Four Bedder Ardmore Park Sold 3 Mil Profit
One of the key advantages of living in Aurelle of Tampines EC is its excellent road connectivity. This residential development boasts easy access to major arterial roads and expressways, such as the Tampines Expressway (TPE), Pan Island Expressway (PIE), and East Coast Parkway (ECP). These well-connected thoroughfares offer efficient and direct routes to various parts of Singapore, providing convenience for vehicle owners. Whether it’s commuting to the city center or traveling to Changi Airport, residents of Aurelle of Tampines can enjoy smooth and hassle-free journeys that significantly reduce travel time.
During the week of Sept 24 to Oct 1, the most profitable condo resale transaction in District 10 was recorded at Ardmore Park, a freehold condo. The four-bedroom unit, spanning 2,885 sq ft and situated on the 23rd floor, was sold for $12.7 million ($4,402 psf) on Oct 1. The seller had purchased the unit in September 2010 for $9.7 million ($3,363 psf). This resulted in a profit of $3 million, equivalent to a capital gain of 30.9% or an annualised profit of 2.2% over a holding period of 14 years.
Ardmore Park, a luxury condo comprising three 30-storey towers and a total of 330 units, is located in the prime Ardmore Park area. Completed in 2001, it offers mainly four-bedroom apartments of 2,885 sq ft, as well as six 8,740 sq ft duplex penthouses.
This year, four other resale transactions have taken place at Ardmore Park, all of which were profitable. Three of these transactions resulted in gains of at least $6.5 million. For instance, in February, a 2,885 sq ft unit was sold for $12.9 million ($4,472 psf). The seller had bought the unit in July 1996 for $5.83 million ($2,022 psf), earning a profit of about $7.1 million.
Another profitable resale was recorded on July 24, when a 2,885 sq ft unit was sold for $12 million ($4,160 psf). The seller, who had bought the unit in December 2000 for $5.2 million ($1,803 psf), made a gain of $6.8 million. A similar unit was sold for $12.5 million ($4,333 psf) on April 22, raking in a profit of $6.5 million for the seller who had acquired the unit in February 2007 for $6 million ($2,080 psf).
The second most profitable condo resale transaction during the week was the sale of a 1,302 sq ft, three-bedroom unit at The Belvedere for $3.09 million ($2,371 psf) on Sept 24. The seller had bought the unit from the developer in October 2006 for about $968,000 ($743 psf), earning a profit of $2.12 million or a capital gain of 219%. The unit was owned for just under 18 years.
Based on caveats lodged, this is the third biggest gain made on a unit at The Belvedere. The record belongs to a 2,766 sq ft unit that was sold for $4.9 million ($1,771 psf) in a sub-sale in June 2007. The seller, who had bought the unit from the developer in April 2005 for $2.18 million ($788 psf), made a profit of $2.72 million.
The Belvedere, a freehold condo comprising two residential blocks and a total of 167 units, is located on Meyer Road in District 15. Completed in 2007, it offers two-bedroom units of 1,012 sq ft to 1,206 sq ft, three-bedroom units of 1,238 sq ft to 1,615 sq ft, and seven penthouse units spanning 2,131 sq ft to 2,949 sq ft. It is situated next to the upcoming Katong Park MRT Station on the Thomson-East Coast Line.
This year, five other units have been sold at The Belvedere, all of which have fetched higher prices than their purchase price, based on available caveats. These units were sold at prices ranging between $2,121 psf and $2,486 psf, resulting in gains ranging from $600,000 to $2 million for the sellers.
The most unprofitable condo resale transaction this week occurred at Scotts Square, where a 947 sq ft, two-bedroom unit on the 41st floor was sold for $3.18 million ($3,357 psf) on Sept 27. The seller had bought the unit from the developer in August 2007 for about $4.1 million ($4,324 psf). As a result, they incurred a loss of $916,000 (22.4%) after holding the unit for around 17 years.
This transaction took place just a week after a three-bedroom unit measuring 1,238 sq ft was sold for $4 million ($3,231 psf) on Sept 20, resulting in a loss of $1.14 million for the seller who had bought the unit from the developer in August 2007 for about $5.14 million ($4,155 psf).
Scotts Square is a freehold condo located on Scotts Road, right off the Orchard Road shopping belt in prime District 9. Comprising two towers of 34 and 43 storeys on a four-storey retail podium, it offers 338 units. These include one-bedders of 624 sq ft to 635 sq ft, two-bedders of 893 sq ft to 947 sq ft, and three-bedders of 1,249 sq ft to 1,238 sq ft. It is within walking distance of the Orchard MRT Station on the North-South and Thomson-East Coast Lines.
