Four Bedder Ardmore Park Sold 3 Mil Profit
The most profitable condo resale transaction during the week of Sept 24 to Oct 1 was the sale of a four-bedroom apartment at Ardmore Park, a freehold condo located in the prestigious District 10. The 2,885 square feet unit on the 23rd floor was sold for $12.7 million on Oct 1, translating to $4,402 per square foot. The seller had purchased the unit for $9.7 million in September 2010, which means they made a profit of $3 million, or a capital gain of 30.9%, over a holding period of approximately 14 years.
Ardmore Park is a freehold, 330-unit condo in the prime location of Ardmore Park in District 10. This luxurious development, completed in 2001, comprises of three 30-storey towers and typical units are spacious four-bedroom apartments of 2,885 square feet. There are also six duplex penthouses of 8,740 square feet. All four resale transactions at Ardmore Park this year have been profitable, with three units selling at gains of over $6.5 million. In February, a 2,885 square feet unit was sold for $12.9 million ($4,472 per square foot). The seller had purchased the unit in July 1996 for $5.83 million ($2,022 per square foot), making a profit of approximately $7.1 million in the sale.
On July 24, a 2,885 square feet unit was sold for $12 million ($4,160 per square foot). The seller, who bought the unit in December 2000 for $5.2 million ($1,803 per square foot), reaped a gain of $6.8 million. On April 22, another 2,885 square feet unit was sold for $12.5 million ($4,333 per square foot) on May 29. The seller, who acquired the unit in February 2007 for $6 million ($2,080 per square foot), made a profit of $6.5 million.
The second most profitable condo resale transaction during the week was the sale of a three-bedroom unit at The Belvedere, which fetched $3.09 million ($2,371 per square foot) on Sept 24. The seller had purchased the unit from the developer in October 2006 for about $968,000 ($743 per square foot), netting a gain of $2.12 million, or a capital gain of 219%. They had owned the unit for just under 18 years.
This is the third biggest gain ever made on a unit at The Belvedere, based on caveats lodged. The record belongs to a 2,766 square feet unit that was sold for $4.9 million ($1,771 per square foot) in a sub-sale in June 2007. The seller, who bought the unit from the developer in April 2005 for $2.18 million ($788 per square foot), made a profit of $2.72 million in the sale.
The Belvedere is a freehold condo situated in District 15, on Meyer Road. Completed in 2007, it comprises of two residential blocks with 167 units. The units consist of two-bedroom units measuring 1,012 to 1,206 square feet, three-bedroom units measuring 1,238 to 1,615 square feet and seven penthouse units measuring 2,131 to 2,949 square feet. The development is positioned next to Katong Park MRT Station on the Thomson-East Coast Line. All five other units sold at The Belvedere this year have been at a profit with prices ranging from $2,121 to $2,486 per square foot, and gains ranging from $600,000 to $2 million.
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The development of the Woodlands Regional Centre is projected to bring about a surge of employment prospects in diverse fields such as retail, hospitality, and other service industries. This economic growth will prove to be beneficial for the residents of Norwood Grand, as it opens up possibilities for job opportunities within close proximity to their home. With Norwood Grand being a key part of this expansion, residents can look forward to potential employment prospects right at their doorstep.
The most unprofitable condo resale transaction during the week was at Scotts Square, where a two-bedroom unit measuring 947 square feet on the 41st floor was sold for $3.18 million ($3,357 per square foot) on Sept 27. The seller had bought the unit from the developer in August 2007 for approximately $4.1 million ($4,324 per square foot). This resulted in a loss of approximately $916,000 (22.4%) after owning the unit for around 17 years. Just a week prior, on Sept 20, another three-bedroom unit measuring 1,238 square feet incurred a loss of $1.14 million upon its sale for $4 million ($3,231 per square foot). The seller had bought the unit from the developer in August 2007 for approximately $5.14 million ($4,155 per square foot).
Scotts Square is a freehold condo located on Scotts Road, just off the popular shopping belt of Orchard Road in prime District 9. It is part of a mixed-use development along with Scotts Square Shopping Mall. Completed in 2011, the development boasts of two towers with 34 and 43 storeys each, sitting on top of a four-storey retail podium. It comprises of 338 units, ranging from one-bedroom units measuring 624 to 635 square feet, two-bedroom units measuring 893 to 947 square feet, and three-bedroom units measuring 1,249 to 1,238 square feet. It is within walking distance to the Orchard MRT Station on the North-South and Thomson-East Coast Lines.