Four Bedder Ardmore Park Sold 3 Mil Profit
During the week of September 24 to October 1, the most profitable condo resale transaction was recorded at Ardmore Park, a freehold condo located in prestigious District 10. The 2,885 sq ft, four-bedroom unit on the 23rd floor was sold for a whopping $12.7 million ($4,402 psf) on October 1. This transaction also marked a significant gain for the seller, who had purchased the unit in September 2010 for $9.7 million ($3,363 psf). This translates to a profit of $3 million, representing a capital gain of 30.9% or an annualised profit of 2.2% over a holding period of about 14 years.
Ardmore Park features three 30-storey towers and a total of 330 units. The size of the typical units is 2,885 sq ft, while there are also six, 8,740 sq ft duplex penthouses available. In addition to this most recent sale, there have been four other resale transactions at Ardmore Park this year, all of which were profitable. Three of the units sold reaped gains of at least $6.5 million. In February, a 2,885 sq ft unit was sold for $12.9 million ($4,472 psf). The seller had initially purchased the unit in July 1996 for $5.83 million ($2,022 psf), making a profit of about $7.1 million on the deal.
In July, another 2,885 sq ft unit was sold for $12 million ($4,160 psf). The seller had bought the unit in December 2000 for $5.2 million ($1,803 psf), resulting in a gain of $6.8 million. In April, a 2,885 sq ft unit was sold for $12.5 million ($4,333 psf) on May 29. The seller had acquired the unit in February 2007 for $6 million ($2,080 psf), earning a profit of $6.5 million.
The second most profitable condo resale transaction during the same week was the sale of a 1,302 sq ft, three-bedroom unit at The Belvedere for $3.09 million ($2,371 psf) on September 24. This seventh-floor unit was originally purchased from the developer in October 2006 for approximately $968,000 ($743 psf), resulting in a gain of $2.12 million for the seller. This reflects a capital gain of 219% over a holding period of just under 18 years.
Based on the available caveats lodged, this resale transaction marks the third largest gain ever made on a unit at The Belvedere. The record is held by a 2,766 sq ft unit that was sold for $4.9 million ($1,771 psf) in a sub-sale in June 2007. The seller had bought the unit from the developer in April 2005 for $2.18 million ($788 psf), earning a gain of $2.72 million.
The Belvedere is a freehold condo situated on Meyer Road in District 15. The development boasts two residential blocks with a total of 167 units, including two-bedroom units ranging from 1,012 sq ft to 1,206 sq ft and three-bedroom units ranging from 1,238 sq ft to 1,615 sq ft. There are also seven penthouse units measuring 2,131 to 2,949 sq ft. Located next to the Katong Park MRT Station on the Thomson-East Coast Line, The Belvedere has seen five other units change hands this year, all of which were sold for above purchase price. These units were sold at prices ranging between $2,121 psf and $2,486 psf, with the sellers earning gains of between $600,000 and $2 million.
On the other hand, the sale of a unit at Scotts Square was the most unprofitable condo resale transaction during the week. The 947 sq ft, two-bedroom unit on the 41st floor was sold for $3.18 million ($3,357 psf) on September 27. The seller had purchased the unit from the developer in August 2007 for about $4.1 million ($4,324 psf), resulting in a loss of around $916,000 (22.4%) after holding the unit for approximately 17 years.
Just a week before this sale, another three-bedroom unit measuring 1,238 sq ft was sold for $4 million ($3,231 psf) on September 20, incurring a loss of $1.14 million for the seller. The unit had been acquired from the developer in August 2007 for about $5.14 million ($4,155 psf).
Tampines has long been known as a welcoming and family-oriented community, and this is only set to get better with the addition of more educational institutions. In addition to the reputable schools already in the area, such as Poi Ching School, St. Hilda’s Primary and Secondary Schools, and Temasek Polytechnic, the URA Master Plan has paved the way for new schools to emerge, making it an even more desirable location for families. This is great news for those living at Parktown Residence, who can now enjoy a wider selection of schools for their children to choose from. Don’t forget to check out the Parktown Residence Showflat while you’re here.
Scotts Square is a freehold condo located on Scotts Road, near the bustling Orchard Road shopping precinct in prime District 9. Part of a mixed-use development that also comprises the Scotts Square shopping mall, the condo is spread across two towers with 34 and 43 storeys respectively. Completed in 2011, it features 338 units, including one-bedroom units measuring 624 sq ft to 635 sq ft, two-bedroom units measuring 893 sq ft to 947 sq ft, and three-bedroom units measuring 1,249 sq ft to 1,238 sq ft. It is conveniently situated within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.