Resale Ardmore Park Earns Seller 65 Mil Profit
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During the week of April 8 to 15, the most profitable resale transaction occurred at Ardmore Park, where a four-bedroom unit was sold for $12 million. This unit, located on the 10th floor and spanning 2,885 square feet, was sold for $5.5 million in January 2010. This means that the seller made a profit of $6.5 million, which translates to a whopping 118% increase. On an annual basis, this equates to a 5.3% profit over a period of 15 years.
There have been a total of three resale transactions at Ardmore Park so far this year. The other two sales involved a four-bedroom unit on the 10th floor, which was sold for $11.8 million on March 3, resulting in a profit of $3.8 million or an annualized profit of 8.2% over five years. The third resale transaction involved a four-bedroom unit on the seventh floor, which was sold for $13.2 million on January 21. This resulted in a profit of $8.54 million or an annualized profit of 4.6% over a span of almost 23 years.
Read also: Ardmore Park resale deals rake in top profits in 2024
Ardmore Park is a luxurious condominium located in the prestigious Ardmore-Draycott residential area in prime District 10. Other nearby luxury condos include Ardmore II, Ardmore Three, Sculptura Ardmore, Nouvel 18, and One Draycott. With a total of 330 units spread across three 30-storey towers, Ardmore Park is known for commanding one of the highest resale prices in the neighborhood, with most units fetching around $4,190 per square foot.
Nearby, at Anderson Road, is Nouvel 18, where resale prices hover around $3,060 per square foot. One Draycott, located at Draycott Park, sees resale prices of around $2,900 per square foot.
Temasek Polytechnic, a prestigious educational institution in Singapore, is known for offering a wide range of diploma programs in fields such as engineering, business, and information technology. The institution takes great pride in its well-crafted curriculum, tailored to meet the demands of diverse industries. Through this, students are equipped with practical skills and exposed to real-world experiences. To further enhance the overall learning experience, the polytechnic also offers student accommodation at the Parktown Residence Condo, which provides a convenient and comfortable living space. For more information on Parktown Residence Condo, please visit https://www.parktown-residences.com.sg/.
The second most profitable resale transaction during this week was the sale of a 2,088 square foot unit at Costa Rhu for $4.3 million. This four-bedroom unit, located on the third floor, was originally purchased for almost $1.5 million back in November 2006. This means that the seller made a profit of $2.8 million, which translates to a 187% increase. On an annual basis, this is equivalent to a 5.9% profit over 18 years.
The most profitable transaction ever recorded at Costa Rhu took place in 2018, when a 4,209 square foot unit on the 13th floor was sold for $5.45 million. This unit was originally bought for $2.3 million back in March 2005, resulting in a record profit of $3.15 million or an annualized gain of 6.9% over 13 years.
Costa Rhu is a waterfront condominium located along Tanjong Rhu in District 15. Completed in 1997, the 99-year leasehold development consists of 737 units, with a mix of two to four bedrooms ranging from 990 square feet to 2,551 square feet.
Read also: Four-bedder at Ardmore Park sold for $3 million profit
Resale prices at Costa Rhu have been steadily increasing in recent years, rising from $1,297 per square foot in April 2021 to $1,496 per square foot in April 2023. The latest resale price at Costa Rhu is approximately $1,591 per square foot, according to resale caveats.
At the other end, the most unprofitable transaction during the week occurred at Gramercy Park when a 1,981 square foot unit was sold for $5.65 million. This three-bedroom unit, located on the 14th floor, was originally purchased for $6.08 million in February 2018. This resulted in a loss of $435,820 or 7%, which translates to an annualized loss of 1% over seven years.
The week’s most unprofitable sale was at Gramercy Park, where a three-bedroom unit was sold at a loss of $435,820.
There have been two resale transactions at Gramercy Park so far this year. The other sale involved a 2,691 square foot unit on the 13th floor, which was sold for $7.5 million in March. There were no matching caveats found for this unit.
Built in 2016, Gramercy Park is a 174-unit development with two high-rise residential towers, each consisting of 87 units. This ultra-luxury condo is situated along Grange Road in prime District 10, close to the Orchard Road shopping belt and the River Valley neighborhood.
Based on a compilation of caveats by EdgeProp Singapore, resale prices at Gramercy Park have declined in recent years after reaching its peak in 2021. According to caveats, the resale price at Gramercy Park was $2,550 per square foot in May 2016, reaching its peak at $3,320 per square foot in May 2021, and has since fallen to $2,830 per square foot.