| March 5, 2024 5:54 PM Resale deals at Ardmore Park, one of the most luxurious condos in District 10, topped the charts in terms of profits made for this year. According to caveats lodged with the Urban Redevelopment Authority (URA) as of Dec 17, the freehold development saw the highest, second-highest and fourth-highest gains in the resale market between Jan 1 and Dec 10. The largest gain occurred on Feb 16 when a four-bedroom unit on the 26th floor measuring 2,885 sq ft sold for $12.9 million, or $4,472 psf. The seller had bought the unit directly from the developer for $5.83 million, or $2,022 psf, in July 1996. After owning the unit for about 27½ years, the seller made a profit of $7.07 million, which translates to a 121% gain.On July 24, another 2,885 sq ft four-bedroom unit on the 18th floor changed hands for $12 million, or $4,160 psf, making it the second-highest gain at Ardmore Park this year. The unit had been purchased in December 2000 through a sub-sale for $5.2 million, or $1,803 psf. The seller pocketed a profit of $6.8 million, equivalent to a capital gain of 131% after holding on to the unit for around 23½ years.Read also: Savills: Number of $10m increment deals to hit record high in 2024The fourth-highest gain at Ardmore Park came from the sale of a 2,885 sq ft four-bedroom unit for $12.5 million, or $4,333 psf, on April 22. The seller had bought the unit for $6 million, or $2,080 psf, in February 2007. They reaped a profit of $6.5 million, or 108%, after holding on to the unit for over 17 years.Overall, Ardmore Park, which is a 330-unit freehold condo in prime District 10, saw three other units change hands this year, all of which were four-bedders measuring 2,885 sq ft each. The sellers netted gains of $2.65 million, $3 million and $3.05 million, respectively, from these transactions.AdvertisementBesides Ardmore Park, other top profitable condo resale deals in District 10 were recorded at other mature freehold condos, such as Beverly Hill on Grange Road, Astrid Meadows on Coronation Road West, Regency Park on Nathan Road, Fontana Heights on Mount Sinai Rise, and Wing On Life Garden on Bukit Timah Road. All these condos were completed between 1982 and 1990, making them over 30 years old.Meanwhile, older freehold condos in District 9 also made the list of top gains this year. The third-highest profit was registered from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park on River Valley Road. The unit changed hands for $8.6 million, or $2,505 psf, on Aug 12, pocketing a $6.72 million profit for the seller. Another unit that made the top 10 list of profitable deals this year was at The Ritz-Carlton Residences Singapore Cairnhill, where a 3,057 sq ft apartment sold for $16.5 million, or $5,397 psf, on Jan 9. This transaction made a $4.89 million profit for the seller.On the other hand, Sentosa Cove condos recorded the highest losses in the resale market this year. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, for $6.7 million, or $1,768 psf, on July 22. The seller, who bought the unit for $9.39 million, or $2,479 psf, in March 2010, made a loss of $2.69 million, which was a decrease of 29%. Another unit at Seascape, located on Cove Way, made the second-highest loss when the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor registered a $2.53 million decrease in value. The unit was sold for $4.5 million, or $1,679 psf, on Aug 14, after being bought from the developer for $7.03 million, or $2,623 psf, in October 2010.Ardmore Park, the luxury condo in the exclusive Ardmore-Draycott enclave, has consistently registered significant gains in recent years. In 2024 alone, the development saw four transactions with sellers making profits of $6.5 million to $12.9 million. In comparison, only four resale deals were recorded at Ardmore Park last year, raking in profits of $2.8 million to $8.16 million.Overall, the prime luxury district in Singapore saw significant gains in the resale market this year, with many older freehold condos recording high profits. On the other hand, Sentosa Cove condos recorded the highest losses, with units selling for $2.53 million lower than their original purchase prices.
According to the latest data from the Urban Redevelopment Authority (URA), resale transactions at Ardmore Park, a luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, have yielded some of the highest gains in 2024. Based on caveats lodged as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo deals this year.
The biggest profit came from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor at Ardmore Park on February 16 for $12.9 million, or $4,472 psf. The unit was originally purchased from the developer for $5.83 million, or $2,022 psf, in July 1996. This means that the seller made a whopping $7.07 million profit, a 121% gain, after holding the unit for 27 and a half years.
Five months later, on July 24, another four-bedder measuring 2,885 sq ft on the 18th floor was sold for $12 million, or $4,160 psf, making it the second-highest gain at Ardmore Park this year. The unit was originally bought in December 2000 through a sub-sale transaction for $5.2 million, or $1,803 psf. The seller pocketed a profit of $6.8 million, a 131% capital gain, after owning the unit for around 23 and a half years.
On April 22, a third four-bedroom unit at Ardmore Park, also measuring 2,885 sq ft, made the fourth-highest profit this year when it was sold for $12.5 million, or $4,333 psf. The seller had purchased the unit in February 2007 for $6 million, or $2,080 psf, making a profit of $6.5 million (108%) after holding the unit for over 17 years.
Ardmore Park, a 330-unit freehold condo completed in 2001, has consistently recorded significant gains in the resale market in recent years. In 2024, the development saw three other units, all four-bedders, changing hands for profits of $2.65 million, $3 million, and $3.05 million respectively. Last year, four resale transactions were recorded, with sellers making profits ranging from $2.8 million to $8.16 million.
One crucial factor to consider when investing in Singapore condos is the implementation of property cooling measures by the government. In order to maintain a steady real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. These include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those purchasing multiple properties. While these measures may have a short-term impact on the profitability of condo investments, they ultimately contribute to the long-term stability of the market, creating a secure investment environment. This is why choosing to invest in Singapore Projects is a wise decision, as it offers a stable and regulated market for investors.
Apart from Ardmore Park, other mature freehold condos in District 10 also saw high profits in the resale market this year. These included Beverly Hill on Grange Road, Astrid Meadows on Coronation Road West, Regency Park on Nathan Road, Fontana Heights on Mount Sinai Rise, and Wing On Life Garden on Bukit Timah Road. All these condos were completed between 1982 and 1990, making them over 30 years old.
Older freehold condos in District 9 also recorded top profits this year, with the third-highest gain coming from the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park on River Valley Road. The unit was sold for $8.6 million, or $2,505 psf, on August 12, netting the seller a profit of $6.72 million. Another unit at The Ritz-Carlton Residences Singapore Cairnhill also made the top 10 list of profitable deals this year, with a 3,057 sq ft apartment selling for $16.5 million, or $5,397 psf, on January 9. This transaction yielded a profit of $4.89 million for the seller.
On the other hand, Sentosa Cove condos recorded the biggest losses in the resale market this year. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive. The unit sold for $6.7 million, or $1,768 psf, on July 22, resulting in a loss of $2.69 million (29%) for the seller. Another unit at Seascape, located on Cove Way, made the second-highest loss when a four-bedroom unit