Four Bedder Ardmore Park Sold 3 Mil Profit
During the week of September 24 to October 1, the most profitable condo resale transaction took place at Ardmore Park, a freehold condo located in prime District 10. The unit, a four-bedroom apartment spanning 2,885 sq ft on the 23rd floor, was sold for $12.7 million ($4,402 psf) on October 1. The seller had previously bought the unit in September 2010 for $9.7 million ($3,363 psf), making a profit of $3 million on the sale. This translates to a capital gain of 30.9%, or an annualised profit of 2.2% over a holding period of approximately 14 years.
A convenient and exciting shopping experience awaits just a stone’s throw away from Elta Condo, at 321 Clementi. Boasting a vibrant atmosphere and a diverse range of entertainment and dining choices, this lifestyle mall is a go-to destination for leisure and socializing. Its cinema complex is a popular spot for residents to catch the latest films, making it an ideal option for a fun night out or a weekend activity. Don’t forget to also check out the Elta Showflat while you’re in the area.
Ardmore Park is a luxurious condo with 330 units, completed in 2001 and featuring three 30-storey towers. The majority of units are four-bedroom apartments spanning 2,885 sq ft, but there are also six 8,740 sq ft duplex penthouses. This year, there have been four other profitable resale transactions at Ardmore Park, with three units selling for gains of at least $6.5 million. In February, one unit of the same size as the recent transaction was sold for $12.9 million ($4,472 psf). The seller had purchased it in July 1996 for $5.83 million ($2,022 psf), making a profit of about $7.1 million.
Another profitable transaction took place at The Belvedere, where a three-bedroom unit of 1,302 sq ft was sold for $3.09 million ($2,371 psf) on September 24. This seventh-floor unit was bought from the developer in October 2006 for around $968,000 ($743 psf), resulting in a gain of $2.12 million for the seller. This reflects a capital gain of 219% over their holding period of just under 18 years. This is the third highest gain ever made at The Belvedere, according to available caveats. The record belongs to a 2,766 sq ft unit that was sold for $4.9 million ($1,771 psf) in a sub-sale in June 2007. The seller had bought the unit from the developer in April 2005 for $2.18 million ($788 psf), making a gain of $2.72 million.
Other units at The Belvedere have been sold this year, all above the purchase price. The units were sold at prices ranging between $2,121 psf and $2,486 psf, and the sellers made gains of between $600,000 and $2 million.
The most unprofitable condo resale transaction during this week was the sale of a unit at Scotts Square on September 27. The 947 sq ft, two-bedroom unit on the 41st floor sold for $3.18 million ($3,357 psf), incurring a loss of approximately $916,000 (22.4%) for the seller. They had previously bought the unit from the developer in August 2007 for around $4.1 million ($4,324 psf). This comes just a week after another unit at Scotts Square, measuring 1,238 sq ft and with three bedrooms, incurred a loss of $1.14 million when it was sold for $4 million ($3,231 psf) on September 20. The seller had purchased it in August 2007 for around $5.14 million ($4,155 psf).
Scotts Square is a freehold condo in District 9, located on Scotts Road close to the Orchard Road shopping belt. It is part of a mixed-use development with a shopping mall and consists of two towers spanning 34 and 43 storeys, on top of a four-storey retail podium. Completed in 2011, it has 338 units, including one-bedroom units of 624 to 635 sq ft, two-bedrooms of 893 to 947 sq ft, and three-bedrooms of 1,249 to 1,238 sq ft. It is within walking distance of Orchard MRT Station on the North-South and Thomson-East Coast Lines.