Resale Ardmore Park Earns Seller 65 Mil Profit
Ardmore Park saw the most profitable resale transaction of the week between April 8 and 15 when a four-bedroom unit was sold for $12 million or $4,160 per square foot (psf) on April 9. The 2,885 sq ft unit on the 10th floor was previously sold for $5.5 million or $1,907 psf in January 2010, resulting in a profit of $6.5 million (118%), equivalent to an annualised gain of 5.3% over 15 years.
This year, there have been three resale transactions at Ardmore Park. One involved another four-bedroom unit on the 10th floor, which was sold for $11.8 million ($4,090 psf) on March 3, earning a profit of $3.8 million (47.5%) or an annualised gain of 8.2% over five years. The other unit, located on the seventh floor, was sold for $13.2 million ($4,576 psf) on Jan 21, earning the seller a profit of $8.54 million (183%) or an annualised gain of 4.6% over close to 23 years.
Ardmore Park is a luxurious condo located in the prime District 10 neighbourhood of Ardmore-Draycott. It is surrounded by other high-end condos such as Ardmore II, Ardmore Three, Sculptura Ardmore, as well as Nouvel 18 on Anderson Road and One Draycott at Draycott Park. The development consists of three 30-storey towers and offers 330 units, with typical units being 2,885 sq ft four-bedroom apartments and six 8,740 sq ft duplex penthouses. Based on a compilation of caveats by EdgeProp Singapore, Ardmore Park commands one of the highest resale prices in the neighbourhood, with most resale units fetching around $4,190 psf.
Nearby at Anderson Road is the Nouvel 18, where resale prices are averaging $3,060 psf. At One Draycott at Draycott Park, resale prices are around $2,900 psf.
The second most profitable resale transaction during the week took place at Costa Rhu, where a 2,088 sq ft four-bedroom unit was sold for $4.3 million or $2,059 psf on April 10. The unit was previously purchased for almost $1.5 million ($718 psf) in November 2006, earning the seller a profit of $2.8 million (187%), equivalent to an annualised gain of 5.9% over 18 years.
In 2018, a 4,209 sq ft unit on the 13th floor at Costa Rhu was sold for $5.45 million, making it the most lucrative deal at the development. The unit was previously bought for $2.3 million in 2005, resulting in a profit of $3.15 million (137%) or an annualised gain of 6.9% over 13 years.
Costa Rhu is a waterfront condo located along Tanjong Rhu in District 15. Completed in 1997, the 99-year leasehold development comprises 737 units offering two to four-bedroom apartments ranging from 990 sq ft to 2,551 sq ft.
Based on a compilation of caveats, resale prices at Costa Rhu have been steadily increasing in recent years, from $1,297 psf in April 2021 to $1,496 psf in April 2023. The latest resale price at Costa Rhu is approximately $1,591 psf.
The most unprofitable transaction during the week occurred at Gramercy Park, where a 1,981 sq ft unit was sold for $5.65 million ($2,853 psf) on April 9, resulting in a loss of $435,820 (7%) or an annualised loss of 1% over seven years. This was the only unprofitable resale transaction during the week.
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The most unprofitable transaction at Gramercy Park since its completion in 2016 occurred in February 2018, when a 2,691 sq ft unit on the 13th floor was sold for $7.5 million ($2,787 psf), but the purchase price was not recorded.
Completed in 2016, Gramercy Park is a luxury condo comprising two high-rise residential towers with a total of 174 units. It is located along Grange Road in prime District 10, close to the Orchard Road shopping belt and the River Valley neighbourhood. Based on a compilation of caveats, resale prices at Gramercy Park have been declining since its peak in 2021, with prices currently averaging $2,830 psf.