, despite holding period of 27 yearsTwo Four-bedroom units at Ardmore Park make biggest gains in condo resale marketArdmore Park still leading resale gains in 2024The highly coveted Ardmore Park continues to dominate the luxury condo resale market, registering some of the highest gains for sellers in 2024. Ardmore Park, a freehold condo located in the prestigious Ardmore-Draycott enclave in prime District 10, has achieved the first, second and fourth most profitable condo resale deals this year, based on caveats lodged with URA as of December 17th. This includes a 2,885 square feet four-bedroom unit on the 26th floor which was sold for $12.9 million, or $4,472 per square foot, on February 16th. The seller, who had originally bought the unit from the developer for $5.83 million or $2,022 per square foot in July 1996, made a whopping profit of $7.07 million, translating to a gain of 121% after owning the unit for 27.5 years. The second most profitable deal came from another four-bedroom unit measuring 2,885 square feet on the 18th floor which fetched a sale price of $12 million, or $4,160 per square foot, on July 24th. The seller had previously purchased the unit in December 2000 for $5.2 million, or $1,803 per square foot, through a sub-sale transaction. This resulted in a profit of $6.8 million, or a capital gain of 131% after holding onto the unit for 23.5 years.The fourth most profitable deal recorded at Ardmore Park came from the sale of yet another 2,885 square feet four-bedroom unit which changed hands for $12.5 million, or $4,333 per square foot, on April 22nd. The owner had purchased the unit in February 2007 for $6 million, or $2,080 per square foot, and thus made a profit of $6.5 million, which translates to a gain of 108% after owning the unit for over 17 years. It is evident that Ardmore Park, a 330-unit freehold condo that was completed in 2001, has consistently registered significant gains in recent years. In 2024 alone, three other units measuring 2,885 square feet were sold, with the sellers making profits of $2.65 million, $3 million and $3.05 million, respectively. Last year, the condo recorded four resale transactions, with the sellers making profits ranging from $2.8 million to $8.16 million. Not only that, Ardmore Park is just one of the many freehold condos in District 10 that have dominated the list of top profitable deals this year. Other mature freehold condos such as Beverly Hill, Astrid Meadows, Regency Park, Fontana Heights and Wing On Life Garden, all of which were completed between 1982 and 1990, made it to the top 10 list of most profitable condo resale transactions. In comparison, only two older freehold District 9 condos made it to the list, with the third most profitable deal this year coming from the sale of a 3,434 square feet four-bedroom unit at Yong An Park on River Valley Road for $8.6 million, or $2,505 per square foot, on August 12th. However, it is interesting to note that Sentosa Cove condos recorded nearly half of the 10 least profitable condo resale transactions this year, with the sale of a three-bedroom penthouse at Marina Collection making the biggest loss for its seller. The 3,789 square feet unit on the fifth floor was sold on July 22nd for $6.7 million, or $1,768 per square foot, which means that the original owner who had purchased the unit from the developer in March 2010 for $9.39 million, or $2,479 per square foot, incurred a loss of $2.69 million, or 29%. Similarly, a 2,680 square feet four-bedroom unit at Seascape condo was sold for $4.5 million, or $1,679 per square foot, on August 14th, which is $2.53 million, or 36% less than the original purchase price of $7.03 million back in October 2010. In conclusion, Ardmore Park is undoubtedly one of the most sought-after luxury condos in District 10, with consistently high resale profits over the years. Its prime location in the prestigious Ardmore-Draycott enclave and freehold status make it a highly coveted development for investors and homebuyers alike. However, it is also important to note that potential losses can still be incurred in the Sentosa Cove area, highlighting the importance of thorough research and due diligence before making any property investment decisions.
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