Ardmore Park Resale Deals Rake Top Profits 2024
Resale deals at Ardmore Park, a prestigious residential development in the Ardmore-Draycott enclave of prime District 10, have recorded some of the largest profits of the year 2024. Based on caveats lodged with URA as of 17th December, the freehold development had clinched the first, second and fourth highest-grossing condo resale transactions this year between January 1st and December 10th.
The highest profit was achieved by the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor of Ardmore Park for $12.9 million ($4,472 psf) on February 16th. The unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This means that the seller made a profit of $7.07 million, translating to a substantial gain of 121% after holding the property for approximately 27½ years.
The second highest profit was made five months later, on July 24th, when a four-bedroom unit measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), reaping a profit of $6.8 million or a capital gain of 131% after owning the unit for about 23½ years.
Another unit at Ardmore Park, a 2,885 sq ft four-bedroom unit, achieved the fourth largest profit this year when it was sold for $12.5 million ($4,333 psf) on April 22nd. This unit had been purchased in February 2007 for $6 million ($2,080 psf), resulting in a profit of $6.5 million (108%) after a holding period of over 17 years.
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Ardmore Park, a freehold development with 330 units in District 10, has consistently recorded significant gains in recent years. This year, three other units, all four-bedders sized 2,885 sq ft, were sold at Ardmore Park, with the sellers making gains of $2.65 million, $3 million and $3.05 million respectively. In 2024, the condo had seen four other resale transactions, with the sellers making profits between $2.8 million and $8.16 million.
Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of top gains this year. One of these, Beverly Hill, an 86-unit boutique condo on Grange Road that was completed in 1983, saw the fifth-most profitable resale transaction this year when a four-bedder spanning 3,778 sq ft on the fifth floor changed hands for $9.15 million ($2,422 psf) on July 15th. The seller raked in a profit of $5.47 million (149%) on the deal.
The other freehold District 10 condos that registered the top profitable deals included Astrid Meadows, a 208-unit development on Coronation Road West, Regency Park, a 292-unit condo on Nathan Road, Fontana Heights, a 52-unit development on Mount Sinai Rise, and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These condos were all completed between 1982 and 1990, making them over 30 years old.
Two older freehold District 9 condos also accounted for two of the top 10 gains this year. One of these is Yong An Park, located on River Valley Road, where a 3,434 sq ft, four-bedroom unit sold for $8.6 million ($2,505 psf) on August 12th, making a profit of $6.72 million. Meanwhile, on January 9th, a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill was sold for $16.5 million ($5,397 psf), earning a profit of $4.89 million.
However, in contrast, Sentosa Cove condos accounted for almost half of the 10 least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, was the most unprofitable deal this year when it was sold for $6.7 million ($1,768 psf) on July 22nd. The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), incurred a loss of $2.69 million (29%).
Another significant loss was incurred by a seller at Seascape, on Cove Way, where a 2,680 sq ft, four-bedroom unit on the sixth floor sold for $4.5 million ($1,679 psf) on August 14th. The seller had bought the unit from the developer for $7.03 million ($2,623 psf) in October 2010, resulting in a loss of $2.53 million (36%).