Bungalow at Kingsmead Road sold for $7.5 mil gainEditorial TeamHere is the rewritten article:
During the week of November 19 to 26, the most profitable condo resale transaction was the sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park. The 14th-floor unit changed hands for $11.25 million, equivalent to $3,900 per square foot (psf) on November 22. The seller had previously purchased the unit in September 2016 for $8.2 million, or $2,843 psf. This resulted in a substantial profit of $3.05 million, reflecting a capital gain of 37%, or an annualized return of 4.6% over a holding period of approximately eight years.
This deal comes just two months after another unit with the same size and number of bedrooms on the 23rd floor was sold for $12.7 million, or $4,402 psf, on October 1. The seller of that unit had bought it in September 2010 for $9.7 million, which translates to a gain of $3 million on the sale. This represents a capital gain of 30.9%.
Ardmore Park is a freehold condo located in prime District 10, in the prestigious Ardmore Park area. Completed in 2001, the luxury condo has three 30-storey towers and a total of 330 units. The typical units at the condo are four-bedroom apartments measuring 2,885 sq ft, but it also has six 8,740 sq ft duplex penthouses.
In addition to the units sold on November 22 and October 1, there have been four other profitable resale transactions at Ardmore Park this year. All of these units were four-bedroom apartments measuring 2,885 sq ft and were sold for prices ranging from $4,108 psf to $4,472 psf. The sellers made profits ranging from $2.65 million to $7.07 million.
The second most profitable condo resale deal during the week was the sale of a four-bedroom unit at Goldenhill Park Condominium. The 1,539 sq ft unit on the 16th floor changed hands for $3.43 million ($2,228 psf) on Nov 21. The seller, who had purchased the unit from the developer in May 2001 for $1.14 million, netted a gain of $2.29 million. This translates to a return of 201% over a holding period of 23½ years.
This sale is the second-highest gain recorded to date on a unit at Goldenhill Park Condominium. The record belongs to a 2,928 sq ft four-bedroom penthouse that was sold for $4.3 million ($1,469 psf) in February 2022. The seller of that unit had bought it from the developer in April 2001 for approximately $2 million, resulting in a gain of $2.3 million.
Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo has 390 units ranging from two- to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. It is conveniently located near the Lorong Chuan MRT station on the Circle Line.
There have been five other profitable resale transactions at Goldenhill Park Condominium this year, with units selling for prices ranging from $2,082 psf to $2,246 psf and resulting in profits ranging from $760,000 to $1.91 million.
Meanwhile, the most unprofitable condo resale deal during the week was the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove. The 2,831 sq ft unit on the 10th floor changed hands for $4.7 million ($1,660 psf) on Nov 20. The seller had bought the unit in May 2007 for $5.8 million ($2,050 psf), resulting in a loss of $1.1 million, or 19%, after owning the unit for 17½ years.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, the waterfront condo has five towers ranging from 12 to 15 storeys high and a total of 264 units. Residences include two-, three- and four-bedders measuring from 1,216 sq ft to 4,284 sq ft, as well as penthouses measuring from 2,745 sq ft to 8,095 sq ft.
The advantages of investing in a condominium extend beyond just having a property to call your own. With a condo investment, you have the opportunity to leverage the value of the property to acquire further investments. This can be done by using your condo as collateral to secure additional financing for new investments, allowing you to expand your real estate portfolio. However, this tactic also carries risks, making it essential to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. As a helpful resource, you can also keep an eye on new condo launches for potential investment opportunities.
According to caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year, with units selling for prices ranging from $1,500 psf to $1,999 psf. Four of these deals were unprofitable, resulting in losses ranging from $30,000 to $519,000. The other two deals were profitable, with the sellers making gains of approximately $268,000 and $1.7 million, respectively.