19 May 2021
The recent sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park stands out as the most profitable condo resale transaction of the week from November 19 to 26. The unit, located on the 14th floor, was sold for $11.25 million ($3,900 psf) on November 22. The seller had previously bought the property in September 2016 for $8.2 million ($2,843 psf), making a significant profit of $3.05 million, which translates to a capital gain of 37%. This also means an annualized profit of 4.6% over a holding period of eight years.
This sale follows another profitable transaction that took place on October 1, where a four-bedroom unit measuring 2,885 sq ft on the 23rd floor was sold for $12.7 million ($4,402 psf). The seller had purchased the unit in September 2010 for $9.7 million ($3,363 psf), resulting in a profit of $3 million and a capital gain of 30.9%.
Ardmore Park is a luxurious freehold condo with 330 units located in the prime Ardmore Park area in District 10. It was completed in 2001 and comprises three 30-storey towers. The typical units in the development are four-bedroom apartments measuring 2,885 sq ft, but there are also six duplex penthouses measuring 8,740 sq ft.
Apart from these two recent transactions, there have been four other profitable resale deals at Ardmore Park this year. These units, all four-bedders similar to the two that were sold in November and October, were priced between $4,108 and $4,472 psf, resulting in profits ranging from $2.65 million to $7.07 million.
The second most profitable condo resale deal during the same week was the sale of a four-bedroom apartment at Goldenhill Park Condominium. This unit, measuring 1,539 sq ft and located on the 16th floor, was sold for $3.43 million ($2,228 psf) on November 21. The seller had purchased the unit from the developer in May 2001 for $1.14 million ($741 psf), earning a profit of $2.29 million, or 201%. They had owned the unit for 23 and a half years.
This sale marks the second-highest profit recorded at Goldenhill Park Condominium. The record currently belongs to a four-bedroom penthouse measuring 2,928 sq ft, which was sold for $4.3 million ($1,469 psf) in February 2022. The seller had bought the unit from the developer in April 2001 for around $2 million ($683 psf), resulting in a profit of $2.3 million.
Goldenhill Park Condominium is a freehold development located on Mei Hwan Drive in District 20. Completed in 2004, it comprises 390 units, ranging from two- to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. The condo is close to the Lorong Chuan MRT Station on the Circle Line.
There have been five other resale transactions at Goldenhill Park Condominium this year, all of which have resulted in profits ranging from $760,000 to $1.91 million. The units were sold at prices between $2,082 psf and $2,246 psf.
On the other hand, the most unprofitable condo resale deal during the week was at The Oceanfront @ Sentosa Cove, where a four-bedroom unit measuring 2,831 sq ft on the 10th floor was sold for $4.7 million ($1,660 psf) on November 20. The seller had bought the unit in May 2007 for $5.8 million ($2,050 psf), incurring a loss of $1.1 million, or 19%, after owning it for 17 and a half years.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo situated in the exclusive Sentosa Cove residential enclave. Completed in 2010, it comprises 264 units spread across five towers, ranging from 12 to 15 storeys high. The residences are made up of two-, three-, and four-bedroom units measuring between 1,216 sq ft and 4,284 sq ft, as well as penthouses measuring between 2,745 sq ft and 8,095 sq ft.
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Of the six resale transactions at The Oceanfront @ Sentosa Cove this year, there were four unprofitable deals, with losses ranging from $30,000 to $519,000. The other two deals were profitable, with the sellers earning gains of approximately $268,000 and $1.7 million, respectively.