Ardmore Park Resale Deals Rake Top Profits 2024
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Ardmore Park, the prestigious condo situated in the highly coveted Ardmore-Draycott enclave in prime District 10, saw a profitable year for resale transactions in 2024. Based on caveats lodged with the Urban Redevelopment Authority as of December 17, the freehold development accounted for three of the top gains in condo resale deals this year.
The highest profit was recorded from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor on February 16, which sold for $12.9 million ($4,472 psf). The unit was originally purchased from the developer in July 1996 for $5.83 million ($2,022 psf), resulting in a profit of $7.07 million (121%) after holding on to it for approximately 27½ years.
Close on its heels was another four-bedroom unit measuring 2,885 sq ft on the 18th floor, which changed hands on July 24 for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), resulting in a gain of $6.8 million (131%) after owning it for 23½ years.
The fourth most profitable deal at Ardmore Park this year occurred on April 22, when a 2,885 sq ft, four-bedroom unit was sold for $12.5 million ($4,333 psf). This unit was purchased for $6 million ($2,080 psf) in February 2007, resulting in a profit of $6.5 million (108%) after owning it for over 17 years.
Resale transactions at Ardmore Park have consistently recorded significant gains in recent years. In 2024, the development saw three other units – all four-bedroom units measuring 2,885 sq ft – change hands, with the sellers reaping gains of between $2.65 million and $3.05 million. Last year, Ardmore Park registered four resale transactions, with sellers pocketing profits ranging from $2.8 million to $8.16 million.
Other luxury freehold condos in District 10 also registered notable gains this year. The 86-unit Beverly Hill on Grange Road, completed in 1983, saw the fifth most profitable deal this year when a four-bedroom unit measuring 3,778 sq ft on the fifth floor sold for $9.15 million ($2,422 psf) on July 15. The seller netted a profit of $5.47 million (149%) for the unit.
The list of top gains this year was dominated by mature freehold condos in District 10, including Astrid Meadows on Coronation Road West, Regency Park on Nathan Road, Fontana Heights on Mount Sinai Rise, and Wing On Life Garden on Bukit Timah Road. These developments, completed between 1982 and 1990, have all been in existence for over 30 years.
Apart from Ardmore Park, the third highest profit this year was recorded from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park, located on River Valley Road. The unit sold for $8.6 million ($2,505 psf) on August 12, resulting in a profit of $6.72 million.
The fourth highest gain came from the sale of a 3,057 sq ft unit at The Ritz-Carlton Residences Singapore Cairnhill for $16.5 million ($5,397 psf) on January 9, netting a profit of $4.89 million.
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Looking at the other end of the spectrum, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The most unprofitable deal was recorded at Marina Collection, a 124-unit condo on Cove Drive, when a five-bedroom duplex penthouse measuring 3,789 sq ft sold for $6.7 million ($1,768 psf) on July 22. The seller had purchased the unit in March 2010 for $9.39 million ($2,479 psf), resulting in a loss of $2.69 million (29%).
Similarly, a four-bedroom unit measuring 2,680 sq ft at Seascape on Cove Way was sold for $4.5 million ($1,679 psf) on August 14, resulting in a loss of $2.53 million (36%). The unit was purchased for $7.03 million ($2,623 psf) in October 2010.
In conclusion, it is evident that Ardmore Park, a 330-unit freehold condo completed in 2001, has consistently registered significant gains in resale transactions in recent years. While other luxury condos in prime District 10 have also recorded notable profits, Sentosa Cove condos have seen some of the biggest losses this year.
