Ten unprofitable condo resales totaling $9.24 mil losses
The popular luxury condo development Ardmore Park, located in the prestigious Ardmore-Draycott enclave in prime District 10, saw several of the highest resale transaction profits in 2024. According to caveats lodged with the Urban Redevelopment Authority (URA) as of Dec 17, the freehold development recorded the first, second and fourth most profitable condo resale deals between Jan 1 and Dec 10.
The top gain of the year was from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor of Ardmore Park on Feb 16 for $12.9 million ($4,472 psf). This unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996, resulting in a profit of $7.07 million, or a 121% gain after a holding period of about 27½ years.
The second-highest profit was achieved on July 24, when a four-bedder measuring 2,885 sq ft on the 18th floor sold for $12 million ($4,160 psf). The seller had originally bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), garnering a $6.8 million profit, or a 131% capital gain after owning the unit for around 23½ years.
The fourth-biggest resale profit of the year was also from a 2,885 sq ft, four-bedroom unit at Ardmore Park, which was sold for $12.5 million ($4,333 psf) on April 22. The seller had bought the unit in February 2007 for $6 million ($2,080 psf). This resulted in a profit of $6.5 million (or 108%) after a holding period of over 17 years.
The 330-unit freehold Ardmore Park, which was completed in 2001, has consistently recorded hefty gains in recent years. In 2024, the condo has seen three other units – all 2,885 sq ft four-bedders – change hands, with the sellers pocketing 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 between $2.8 million and $8.16 million.
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Other mature, freehold condos in the highly-desirable District 10 area also feature prominently on the top gains list of 2024. Beverly Hill, a boutique condo with only 86 units on Grange Road, was completed in 1983, and saw the fifth-most profitable resale transaction this year as a four-bedder spanning 3,778 sq ft on the fifth floor sold for $9.15 million ($2,422 psf) on July 15. This resulted in a profit of $5.47 million (or 149%) on the deal.
Other freehold condos in District 10 also recorded the most profitable deals of the year. These include Astrid Meadows, a 208-unit development on Coronation Road West; Regency Park, a 292-unit condo on Nathan Road; Fontana Heights, a 52-unit condo on Mount Sinai Rise; and Wing On Life Garden, an 81-unit condo on Bukit Timah Road. These condos, all over 30 years old, were completed between 1982 and 1990.
Outside of District 10, two experiments in prime District 9 also feature on the top profit list for resale transactions. The third-highest profit came from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park, located on River Valley Road. The unit fetched $8.6 million ($2,505 psf) on Aug 12, resulting in a profit of $6.72 million. Additionally, the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill for $16.5 million ($5,397 psf) on Jan 9 made a gain of $4.89 million.
On the other end of the spectrum, Sentosa Cove condos made up almost half of the 10 least profitable condo resale transactions of the year. The biggest loss of the year came from a 3,789 sq ft penthouse at Marina Collection which sold for $6.7 million ($1,768 psf) on July 22. The seller bought the unit in March 2010 for $9.39 million ($2,479 psf), incurring a loss of $2.69 million (29%).
Another Sentosa Cove condo project that saw a substantial resale loss was Seascape, on Cove Way, which saw the second-biggest loss of the year. A 2,680 sq ft, four-bedroom unit on the sixth floor sold for $4.5 million ($1,679 psf) on Aug 14, when the seller had purchased the unit from the developer for $7.03 million ($2,623 psf) in October 2010, resulting in a loss of $2.53 million (or 36%).