Resale Ardmore Park Earns Seller 65 Mil Profit

One of the most profitable resale transactions from April 8 to 15 took place at Ardmore Park, with a four-bedroom unit selling for $12 million, or $4,160 per square foot (psf), on April 9. The 2,885 square feet unit, located on the 10th floor, was previously purchased for $5.5 million, or $1,907 psf, in January 2010. This resulted in a profit of $6.5 million (118%), with an annualised profit of 5.3% over 15 years.

There were a total of three resale transactions at Ardmore Park so far this year. The other two transactions involved a four-bedroom unit on the 10th floor that was sold for $11.8 million, or $4,090 psf, on March 3, resulting in a profit of $3.8 million (47.5%), with an annualised profit of 8.2% over five years. The other four-bedroom unit, located on the seventh floor, was sold for $13.2 million, or $4,576 psf, on Jan 21. The seller made a profit of $8.54 million (183%), which translates to an annualised profit of 4.6% over close to 23 years.

Ardmore Park is a luxury condominium situated in the prestigious Ardmore-Draycott residential enclave in prime District 10. Other nearby luxury condos include Ardmore II, Ardmore Three, Sculptura Ardmore along Ardmore Park, as well as Nouvel 18 on Anderson Road and One Draycott at Draycott Park. This 330-unit development comprises a trio of 30-storey towers, with typical units being 2,885 sq ft four-bedroom units 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 that neighbourhood, with most resale units fetching approximately $4,190 psf.

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

The second most profitable resale transaction recorded during the week was the sale of a 2,088 sq ft unit at Costa Rhu. The four-bedroom unit on the third floor fetched $4.3 million, or $2,059 psf, when it was sold on April 10. It was purchased for nearly $1.5 million, or $718 psf, back in November 2006. The seller made a profit of $2.8 million (187%), with an annualised profit of 5.9% over 18 years.

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

Costa Rhu is a waterfront condo situated along Tanjong Rhu in District 15. Completed in 1997, this 99-year leasehold development comprises 737 units with a mix of two to four bedrooms ranging from 990 sq ft to 2,551 sq ft.

The week’s most unprofitable sale was at Gramercy Park, where a three-bedroom unit was sold at a loss of $435,820, or 7%, when it changed hands for $5.65 million, or $2,853 psf, on April 9. The unit, located on the 14th floor, was previously purchased for $6.08 million, or $3,073 psf, in February 2018. This resulted in an annualised loss of 1% over seven years.

There have been two resale transactions at Gramercy Park so far this year. The other resale transaction involved a 2,691 sq ft unit on the 13th floor that was sold for $7.5 million, or $2,787 psf, in March. No matching caveats were found for this unit.

Completed in 2016, Gramercy Park is a 174-unit development with two high-rise residential towers, each with 87 units. The ultra-luxury condo is situated 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 by EdgeProp Singapore, resale prices at Gramercy Park have slipped in recent years after peaking in 2021. According to caveats, the resale price at Gramercy Park was $2,550 psf in May 2016 and reached its peak of $3,320 psf in May 2021. Transaction prices have since fallen to $2,830 psf.