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Four-bedder at Ardmore Park sold for $6.5 mil profit

/ EdgeProp Singapore |

May 2, 2024 4:58 PM SGT

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The sale of a four-bedroom unit at Ardmore Park was the most profitable condo resale transaction during the week of April 16 to 23. The 2,885 sq ft unit on the 15th floor fetched $12.5 million ($4,333 psf) on April 22. The seller had bought the unit in February 2007 for $6 million ($2,080 psf). This means they reaped a profit of $6.5 million after owning the unit for over 17 years. This translates to a capital gain of 108%.

Data compiled on EdgeProp Research indicates that the deal is the seventh most profitable condo resale transaction ever logged at Ardmore Park. It comes two months after another 2,885 sq ft unit was sold for $12.9 million ($4,472 psf) on Feb 16. The seller, who had purchased the unit for $5.83 million ($2,022 psf) in July 1996, raked in a profit of $7.07 million (121%) after a holding period of more than 27½ years.

The 2,885 sq ft unit at Ardmore Park fetched $12.5 million ($4,333 psf) on April 22 (Picture: Samuel Isaac Chua/The Edge Singapore)

Ardmore Park is a 330-unit, freehold condo located in the prestigious Ardmore Park area in prime District 10. The luxury condo was completed in 2001 and has three 30-storey towers. Typical units at the condo are 2,885 sq ft, four-bedroom apartments, but it also has six 8,740 sq ft, duplex penthouses.

The second most profitable condo resale transaction during the week in review was the sale of a 2,443 sq ft, four-bedroom-plus-study unit at Aalto. The ninth-floor apartment changed hands for $5.82 million ($2,382 psf) on April 22. The seller bought the unit in April 2015 for $3.65 million ($1,494 psf). Hence, they made a gain of $2.17 million (59%) after a holding period of nine years.

This is the most profitable condo resale transaction Aalto has registered to date, based on caveats lodged. It surpasses the previous record gain of $1.73 million made by the seller of a 2,443 sq ft unit for $5.23 million ($2,140 psf) in November 2020. They had purchased the unit in June 2017 for $3.5 million ($1,432 psf).

A 2,443 sq ft unit at Aalto changed hands for $5.82 million ($2,382 psf) on April 22, with the seller making a gain of $2.17 million (Picture: Samuel Isaac Chua/The Edge Singapore)

Aalto is a freehold luxury condo on Meyer Road which was completed in 2010. It has twin 27-storey towers and a total of 196 apartments. Typical units are made up of three- and four-bedroom apartments sized between 1,442 and 2,443 sq ft. There are also two 5-bedroom duplex penthouses of 6,168 sq ft and 5,608 sq ft, respectively; and two 5-bedroom, sub-penthouse units of 3,940 sq ft and 4,424 sq ft, respectively.

On the other hand, the sale of a one-bedroom unit at The Clift was the least profitable condo resale transaction during the week. The 506 sq ft apartment on the 30th floor was sold for $1.06 million ($2,091 psf) on April 16. The seller purchased the unit in July 2011 for $1.16 million ($2,293 psf). Thus, they made a loss of $102,000 (8.8%) after owning the unit for nearly 13 years.

The seller of a 506 sq ft apartment at The Clift made a loss of $102,000 after it sold for $1.06 million ($2,091 psf) on April 16 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located on McCallum Street in District 1, The Clift is a 99-year development which was completed in 2011. Comprising a single tower, it includes 312 residences and a single-storey retail podium. The residences comprise one- and two-bedders of 495 to 818 sq ft. There are also one- and two-bedroom lofts of 753 to 1,076 sq ft.

Apart from the April 16 transaction, one other unit at The Clift has changed hands so far this year. On Jan 5, a 495 sq ft unit fetched $970,000 ($1,959 psf). The seller, who bought the unit in August 2007 for $820,000 ($1,656 psf), made a gain of $150,000 on the deal.

Read also: Four-bedder at The Peak sold for $4 mil profit