Ardmore Park Resale Deals Rake Top Profits 2024
after 27 years
Ardmore Park, a luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, has recorded some of the highest gains in resale transactions throughout 2024. According to data based on caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo resale deals this year.
The top profit was made on the sale of a four-bedroom unit spanning 2,885 square feet on the 26th floor, which was sold for $12.9 million ($4,472 per square foot) on February 16. The unit was originally purchased from the developer for $5.83 million ($2,022 per square foot) in July 1996. This translates to a profit of $7.07 million, or a 121% gain, after a holding period of about 27.5 years.
The second-highest gain occurred five months later on July 24, when a four-bedroom unit measuring 2,885 square feet on the 18th floor was sold for $12 million ($4,160 per square foot). The original purchase price for the unit was $5.2 million ($1,803 per square foot) in December 2000 through a sub-sale transaction. This means the seller made a profit of $6.8 million, or a capital gain of 131%, after owning the unit for approximately 23.5 years.
Another four-bedroom unit measuring 2,885 square feet at Ardmore Park recorded the fourth-biggest profit this year when it was sold for $12.5 million ($4,333 per square foot) on April 22. The unit was originally purchased in February 2007 for $6 million ($2,080 per square foot), resulting in a profit of $6.5 million (108%) after a holding period of over 17 years.
Ardmore Park, a freehold condo with 330 units in District 10, has consistently seen significant gains in resale transactions in recent years. In 2024, three other units, all four-bedroom units measuring 2,885 square feet, changed hands, with the sellers making gains of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the condo saw four resale transactions, with profits ranging from $2.8 million to $8.16 million.
Apart from Ardmore Park, the list of top gains this year was dominated by other established freehold condos in District 10. The fifth-most profitable resale deal this year took place at Beverly Hill, an 86-unit boutique condo on Grange Road completed in 1983. A four-bedroom unit measuring 3,778 square feet on the fifth floor was sold for $9.15 million ($2,422 per square foot) on July 15, resulting in a profit of $5.47 million (149%) for the seller.
Other freehold condos in District 10 that recorded top profitable deals include Astrid Meadows, a 208-unit development on Coronation Road West, Regency Park, a 292-unit development 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, completed between 1982 and 1990, are all over 30 years old.
Two older freehold condos in District 9 were also among the top 10 sellers this year. The third-highest profit came from the sale of a four-bedroom unit measuring 3,434 square feet at Yong An Park, located on River Valley Road. The unit was sold for $8.6 million ($2,505 per square foot) on August 12, resulting in a profit of $6.72 million for the seller. Additionally, a three-bedroom unit measuring 3,057 square feet at The Ritz-Carlton Residences Singapore Cairnhill was sold for $16.5 million ($5,397 per square foot) on January 9, netting the seller a profit of $4.89 million.
Conversely, condos in Sentosa Cove accounted for almost half of the 10 least profitable transactions this year. The most unprofitable deal was the sale of a five-bedroom duplex penthouse measuring 3,789 square feet at Marina Collection, a 124-unit condo on Cove Drive, for $6.7 million ($1,768 per square foot) on July 22. The original purchase price for the unit in March 2010 was $9.39 million ($2,479 per square foot), resulting in a loss of $2.69 million (29%).
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Similarly, the sale of a four-bedroom unit measuring 2,680 square feet on the sixth floor at Seascape, located on Cove Way, resulted in a loss of $2.53 million (36%) when it was sold for $4.5 million ($1,679 per square foot) on August 14. The unit was originally purchased from the developer for $7.03 million ($2,623 per square foot) in October 2010.