$3.5 mil profit at Ardmore Park
By Lin Zhiqin
/ The Edge Property |
On Feb 28, a 2,885 sq ft unit at Ardmore Park in prime District 10 was sold at a $3.5 million profit. The seller bought the unit from the developer at $5.4 million, or $1,876 psf, in August 1996 and sold it at $8.9 million, or $3,085 psf. The profit works out to 64%, or 2% a year over a holding period of 20.6 years.
Based on the matching of URA caveat data, both units sold at Ardmore Park so far this year have resulted in profits. On Feb 9, a 2,885 sq ft unit was sold at a $4.6 million profit. The seller bought the unit at $4.9 million, or $1,699 psf, in September 2002 and sold it at $9.5 million, or $3,293 psf. The profit works out to 94%, or 5% a year over a holding period of 14.4 years.
There were 58 rental contracts for units ranging from 2,800 to 2,900 sq ft at Ardmore Park in 2H2016, with monthly rents averaging $14,598. This implies a gross rental yield of 2% for the unit transacted on Feb 28. Ardmore Park is a freehold condominium with 330 units. It was completed in 2001.
Both units sold at Ardmore Park so far this year have resulted in profits. Find the most affordable listing in the project here
For private non-landed homes sold in the week of Feb 28 to March 7, the second-biggest profit of $1.1 million accrued to a 2,110 sq ft unit at Rivergate in prime District 9. The seller bought the unit at $2.9 million, or $1,380 psf, in a sub-sale in June 2009 and sold it at $4 million, or $1,896 psf, on March 6. The profit works out to 37%, or 4% a year over a holding period of 7.7 years.
There were 10 rental contracts for units ranging from 2,000 to 2,100 sq ft at Rivergate in 2H2016, with monthly rents averaging $9,360. This implies a gross rental yield of 3% for the recently transacted unit. Completed in 2009, Rivergate is a freehold waterfront development with 545 units at Robertson Quay. It is located within walking distance of the upcoming Havelock and Great World MRT stations.
Meanwhile, the biggest loss in the week of Feb 28 to March 7, totalling $478,888, was incurred by the seller of a 1,733 sq ft unit at Scotts 28 in prime District 9. The seller bought the unit at $4.03 million, or $2,325 psf, in September 2012 and sold it at $3.55 million, or $2,048 psf, on Feb 28. The loss works out to 12%, or 3% a year over a holding period of 4.4 years. Based on the matching of URA caveat data, the same unit has changed hands four times. The first seller bought the unit from the developer at $1,429 psf in 1995 and reaped a 7% gain from its sub-sale at $1,535 psf in 1999. Subsequent sellers of the unit realised a 43% profit when it was sold at $2,200 psf in 2007 and a 6% profit when it was sold at $2,325 psf in 2012.
There were two rental contracts for units ranging from 1,700 to 1,800 sq ft at Scotts 28 in 4Q2016, with monthly rents of $5,700 and $6,400. Scotts 28 is a freehold condo with 136 units. It is located within walking distance of the Newton MRT station and was completed in 1998.
This article appeared in The Edge Property Pullout, Issue 771 (Mar 20, 2017) of The Edge
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles