The most lucrative condo resale deal during the week of November 19 to 26 was the sale of a four-bedroom unit measuring 2,885 square feet at Ardmore Park. The unit on the 14th floor was sold for $11.25 million, which translates to $3,900 per square foot. The seller had purchased the unit for $8.2 million in September 2016, at a rate of $2,843 per square foot. This means that the seller made a profit of $3.05 million, reflecting a capital gain of 37%. The holding period for this sale was approximately eight years.
This transaction comes two months after another four-bedroom unit on the 23rd floor was sold for $12.7 million, or $4,402 per square foot, on October 1. The seller of this unit had bought it in September 2010 for $9.7 million, which means they made a profit of $3 million on the sale. This also translates to a capital gain of 30.9%.
Ardmore Park is a luxurious, freehold condo located in the prestigious Ardmore Park area in prime District 10. The development, which was completed in 2001, consists of three 30-storey towers and a total of 330 units. The typical unit size at Ardmore Park is 2,885 square feet, with four bedrooms. It also offers six 8,740 square feet duplex penthouses.
Aside from the units sold on November 22 and October 1, there have been four other profitable resale transactions at Ardmore Park this year. All of these transactions involved four-bedroom units of 2,885 square feet and fetched prices between $4,108 and $4,472 per square foot. The sellers made profits ranging from $2.65 million to $7.07 million.
The second most profitable condo resale deal during the same week was the sale of a four-bedroom unit at Goldenhill Park Condominium. This 1,539 square feet unit on the 16th floor was sold for $3.43 million, or $2,228 per square foot, on November 21. The seller purchased the unit from the developer in May 2001 for $1.14 million, which means they made a profit of $2.29 million, or 201%. The seller had owned the unit for 23.5 years.
This is the second-highest profit recorded at Goldenhill Park Condominium to date. The highest profit belongs to a 2,928 square feet, four-bedroom penthouse that was sold for $4.3 million, or $1,469 per square foot, in February 2022. The seller of this unit had bought it from the developer in April 2001 for around $2 million, making a profit of $2.3 million.
Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. It was completed in 2004 and consists of 390 units of two- to four-bedroom apartments, ranging from 926 to 2,928 square feet. The condo is conveniently located near the Lorong Chuan MRT Station on the Circle Line.
There have been five other profitable resale transactions at Goldenhill Park Condominium this year. These transactions involved units sold at prices between $2,082 and $2,246 per square foot, with profits ranging from $760,000 to $1.91 million.
When purchasing a condo, it’s crucial to take into account the upkeep and management aspects of the property. Condos usually come with maintenance fees that cater to the maintenance and preservation of communal spaces and amenities. While these fees may increase the overall expenses of owning a condo, they also guarantee that the property is well-maintained and maintains its value. To make condo ownership a less hands-on investment, investors can enlist the help of a property management company. Additionally, checking out New Condo Launches can give investors an idea of potential properties to invest in.
On the other end of the spectrum, the least profitable condo resale deal during the week was the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove. The 2,831 square feet unit on the 10th floor was sold for $4.7 million, or $1,660 per square foot, on November 20. The seller had bought the unit in May 2007 for $5.8 million, which means they incurred a loss of $1.1 million, or 19%, after owning the unit for 17.5 years.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, the waterfront condo has 264 units housed in five towers ranging from 12 to 15 storeys high. The units include two-, three- and four-bedrooms ranging from 1,216 to 4,284 square feet, as well as penthouses of 2,745 to 8,095 square feet.
Based on caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year. These units were sold at prices between $1,500 and $1,999 per square foot. Four of these transactions resulted in losses ranging from $30,000 to $519,000, while the other two transactions resulted in profits of $268,000 and $1.7 million, respectively.