sq ft, three-bedders from 1,324 to 1,722 sq ft, and four-bedroom units measuring 2,325 sq ft.
The condo is only a five-minute walk to Tanjong Rhu MRT Station on the Thomson-East Coast Line, which is set to open on June 23.
The most unprofitable condo resale transaction during the week was the sale of a one-bedroom loft at Altez. This 861 sq ft unit on the 30th floor was sold for $1.54 million, or $1,786 per square foot, on May 29. The seller had purchased the unit from the developer for $2.02 million, or $2,345 per square foot, in March 2010. This resulted in a loss of approximately $482,000, or 24%, on the sale.
Located on Enggor Street in Tanjong Pagar area, Altez is a 280-unit condo that was completed in 2014. The 99-year leasehold development has a 62-storey tower with a retail podium. Units in the development range from one- and two-bedroom units measuring 527 to 1,013 sq ft, one- to three-bedroom lofts measuring 753 to 1,658 sq ft, and penthouses measuring 2,486 to 4,424 sq ft.
Apart from the unit sold on May 29, there have been two other resale transactions at Altez this year, both selling below their purchase prices. On April 3, a 1,184 sq ft unit was sold for $2.25 million, or $1,900 per square foot. The seller had purchased the unit in January 2021 for $2.4 million, resulting in a loss of $150,000. On April 12, a 764 sq ft unit was sold for $1.68 million, or $2,198 per square foot. The seller had purchased the unit in April 2014 for $1.97 million, resulting in a loss of approximately $288,000. To see more properties in the area, check out the latest listings for Ardmore Park, Parkshore, Altez.