The luxury condo in Ardmore Park saw some of the highest profits in 2024. According to data from URA, the freehold development accounted for the first, second, and fourth most profitable condo resale deals this year. These sales took place between Jan 1 and Dec 10, and were based on caveats lodged with URA as of Dec 17.One of the units that garnered the biggest gains was a four-bedroom, 2,885 sq ft unit on the 26th floor at Ardmore Park. It was sold on Feb 16 for $12.9 million, which translates to $4,472 per square foot (psf). The unit was initially purchased from the developer for $5.83 million in July 1996, at a rate of $2,022 psf. After a holding period of about 27 and a half years, the seller raked in a profit of $7.07 million, which amounts to a staggering 121% gain.The second-highest profit was seen five months after, on July 24, when another four-bedder measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). It was purchased by the seller in December 2000 in a sub-sale transaction for $5.2 million at a rate of $1,803 psf, which means that the profit they made was $6.8 million, equating to a 131% capital gain. The seller had owned the unit for around 23 and a half years.AdvertisementAnother 2,885 sq ft unit, a four-bedroom configuration, sold for $12.5 million ($4,333 psf) on April 22, making it the fourth-biggest gain this year. The unit was purchased from the developer in February 2007 for $6 million ($2,080 psf), which earned the seller a 108% profit, having owned the unit for over 17 years. The luxurious condo in Ardmore Park has been consistently registering remarkable gains in recent years, with three other units of the same type sold this year. Previous transactions were made for gains between $2.65 million and $3.05 million. Last year, there were four resale transactions in the development that clocked profits between $2.8 million and $8.16 million.Read also: The Skywaters leads, while Ardmore Park, 32 Gilstead dominate luxury condo dealsThe list of top gains this year was mostly dominated by mature freehold condos in District 10, other than Ardmore Park. The fifth-most profitable resale transaction was recorded at Beverly Hill, a boutique condo that has 86 units on Grange Road. A four-bedder spanning 3,778 sq ft unit on the fifth floor changed hands for $9.15 million, translating to $2,422 psf, on July 15. The seller clocked a 149% gain, amounting to $5.47 million.More freehold District 10 condos that raked in the top gains include Astrid Meadows on Coronation Road West (208 units), Regency Park on Nathan Road (292 units), Fontana Heights on Mount Sinai Rise (52 units), and Wing On Life Garden on Bukit Timah Road (81 units). These condos, which were completed between 1982 and 1990, are now over 30 years old.Older freehold District 9 condos were responsible for two of the top 10 gains this year. The third-highest gain was made at Yong An Park, which is located on River Valley Road. The sale of a 3,434 sq ft, four-bedroom unit achieved a profit of $6.72 million when it transferred ownership for $8.6 million. Another condo project, The Ritz-Carlton Residences Singapore Cairnhill, clocked in at fourth place, with the sale of a 3,057 sq ft apartment at $16.5 million, making a gain of $4.89 million. The unit fetched $5,397 psf on Jan 9.In contrast, Sentosa Cove condo projects accounted for almost half (5) of the 10 least profitable condo resale transactions this year. Buyers of Marina Collection, a 124-unit condo on Cove Drive, made the biggest loss this year 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 initially bought the unit in March 2010 for $9.39 million ($2,479 psf) and incurred a loss of $2.69 million (29%).Read also: Sluggish start to 2024 ends in decade-high home sales at year’s endAdvertisementThe second-highest loss, which amounts to $2.53 million, was made at Seascape on Cove Way. A four-bedroom unit on the sixth floor measuring 2,680 sq ft sold for $4.5 million ($1,679 psf) on Aug 14. In October 2010, the seller had paid $7.03 million ($2,623 psf) for the unit.Ardmore Park, the 330-unit freehold condo in District 10, saw three of the biggest condo resale gains this year (Picture: Samuel Isaac Chua/)Check out the latest listings for Ardmore Park, Condominium propertiesAsk BuddyCompare price trend of New sale condo vs Resale condoTenure of Ardmore ParkCondo projects with most unprofitable transactions in District 10Compare price trend of HDB vs Condo vs LandedTotal number of units in Ardmore ParkCompare price trend of New sale condo vs Resale condoTenure of Ardmore ParkCondo projects with most unprofitable transactions in District 10Compare price trend of HDB vs Condo vs LandedTotal number of units in Ardmore Park
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Real estate transactions at Ardmore Park, a premier luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, yielded some of the most significant profits in 2024. Based on data from the Urban Redevelopment Authority’s (URA) caveats lodged as of December 17, the freehold development accounted for three of the top four most profitable condo resale deals that took place between January 1 and December 10.
The highest profit was generated from the sale of a 2,885 sq ft unit with four bedrooms on the 26th floor of Ardmore Park on February 16 for $12.9 million, equivalent to $4,472 per square foot (psf). The unit was originally purchased from the developer in July 1996 for $5.83 million, or $2,022 psf. This translates to a profit of $7.07 million, or 121%, after holding the property for about 27 and a half years.
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In second place was the sale of a 2,885 sq ft four-bedroom unit on the 18th floor on July 24 for $12 million, or $4,160 psf. The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million, or $1,803 psf, resulting in a profit of $6.8 million, or 131%, after owning the unit for approximately 23 and a half years.
Another four-bedroom unit at Ardmore Park, spanning 2,885 sq ft, made the fourth-largest profit this year when it changed hands for $12.5 million, or $4,333 psf, on April 22. The seller had bought the unit in February 2007 for $6 million, or $2,080 psf. This translates to a gain of $6.5 million, or 108%, after owning the property for a little over 17 years.
Ardmore Park, a freehold condo with 330 units in District 10, has consistently recorded significant gains from resale transactions in recent years. In 2024, three other units of the same size were sold, with the sellers earning profits of $2.65 million, $3 million, and $3.05 million respectively. Last year, the condo saw four resale deals, with the sellers making profits ranging from $2.8 million to $8.16 million.
Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of top gains this year. The fifth-highest profit was recorded at Beverly Hill, a boutique condo with 86 units on Grange Road. On July 15, a four-bedroom unit measuring 3,778 sq ft on the fifth floor changed hands for $9.15 million, or $2,422 psf. The seller made a gain of $5.47 million, or 149%.
Additional freehold condos in District 10 that made it to the list of top profitable deals include Astrid Meadows on Coronation Road West (208 units), Regency Park on Nathan Road (292 units), Fontana Heights on Mount Sinai Rise (52 units), and Wing On Life Garden on Bukit Timah Road (81 units). These properties were built between 1982 and 1990, making them over 30 years old.
Two older freehold District 9 condos were also among the top 10 gains this year. The third-highest profit was made from the sale of a 3,434 sq ft four-bedroom unit at Yong An Park on River Valley Road for $8.6 million, or $2,505 psf. The seller made a profit of $6.72 million, or 147%. The sale of a 3,057 sq ft apartment at The Ritz-Carlton