Resale Ardmore Park Earns Seller 65 Mil Profit

First published on Apr 19, 2021 4:11 PMTags:District 10District 15District 9Ardmore ParkCosta RhuGramercy Parkresale profit

A four-bedroom unit at Ardmore Park was sold for a whopping $12 million, making it the most profitable resale transaction during the week of April 8 to 15. The luxurious unit, located on the 10th floor, was sold for $4,160 per square foot (psf) on April 9. This is a significant increase from its previous price of $5.5 million ($1,907 psf) when it was purchased in January 2010. The seller has made a mouth-watering profit of $6.5 million (118%), which translates to an annualised gain of 5.3% over a span of 15 years.

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This year, there have been three resale transactions at Ardmore Park. Another four-bedroom unit on the 10th floor was sold for $11.8 million ($4,090 psf) on March 3, resulting in a handsome profit of $3.8 million (47.5%) or an annualised gain of 8.2% over five years. The third four-bedroom unit that changed hands is located on the seventh floor and was sold for $13.2 million ($4,576 psf) on Jan 21. The seller made a profit of $8.54 million (183%) or an annualised gain of 4.6% over almost 23 years.

Ardmore Park is a prestigious condominium situated in the prime location of Ardmore-Draycott residential enclave in District 10. Other luxury condominiums in the vicinity include Ardmore II, Ardmore Three, Sculptura Ardmore, Nouvel 18, and One Draycott. The development, which has three 30-storey towers, comprises of 330 units, including six duplex penthouses measuring 8,740 sq ft. Based on data from EdgeProp Singapore, Ardmore Park commands one of the highest resale prices in the neighbourhood, with most units being sold at around $4,190 psf.

Nearby, at Anderson Road, is Nouvel 18, where resale prices are hovering at around $3,060 psf. At One Draycott, located at Draycott Park, resale prices are around $2,900 psf.

The second most profitable resale transaction during that week took place at Costa Rhu, where a four-bedroom unit on the third floor was sold for $4.3 million ($2,059 psf) on April 10. The same unit was purchased for $1.5 million ($718 psf) in November 2006, resulting in a profit of $2.8 million (187%), or an annualised gain of 5.9% over 18 years.

The most profitable transaction at Costa Rhu was recorded in 2018 when a 4,209 sq ft unit on the 13th floor was sold for $5.45 million ($1,295 psf) in February 2018. The unit, which was bought in March 2005 for $2.3 million ($546 psf), earned the seller a record profit of $3.15 million (137%) or an annualised gain of 6.9% over 13 years.

Costa Rhu is a waterfront condominium located along Tanjong Rhu in District 15. Completed in 1997, the development comprises of 737 units, ranging from two to four bedrooms measuring 990 sq ft to 2,551 sq ft.

Meanwhile, the most unprofitable transaction during that week occurred at Gramercy Park, where a 1,981 sq ft unit was sold for $5.65 million ($2,853 psf) on April 9. The three-bedroom unit on the 14th floor was purchased for $6.08 million ($3,073 psf) in February 2018, resulting in a loss of $435,820 (7%), which is an annualised loss of 1% over seven years.

There have been two resale transactions at Gramercy Park so far this year, with another unit on the 13th floor being sold for $7.5 million ($2,787 psf) in March. However, no matching caveats were found for this unit.

Completed in 2016, Gramercy Park is a luxurious development comprising of 174 units and two high-rise residential towers with 87 units each. Situated in prime District 10 along Grange Road, the condo is close to the Orchard Road shopping belt and the River Valley neighbourhood. According to data from EdgeProp Singapore, resale prices at Gramercy Park have declined in recent years after hitting its peak in 2021. Resale prices have fallen from $2,550 psf in May 2016 to $3,320 psf in May 2021 and then further to $2,830 psf.