Four Bedder Ardmore Park Sold 265 Mil Profit

The revamped Master Plan not only entails the construction of new parks, waterfront areas, and community amenities, but also the incorporation of Norwood Grand CDL to the mix. This addition will further enrich the living environment, providing residents with abundant options for outdoor pursuits and fostering a more lively and engaging community.

on EdgeProp Singapore The most profitable condo resale transaction during the week of May 28 to June 4 was recorded at Ardmore Park. The 4-bedroom unit measuring 2,885 sq ft on the 22nd floor changed hands for $11.85 million ($4,108 psf) on May 29. This marks a profit of $2.65 million for the seller who bought the unit in January 2020 for $9.2 million ($3,189 psf). The quick turnaround has resulted in a capital gain of 29% for the seller.

The most profitable condo resale deal of the week was the sale of a four-bedroom unit at Ardmore Park. The unit, measuring 2,885 sq ft and located on the 22nd floor, was sold for $11.85 million ($4,108 psf) on May 29. This marks a significant profit for the seller, who had purchased the unit in January 2020 for $9.2 million ($3,189 psf). The quick turnaround resulted in a capital gain of 29% for the seller.

Ardmore Park is a prime, freehold condo situated in the upscale Ardmore Park area of District 10. Completed in 2001, the development comprises of three 30-storey towers with a total of 330 units. Typical units in the condo are four-bedroom apartments measuring 2,885 sq ft, but there are also six duplex penthouses spanning 8,740 sq ft.

The condo has seen a significant number of profitable resale transactions in recent years. Data compiled by EdgeProp Research shows that since January 2020, out of 32 resale transactions at Ardmore Park, 29 were sold above the purchase price based on caveats lodged. Among these, 20 deals resulted in gross gains of at least $2 million.

The most profitable resale deal ever recorded at Ardmore Park was the sale of a duplex penthouse measuring 8,740 sq ft for about $27.65 million ($3,163 psf) in April 2020. The seller had held the unit since January 1998, when they purchased it for $16 million ($1,831 psf). This resulted in a profit of $11.65 million for the seller.

The second most profitable condo resale transaction during the week was the sale of a 1,324 sq ft three-bedroom unit at Parkshore. The third-floor unit fetched $2.8 million ($2,115 psf) on June 4. The seller, who purchased the unit in July 1999 for $968,000 ($731 psf), made a profit of $1.83 million (189%) after holding the unit for 25 years.

This is the second most profitable resale deal at Parkshore to date. The highest record belongs to a four-bedroom, 2,325 sq ft unit that sold for $4.2 million ($1,806 psf) in December 2020. The seller had previously bought the unit for $1.24 million ($533 psf) in December 2005, resulting in a profit of $2.96 million.

Parkshore is a freehold condo located on Tanjong Rhu Road in District 15. It was completed in 1995 and is part of the private residential enclave in the Kallang Basin, which includes the 510-unit Pebble Bay and the 737-unit Costa Rhu. Parkshore comprises a single 15-storey tower housing 152 units, consisting of two-bedders from 990 sq ft to 1,044 sq ft, three-bedders from 1,324 sq ft to 1,722 sq ft, and four-bedroom units measuring 2,325 sq ft.

The condo is just a five-minute walk from the Tanjong Rhu MRT Station on the upcoming Thomson-East Coast Line, set to open on June 23.

On the other hand, the most unprofitable condo resale transaction during the week was the sale of a one-bedroom loft at Altez. The 861 sq ft unit located on the 30th floor was sold for $1.54 million ($1,786 psf) on May 29. The seller had bought the unit directly from the developer for $2.02 million ($2,345 psf) in March 2010. This resulted in a loss of approximately $482,000 (24%) for the seller.

Altez is a 99-year leasehold condo situated on Enggor Street in District 2’s Tanjong Pagar area. Completed in 2014, the development comprises of a 62-storey tower that includes a retail podium. The residential units consist of one- and two-bedroom units from 527 sq ft to 1,013 sq ft, one- to three-bedroom lofts from 753 sq ft to 1,658 sq ft, and penthouses measuring 2,486 sq ft 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 of which were sold below their purchase prices. On April 3, a 1,184 sq ft unit was sold for $2.25 million ($1,900 psf). The seller had bought the unit in January 2021 for $2.4 million, resulting in a loss of $150,000. Similarly, on April 12, a 764 sq ft unit changed hands for $1.68 million ($2,198 psf). The seller, who had purchased the unit in April 2014 for $1.97 million ($2,576 psf), made a loss of approximately $288,000.

To find out more about properties for sale at Ardmore Park, Parkshore, and Altez, visit EdgeProp Singapore website.