Unit at Ardmore Park earns $3.1 mil profit
The most profitable deal during the week of Sept 22 to 29 was the sale of a 2,885 sq ft, four-bedroom unit at Ardmore Park in prime District 10. Previously purchased for $5.38 million ($1,865 psf) in January 1997, it was sold for $8.5 million ($2,947 psf) on Sept 24. The 13th-floor apartment thus reaped a 58% profit, or $3.1 million, which is annualised at 1.9% over more than 23 years.
Ardmore Park is a freehold condominium completed in 2001 that comprises 330 units across three 30-storey towers. Developed by Wheelock Properties, the condominium is nestled within a private residential enclave, within minutes’ drive to the shopping belt at Orchard Road and Tanglin Mall.
The transaction is the fifth resale at the development this year. In April, a 8,740 sq ft penthouse, one of six in the development, was sold at $27.65 million ($3,163 psf), earning the seller a 72.8% profit of $11.65 million after a holding period of 22 years.
Within the same month on April 2, a 2,885 sq ft, four-bedroom apartment at Ardmore Park earned a 10% profit, or $720,000. It transacted at $8 million ($2,773 psf), after a holding period of slightly more than five years.
The second top gain was from the sale of a 3,035 sq ft, four-bedroom unit at waterfront condominium, Camelot By-The-Water, in Tanjong Rhu. The sixth-floor apartment changed hands for $ 5.09 million ($ 1,676 psf), 20½ years after it was purchased for $2.24 million ($739 psf), earning the seller a 127% profit of $2.85 million, which is annualised at 4.1%.
Completed in 2001, Camelot By-The-Water is a 99-year leasehold development on the banks of Kallang River. It comprises 99 units of between 2,400 sq ft and 5,800 sq ft in a 20-storey building. It is a 10-minute drive to the CBD.
The third most profitable deal of the week was concluded at another waterfront condominium in Tanjong Rhu. A 2,626 sq ft, four-bedroom unit on the fourth floor at Pebble Bay was sold at $4.1 million ($1,561 psf), earning an 86% profit of $1.9 million, or an annualised profit of 5.6% over 11½ years. The 99- year leasehold development by CapitaLand comprises 510 units.
On the flip side, the top loss during the week was incurred by the sale of a 1,518 ssq ft, three-bedroom unit on the fourth floor at Reflections at Keppel Bay. Bought in November 2010 for $3.58 million ($2,357 psf), it changed hands for $ 2.5 million ($ 1,647 psf), making a 30% loss of $1.08 million, or 3.6% annualised over almost a decade.
The District 4 property by Keppel Land is 99-year leasehold and comprises 1,129 units across six towers and 11 villa apartment blocks. It is within a five-minute drive to VivoCity and a 15-minute drive to the CBD.
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