Four Bedder Ardmore Park Sold 265 Mil Profit
The most profitable condo resale transaction to take place during the week of May 28 to June 4 was for a four-bedroom unit at Ardmore Park. Measuring 2,885 sq ft and situated on the 22nd floor, it was sold on May 29 for $11.85 million, equivalent to $4,108 per square foot. The seller had originally purchased the unit in January 2020 for $9.2 million, at a rate of $3,189 per square foot. Based on this, the seller made a significant profit of $2.65 million after owning the unit for just under 4½ years, representing a capital gain of 29%.
Ardmore Park is a freehold condo located in the prestigious area of Ardmore Park in prime District 10. Developed in 2001, the condo comprises of three 30-storey towers and a total of 330 units. The typical unit at Ardmore Park is a four-bedroom, spanning 2,885 sq ft, however there are also six duplex penthouses measuring 8,740 sq ft. This development has seen a high number of profitable resales in recent years. According to data compiled by EdgeProp Research, since January 2020, 29 out of 32 resale deals at Ardmore Park have been above the original purchase price. Out of these 29 transactions, 20 resulted in gross gains of at least $2 million. The most profitable resale transaction recorded here was the sale of a duplex penthouse measuring 8,740 sq ft for about $27.65 million ($3,163 psf) in April 2020. The seller had owned this unit since January 1998, when they purchased it for $16 million ($1,831 psf). This means they made a profit of $11.65 million on the sale.
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The second most profitable condo resale transaction that took place during the week was for a three-bedroom unit at Parkshore. The unit, situated on the third floor and measuring 1,324 sq ft, was sold on June 4 for $2.8 million or $2,115 per square foot. The seller had originally bought the unit in July 1999 for $968,000, equivalent to $731 per square foot. As a result, they made a profit of $1.83 million, representing a significant gain of 189% after holding onto the unit for 25 years. This is the second most profitable unit to have been sold at Parkshore to date. The record for the highest sale price belongs to a four-bedroom, 2,325 sq ft unit that was sold for $4.2 million ($1,806 psf) in December 2020. The seller had previously bought it in December 2005 for $1.24 million ($533 psf), resulting in a profit of $2.96 million.
Parkshore is a freehold condo located on Tanjong Rhu Road in District 15, completed in 1995. It forms a part of a private residential enclave along the Kallang Basin, which also includes Pebble Bay with 510 units and Costa Rhu with 737 units. Consisting of a single 15-storey tower with 152 units, the apartments at Parkshore include two-bedders ranging from 990 sq ft to 1,044 sq ft, three-bedders from 1,324 sq ft to 1,722 sq ft, and four-bedroom units spanning 2,325 sq ft. The condo is only a 5-minute walk from the Tanjong Rhu MRT Station on the Thomson-East Coast Line, which is set to open on June 23.
On the other hand, the most unprofitable condo resale transaction of the week was for a one-bedroom loft at Altez. Measuring 861 sq ft and situated on the 30th floor, it was sold on May 29 for $1.54 million, equivalent to $1,786 per square foot. The seller had originally bought the unit from the developer for $2.02 million ($2,345 psf) in March 2010. This resulted in a loss of approximately $482,000, equivalent to 24% of the original purchase price.
Located on Enggor Street in District 2’s Tanjong Pagar area, Altez is a 280-unit condo completed in 2014. It comprises of a 62-storey tower with a retail podium, and residences include one- and two-bedroom units measuring 527 sq ft to 1,013 sq ft, one- to three-bedroom lofts spanning 753 sq ft to 1,658 sq ft, and penthouses ranging from 2,486 sq ft to 4,424 sq ft. Other than the unit sold on May 29, two other resale transactions have taken place at Altez this year, both at a price lower than the original purchase price. On April 3, a 1,184 sq ft unit sold for $2.25 million ($1,900 psf). The seller had purchased it in January 2021 for $2.4 million, making a loss of $150,000. On April 12, a 764 sq ft unit was sold for $1.68 million ($2,198 psf). The seller had originally bought it in April 2014 for $1.97 million ($2,576 psf), resulting in a loss of approximately $288,000.