Four Bedder Ardmore Park Sold 3 Mil Profit

The transaction of a four-bedroom unit at Ardmore Park, a freehold condominium in District 10, was the most profitable resale deal for the week of September 24 to October 1. The unit, measuring 2,885 square feet on the 23rd floor, was sold for $12.7 million ($4,402 per square foot) on October 1. The seller had purchased the unit in September 2010 for $9.7 million ($3,363 per square foot), resulting in a profit of $3 million. This translates to a capital gain of 30.9%, or an annual profit of 2.2%, over a holding period of approximately 14 years.

Ardmore Park is a freehold condominium with 330 units, located in the prestigious Ardmore Park area of the prime District 10. The luxurious development, completed in 2001, boasts three 30-storey towers. Typical units in the condominium are spacious four-bedroom apartments measuring 2,885 square feet, but it also features six duplex penthouses spanning 8,740 square feet.

This year, there have been four other profitable resale transactions at Ardmore Park, with three of them raking in gains of at least $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 bought the unit in July 1996 for $5.83 million ($2,022 per square foot), profiting approximately $7.1 million from the deal.

Another unit, measuring 2,885 square feet, was sold on July 24 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), made a gain of $6.8 million. Additionally, on April 22, a 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), reaped a profit of $6.5 million.

The second most profitable resale deal for the week was the sale of a three-bedroom unit measuring 1,302 square feet at The Belvedere. The unit, located on the seventh floor, was sold for $3.09 million ($2,371 per square foot) on September 24. The seller had bought the unit from the developer in October 2006 for around $968,000 ($743 per square foot), making a gain of $2.12 million. This reflects a capital gain of 219% for the seller, who owned the unit for less than 18 years.

Based on available data, this is the third highest gain ever recorded for a unit at The Belvedere. 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 gain of $2.72 million.

On September 24, a 1,302 square feet unit at The Belvedere was sold for $3.09 million ($2,371 per square foot) – a gain of $2.12 million.

The Belvedere, a freehold condominium located on Meyer Road in District 15, was completed in 2007 and features two residential blocks with 167 units. The apartments range from two-bedroom units spanning 1,012 to 1,206 square feet, to three-bedroom units spanning 1,238 to 1,615 square feet. The development also boasts seven penthouse units measuring 2,131 to 2,949 square feet. It is conveniently situated next to the Katong Park MRT Station on the Thomson-East Coast Line.

This year, there have been five other profitable resale transactions at The Belvedere, all of which were sold at prices higher than their purchase price. The units were sold at prices ranging between $2,121 and $2,486 per square foot, with the sellers earning profits of $600,000 to $2 million.

Rewritten:

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In contrast, the most unprofitable resale deal for the week was the sale of a two-bedroom unit measuring 947 square feet at Scotts Square. The unit, located on the 41st floor, was sold for $3.18 million ($3,357 per square foot) on September 27. The seller had bought the unit from the developer in August 2007 for approximately $4.1 million ($4,324 per square foot), resulting in a loss of around $916,000 (22.4%) after owning the unit for approximately 17 years.

This comes just a week after another unit, measuring 1,238 square feet, incurred a loss of $1.14 million upon its sale for $4 million ($3,231 per square foot) on September 20. The seller had purchased the unit from the developer in August 2007 for around $5.14 million ($4,155 per square foot).

Scotts Square, a freehold condominium on Scotts Road in District 9, is part of a mixed-use development that includes the Scotts Square shopping mall. The development, completed in 2011, consists of two towers with 34 and 43 storeys respectively, sitting on top of a four-storey retail podium. It features 338 units, including one-bedroom units measuring 624 to 635 square feet, and two-bedroom units measuring 893 to 947 square feet. It also boasts seven penthouse units measuring 2,131 to 2,949 square feet. It is conveniently located within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.