RECENTLY LAUNCHED WEEK’S TOP SALENew Futura
One of the most profitable transactions in the week of Nov 19 to 26 was the sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park. The 14th-floor unit was sold on Nov 22 for $11.25 million, or $3,900 per square foot (psf). The seller had previously bought the unit in September 2016 for $8.2 million, or $2,843 psf. This means that the seller made a profit of $3.05 million, reflecting a capital gain of 37%, or an annualised profit of 4.6%, over a holding period of about eight years.
This deal came just two months after another 2,885 sq ft, four-bedroom unit on the 23rd floor was sold for $12.7 million, or $4,402 psf, on Oct 1. The seller had bought the unit in September 2010 for $9.7 million, or $3,363 psf, making a profit of $3 million, or a capital gain of 30.9%.
Ardmore Park is a 330-unit, freehold condo located in the prime District 10 area, completed in 2001 with three 30-storey towers. While the typical units at the condo are 2,885 sq ft, four-bedroom apartments, there are also six 8,740 sq ft duplex penthouses.
Apart from the units sold on Nov 22 and Oct 1, four other profitable resale transactions have been recorded at Ardmore Park this year. The units sold were all four-bedders of 2,885 sq ft, fetching prices between $4,108 psf and $4,472 psf. The sellers made profits ranging from $2.65 million to $7.07 million.
The second most profitable resale deal in the week of Nov 19 to 26 was the sale of a four-bedroom unit at Goldenhill Park Condominium. The 1,539 sq ft unit on the 16th floor changed hands for $3.43 million, or $2,228 psf, on Nov 21. This was a significant gain for the seller who had bought the unit from the developer in May 2001 for $1.14 million, or $741 psf, making a profit of $2.29 million, or 201%. This was also the second-highest gain recorded at Goldenhill Park Condominium, with the highest gain belonging to a 2,928 sq ft, four-bedroom penthouse sold for $4.3 million, or $1,469 psf, in February 2022. The seller had bought the unit from the developer in April 2001 for about $2 million, or $683 psf, making a gain of $2.3 million.
Goldenhill Park Condominium is a freehold development with 390 units, completed in 2004, located on Mei Hwan Drive in District 20. The units range from two- to four-bedrooms, spanning between 926 sq ft and 2,928 sq ft. The development is also close to the Lorong Chuan MRT Station on the Circle Line.
So far this year, there have been five other profitable resale transactions at Goldenhill Park Condominium, with the units selling for prices between $2,082 psf and $2,246 psf. The sellers have made profits ranging from $760,000 to $1.91 million.
On the other hand, the most unprofitable condo resale transaction in the week of Nov 19 to 26 was the sale of a 2,831 sq ft four-bedroom unit at The Oceanfront @ Sentosa Cove. The unit on the 10th floor was sold for $4.7 million, or $1,660 psf, on Nov 20. The seller had previously bought the unit in May 2007 for $5.8 million, or $2,050 psf. This resulted in a loss of $1.1 million, or 19%, after owning the unit for 17½ years.
The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condos, situated in highly coveted locations, offer a fusion of opulence and practicality that cater to the preferences of both locals and foreigners. These residences are well-appointed with a plethora of facilities including swimming pools, fitness centers, and top-notch security services, elevating the standard of living and garnering attention from potential renters and purchasers. Furthermore, these in-demand features also equate to lucrative rental returns and appreciation in property values for investors over time. To explore your options for a condo in Singapore, visit our website today.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo in the exclusive Sentosa Cove residential enclave, completed in 2010 with 264 units spread across five towers between 12 and 15 storeys. The residences include two-, three- and four-bedders, ranging from 1,216 sq ft to 4,284 sq ft, as well as penthouses between 2,745 sq ft and 8,095 sq ft.
Based on caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year, with units selling at $1,500 psf to $1,999 psf. Four of these transactions were unprofitable, with the sellers incurring losses between $30,000 and $519,000. Meanwhile, the other two deals were profitable, with the sellers making gains of about $268,000 and $1.7 million.
In conclusion, despite the various resale deals reported in the week of Nov 19 to 26, Ardmore Park, Goldenhill Park Condominium, and The Oceanfront @ Sentosa Cove have proven to be profitable investments for their respective sellers.