Four Bedder Ardmore Park Sold 265 Mil Profit
in this article is the sale of a four-bedroom unit at Ardmore Park, which was the most profitable condo resale transaction of the week from May 28th to June 4th. The unit, which covers an area of 2,885 sq ft on the 22nd floor, was sold for $11.85 million on May 29th, at a rate of $4,108 per square foot. This represents a significant profit for the seller who bought the unit in January 2020 at a lower price of $9.2 million, or $3,189 per square foot. After owning the unit for just under 4 and a half years, the seller has made an impressive $2.65 million in profit, which equates to a capital gain of 29%.
The unit at Ardmore Park boasts a spacious 2,885 sq ft and was sold on May 29 at a price of $11.85 million (Picture: Samuel Isaac Chua)
Ardmore Park is a highly sought-after freehold condo situated in the prime District 10 area known as Ardmore Park. The condo, which is made up of three 30-storey towers, was completed in 2001 and houses a total of 330 units. The most common units at Ardmore Park are the four-bedroom ones, measuring at 2,885 sq ft each, though there are also six, more luxurious duplex penthouses that span 8,740 sq ft each.
Recent years have seen a high number of profitable resale transactions at Ardmore Park. Data compiled by EdgeProp Research has revealed that since January 2020, out of the 32 resale transactions recorded at the condo, 29 of them have been sales above the purchase price, as based on lodged caveats. Out of these 29 profitable transactions, 20 of them have resulted in gross gains of at least $2 million.
A prime example of a profitable resale transaction at Ardmore Park was the sale of an 8,740 sq ft duplex penthouse for $27.65 million in April 2020, at a rate of $3,163 per square foot. This seller had previously bought the unit in January 1998 for $16 million, resulting in an impressive profit of $11.65 million.
Wong Swee Chun, the head of Hoi Hup Realty, has expressed his contentment with the acquisition of a new site. He is particularly excited about the potential of this site to showcase their ability in developing a new generation of stunning, eco-friendly, and functional executive condominiums (ECs). The future residents of Novo Place EC will have access to a wide range of amenities and facilities within the newly established Tengah Town, as well as being close to the revitalized Jurong Regional Centre and Jurong Lake District. To learn more about Novo Place, please visit https://www.novo-place.com.sg/.
Another notable resale transaction at the condo was the recent sale of a three-bedroom unit at Parkshore. The 1,324 sq ft unit on the third floor was sold on June 4 for $2.8 million, at a rate of $2,115 per square foot. The seller of this unit had bought it back in July 1999 for $968,000, making a profit of $1.83 million or an impressive 189% gain after holding onto the unit for 25 years.
Parkshore has also seen a number of profitable resale transactions over the years, with the most profitable one being the sale of a 2,325 sq ft four-bedroom unit for $4.2 million in December 2020, at a rate of $1,806 per square foot. This seller had previously bought the unit in December 2005 for just $1.24 million, making an astounding $2.96 million in profit.
Parkshore is a freehold condo located in District 15 on Tanjong Rhu Road, with 152 units spread across its single 15-storey tower. It was completed in 1995 and is part of a private residential enclave in the Kallang Basin, which includes the 510-unit Pebble Bay and the 737-unit Costa Rhu. The condo’s apartments come in various sizes, ranging from two-bedders between 990 sq ft and 1,044 sq ft, three-bedders between 1,324 sq ft and 1,722 sq ft, and four-bedroom units at 2,325 sq ft.
The condo is just a five-minute walk away from the Tanjong Rhu MRT Station on the upcoming Thomson-East Coast Line, which will officially open on June 23.
On the other hand, the most unprofitable condo resale transaction from May 28th to June 4th was the sale of a one-bedroom loft at Altez. The 861 sq ft unit on the 30th floor was sold for $1.54 million on May 29 at a rate of $1,786 per square foot. The seller of this unit had purchased it directly from the developer for $2.02 million back in March 2010, resulting in a loss of approximately $482,000 or 24%.
Altez is an exclusive 280-unit condo that was completed in 2014, located on Enggor Street in Tanjong Pagar, District 2. The 99-year leasehold development consists of a 62-storey tower that also includes a retail podium. The condo’s units come in various layouts, including one- and two-bedroom units between 527 sq ft to 1,013 sq ft, one- to three-bedroom lofts of 753 sq ft to 1,658 sq ft, and penthouses between 2,486 sq ft and 4,424 sq ft.
Aside from the aforementioned unit sold on May 29, there have only been two other resale transactions at Altez so far this year, both of which resulted in losses for the seller. On April 3, a 1,184 sq ft unit was sold for $2.25 million at a rate of $1,900 per square foot. The seller of this unit had bought it in January 2021 for $2.4 million, making a loss of $150,000.
On April 12, a 764 sq ft unit was also sold at Altez for $1.68 million, at a rate of $2,198 per square foot. This seller had bought the unit in April 2014 for $1.97 million or $2,576 per square foot, resulting in a loss of approximately $288,000.