The luxury condominium development, Ardmore Park, located in the prestigious Ardmore-Draycott enclave in prime District 10, has been making headlines with its impressive resale transactions in 2024. According to data from caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, the freehold development saw some of the biggest gains in the resale market this year, with units accounting for the first, second, and fourth most profitable condo resale deals.
The top resale transaction at Ardmore Park was for a four-bedroom unit on the 26th floor, measuring 2,885 sq ft and sold for $12.9 million ($4,472 psf) on February 16. The unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996, which means the seller made a whopping profit of $7.07 million, equivalent to a 121% gain after holding onto the property for 27 and a half years.
The second-highest gain was recorded on July 24, when another four-bedder measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller had bought the unit in December 2000 for $5.2 million ($1,803 psf) through a sub-sale transaction. This means they made a profit of $6.8 million, equivalent to a capital gain of 131% after owning the unit for around 23 and a half years.
The fourth most profitable resale deal at Ardmore Park this year was for another four-bedroom unit measuring 2,885 sq ft, which was sold for $12.5 million ($4,333 psf) on April 22. The unit was purchased by the seller in February 2007 for $6 million ($2,080 psf), earning them a profit of $6.5 million, equivalent to 108%, after holding onto it for 17 years.
The bustling cityscape of Singapore is defined by towering skyscrapers and state-of-the-art facilities. Condominiums, situated in prime locations, offer a fusion of opulence and practicality that appeals to locals and foreigners alike. These residential complexes boast an array of desirable amenities, including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and making them a sought-after choice for potential renters and buyers. In terms of investment, these luxurious features result in a higher return on rental income and a steady increase in property values over time. Want to find out more about the latest Singapore Projects? Head over to Singapore Projects for all the details!
Ardmore Park, with its 330 units and freehold tenure, has consistently seen significant gains in its resale market in recent years. In 2024 alone, three other four-bedroom units of the same size changed hands, with the sellers netting profits of $2.65 million, $3 million, and $3.05 million respectively. Similarly, in 2023, the condo saw four resale transactions, with sellers clocking in gains between $2.8 million and $8.16 million.
Aside from Ardmore Park, other mature freehold condo developments in District 10 dominated the list of top profitable deals this year. For instance, the fifth most profitable resale transaction took place at Beverly Hill, an 86-unit boutique condo on Grange Road. The four-bedroom unit measuring 3,778 sq ft on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, earning the seller a profit of $5.47 million (149%).
Other older freehold condo projects that made it to the list of most profitable deals this year include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden. All these condos, completed between 1982 and 1990, are over 30 years old.
Two of the top 10 profitable deals this year were also recorded in freehold District 9 condos. The third-highest profit was made from the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park, located on River Valley Road. The unit was sold for $8.6 million ($2,505 psf) on August 12, incurring a whopping $6.72 million profit for the seller. Similarly, a two-bedroom unit measuring 3,057 sq ft at The Ritz-Carlton Residences Singapore Cairnhill was sold for $16.5 million ($5,397 psf) on January 9, raking in a profit of $4.89 million for the seller.
On the contrary, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The Marina Collection, a 124-unit condo on Cove Drive, recorded the most unprofitable deal this year. A five-bedroom duplex penthouse measuring 3,789 sq ft was sold for $6.7 million ($1,768 psf) on July 22, resulting in a loss of $2.69 million (29%) for the seller who had bought it in March 2020 for $9.39 million ($2,479 psf).
Another Sentosa Cove condo, Seascape, located on Cove Way, registered the second-biggest loss this year. A four-bedroom unit on the sixth floor measuring 2,680 sq ft was sold for $4.5 million ($1,679 psf) on August 14. However, it was originally purchased from the developer in October 2010 for $7.03 million ($2,623 psf). As a result, the seller incurred a loss of $2.53 million, equivalent to 36%.
In conclusion, Ardmore Park, a prime freehold condo in District 10, came out as the biggest winner in the resale market this year, recording the most profitable deals. However, Sentosa Cove condos registered the most unprofitable transactions, highlighting the risks involved in investing in this exclusive enclave.