Ardmore Park condo unit nets seller $6.8 mil profit
The ultra-luxury condo, Ardmore Park, located in the prestigious Ardmore-Draycott enclave in prime District 10, saw some of the biggest gains in resale transactions throughout 2024. According to caveats lodged with URA as of December 17, the freehold development recorded the first, second, and fourth most profitable resale deals in the year.
One of the biggest gains came from the sale of a four-bedroom unit on the 26th floor, measuring 2,885 sq ft, on February 16. It was sold for $12.9 million, translating to $4,472 psf. The unit was initially purchased from the developer in July 1996 for $5.83 million, or $2,022 psf, which means the seller made a profit of $7.07 million, or a whopping 121%, after owning the unit for about 27 and a half years.
On July 24, another four-bedroom unit on the 18th floor, with a similar floor area of 2,885 sq ft, was sold for $12 million, at $4,160 psf. The seller 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%. This unit was owned for approximately 23 and a half years.
The fourth most profitable transaction was also a four-bedroom unit, measuring 2,885 sq ft, sold for $12.5 million on April 22, at $4,333 psf. The seller bought the unit in February 2007 for $6 million, at $2,080 psf, resulting in a capital gain of $6.5 million (108%) after owning it for over 17 years.
It is not just in 2024; in recent years, resale deals at Ardmore Park have consistently registered significant gains. In 2024 alone, there were seven resale deals of four-bedroom units between 2,885 and 2,885 sq ft. The smallest profit was $2.65 million, and the highest $8.16 million. Moreover, in 2023, there were four transactions at Ardmore Park, with profits ranging between $2.8 million and $8.16 million.
Among the top profitable deals recorded this year in Ardmore Park, almost all the units were the four-bedders of 2,885 sq ft. It should be noted that the four-bedders make up about 60% of all the total units in the condo development.
Besides, Ardmore Park was not alone in recording the top profitable resale transactions in District 10. Other older freehold condos in the district saw strong gains as well. They include Beverly Hill, Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden, all completed between the 1980s and 1990s.
However, the top 5 unprofitable transactions this year on the list were in Sentosa Cove. The highest loss was recorded at Marina Collection when a 3,789 sq ft, five-bedroom unit was sold for $6.7 million on July 22, at $1,768 psf. The seller owned the property from March 2010, when they purchased it for $9.39 million ($2,479 psf), incurring a loss of $2.69 million (29%).
Another Sentosa Cove condo, Seascape, recorded the second-highest loss. The sale of a four-bedroom unit on the sixth floor, measuring 2,680 sq ft, was sold at $4.5 million or $1,679 psf on August 14. The seller previously purchased the property from the developer in October 2010 for $7.03 million, or $2,623 psf. The seller took a loss of $2.53 million, at 36%.
In contrast, older freehold condos in Ardmore-Draycott enclave, the homes in Ardmore Park continue to be in high demand, thus staying resilient. In addition, the average prices of homes in the Ardmore-Draycott area are set to appreciate further.