This year’s average resale price of $4,273 psf for Ardmore Park places the freehold condo at the top of the list of the most expensive condos in Singapore (see Table 1). The average resale price is based on all resale transactions for the condo that have taken place this year.
Several key observations can be made about the top 10 most expensive condos. The majority are located in prime Districts 9 or 10, with Eden Residences Capitol (District 6) and Wallich Residence (District 2) being the exceptions. These two condos, along with 19 Nassim, are also the only developments on the list that do not have freehold tenures. Lastly, with the sole exception of Four Seasons Park, all 10 condos received their Temporary Occupation Permit (TOP) after 2000.
Price has increased by 132.1% since launch
Since its launch in 1996, the average price for Ardmore Park has increased by 132.1% to $4,273 psf (see Chart 1). So far this year, Ardmore Park is the only condo with an average resale price that has crossed the $4,000 psf threshold.
Source: EdgeProp Market Trends (as at 17 June 2025)
Despite this, the current average resale price of $4,273 psf is not a record high for the freehold condo. Ardmore Park’s highest average resale price of $4,317 psf was recorded in 2023, but the price dipped to $4,194 psf last year before rebounding this year.
In recent years, the average price for Ardmore Park has only dipped below $3,000 psf once. In 2020, it fell to $2,993 psf due to COVID-19. However, the recovery was swift, with the average resale price rising to $3,454 psf in 2021. Since 2020, the average resale price for Ardmore Park has increased by 42.8%.
Driven by freehold tenure and prime location
Ardmore Park is located within prime District 10 and the Newton Planning Area. Its location just outside Orchard Road allows residents to enjoy the convenience of being minutes away from Singapore’s main shopping belt—without sacrificing privacy.
Amenities within walking distance of Ardmore Park include Claymore Connect, Forum The Shopping Mall, Delfi Orchard, Shangri-La Singapore, Orchard Hotel, The Tanglin Club and The American Club (see Map 1). Other amenities within a 1km radius include the dual-line Orchard and Newton MRT stations, Balmoral Plaza, ION Orchard, Wisma Atria, Ngee Ann City, Scotts Square, Wheelock Place, Tang Plaza, Tanglin Mall, Far East Plaza, Lucky Plaza, Grand Hyatt Singapore and the Four Seasons Hotel.
Source: EdgeProp LandLens (as at 16 Junel 2025)
The premier location of Ardmore Park makes it one of the most sought-after addresses in Singapore despite its age. Having obtained its TOP in 2001, the condo is 24 years old, but lease decay is mitigated by its freehold tenure.
Another unique feature of Ardmore Park is its spacious units. All 330 units in the condo are four-bedders measuring 2,885 sq ft. The only exceptions are the six penthouse units, which are 8,740 sq ft each.
High investment potential
At the time of writing, Ardmore Park had recorded 262 profitable transactions, with profits ranging from approximately $5,900 to $12.7 million. The condo also had 139 unprofitable transactions, with losses ranging from approximately $25,900 to $8 million.
Notably, Ardmore Park recorded four transactions that yielded profits exceeding $8 million (see Table 2). The only two transactions that generated profits of over $10 million involved four-bedroom penthouses in Block 15, each measuring 8,740 sq ft.
Source: EdgeProp Buddy (as at 17 June 2025)
The transaction that yielded the record-high profit of $12.7 million was concluded in July 2010 at $30 million ($3,432 psf). The seller had purchased the penthouse in December 2006 for $17.3 million ($1,979 psf).
The same penthouse was involved in an earlier profitable transaction that generated a smaller profit of $5.2 million. The earlier seller had bought the unit in September 2002 for $12.1 million ($1,394 psf) and sold it in December 2006 for $17.3 million ($1,979 psf) (see Table 3).
Source: EdgeProp Buddy (as at 17 June 2025)
The generous size (8,740 sq ft) of the penthouse could have contributed to the extraordinary profits enjoyed by both sellers (see Floor Plan 1). It is rare to find such spacious condo units in Singapore—much less a freehold one in a prime district.
Source: EdgeProp Research
Interestingly, one of the four transactions that resulted in a profit exceeding $8 million took place earlier this year (see Table 4). In January, the seller sold the unit for $13.2 million ($4,576 psf) and pocketed a profit of $8.54 million. The seller had bought the 2,885-sq ft unit in May 2002 for $4.66 million ($1,615 psf).
Notably, the same four-bedroom unit was involved in an earlier transaction that proved unprofitable for the first owner (see Table 4). They bought the unit from the developer in December 1996 for $5.399 million ($1,872 psf) and sold it in May 2002 for $4.66 million ($1,615 psf), resulting in a loss of approximately $739,000.
Source: EdgeProp Buddy (as at 16 June 2025)
The holding period and timing of the sale for both owners could have contributed to the vastly different outcomes. The first owner held the unit for approximately six years, from 1996 to 2002. During that time, the average price of Ardmore Park fell by 15.4%. The price decline could be attributed to the global economic slowdown following the September 11 attacks in 2001.
From 2000 to 2001, the average price of Ardmore Park fell by 7.2% y-o-y. Prices declined further by 2% y-o-y in 2002. Battered by SARS in 2003, the average price of Ardmore Park did not increase until 2004, when it rose by 7.4% y-o-y to $1,600 psf.
In contrast, the second owner held the unit for 23 years, from 2002 to this year. During this period, the average price of Ardmore Park surged by 174.3%. Furthermore, the average price of Ardmore Park increased significantly after COVID-19. From 2020 to this year, the condo’s average price jumped by 42.8%, which benefited the second owner.
Additionally, the first owner bought the unit for $1,872 psf in 1996; higher than the condo’s average price of $1,841 psf at that time. The higher-than-average purchase price could not be offset by the higher-than-average selling price. The first owner sold the unit at $1,615 psf in 2002, when Ardmore Park’s average price was $1,558 psf.
Meanwhile, the second owner sold their unit for $4,576 psf earlier this year; higher than Ardmore Park’s current average price of $4,273 psf. Their long holding period and the strong price performance of the condo over 23 years contributed to an $8.54 million profit, despite the second owner paying a higher-than-average price for the unit.
No unprofitable transactions after 2021
Despite its record-high price and premier location, Ardmore Park recorded 139 unprofitable transactions. However, it is notable that there have been no recent unprofitable transactions.
The latest unprofitable transaction for Ardmore Park took place in February 2021 and resulted in a loss of $1.5 million. The seller bought the 2,885-sq ft unit for $10.5 million ($3,640 psf) in February 2013 and sold it for $9 million ($3,120 psf). The loss occurred because the seller paid a higher-than-average price for the unit and sold it for a lower-than-average price. The average price for Ardmore Park was $3,372 psf in 2013 and $3,454 psf in 2021.
Unsurprisingly, the same unit was involved in two earlier transactions that resulted in profits of $3.43 million in October 2007 and $450,000 in February 2013 (see Table 5).
Source: EdgeProp Buddy (as at 16 June 2025)
Of the 139 unprofitable transactions, 45 recorded losses exceeding $1 million, including two transactions with losses over $5 million (see Table 6).
Source: EdgeProp Buddy (as at 16 June 2025)
The transaction that yielded the record-high loss of $8 million took place in September 2001, when the seller sold the unit for $10.5 million ($1,201 psf). They had purchased the 8,740-sq ft penthouse in February 2000 for $18.5 million ($2,117 psf), which was significantly above the condo’s average price that year.
The seller would have still incurred a loss, albeit a smaller one of $4.475 million, if they had paid the then-average price of $1,713 psf. This could be attributed to a 7.2% y-o-y decline in the average price of Ardmore Park from 2000 to 2001.
Readers should note that the Seller’s Stamp Duty (SSD) was not applicable for the above transactions despite the owner’s holding period of less than three years, as these transactions took place before SSD was introduced in 2010.
Notably, the same unit was involved in an earlier transaction that resulted in a profit of approximately $4.611 million. The previous seller bought the unit in August 1996 for $13.889 million ($1,589 psf) and sold it in February 2000 for $18.5 million ($2,117 psf) (see Table 7).
Source: EdgeProp Buddy (as at 16 June 2025)
Outperforming neighbours
As befitting its prime location, Ardmore Park is surrounded by freehold condos. There are 24 condos, representing approximately 1,600 units, within a 500m radius of Ardmore Park. Of these, only Draycott Eight is not a freehold development.
Ardmore II and Ardmore Three are in closest proximity to Ardmore Park. Both developments are located just across the road from Ardmore Park (see Map 2). Notably, Ardmore II is among the most expensive condos in Singapore (see Table 1).
Source: EdgeProp LandLens (as at 16 June 2025)
Among the trio, Ardmore Park is the oldest, having obtained its TOP in 2001. Ardmore II and Ardmore Three received their TOP in 2010 and 2014, respectively. Ardmore Park is also the largest development, with 330 units, compared to Ardmore II (118 units) and Ardmore Three (84 units).
Despite being the oldest, the average resale price for Ardmore Park has trended above that of the other two condos since 2021 (see Chart 2). Last year, Ardmore Park led the pack with an average resale price of $4,194 psf, followed by Ardmore Three ($3,527 psf) and Ardmore II ($3,392 psf).
At the time of writing, no resale transactions have been recorded for Ardmore Three this year. Additionally, a more volatile resale price trend has been observed for Ardmore Three, which could be due to fewer units in the condo leading to a lower transaction volume per year. The limited number of concluded deals leaves buyers and sellers with fewer price references to use as benchmarks.
Source: EdgeProp Market Trends (as at 18 June 2025)
Stronger profitability than younger neighbours
So far, Ardmore II and Ardmore Three have recorded 106 and two profitable transactions, respectively; significantly fewer than Ardmore Park (see Table 8). The most profitable transactions for both condos generated profits under $2 million, significantly lower than the highest profit of $8 million chalked up by Ardmore Park.
The silver lining is that Ardmore II and Ardmore Three have far fewer unprofitable transactions than Ardmore Park. The losses recorded by the two condos are also significantly lower than those of Ardmore Park.
The most recent profitable transaction for Ardmore II took place in February, when the seller sold their 2,024-sq ft unit for $7.068 million ($3,493 psf). The seller had purchased the four-bedroom in December 2020 for $5.75 million ($2,841 psf). The resultant profit of $1.318 million is lower than the $6.5 million profit from the most recent profitable transaction of Ardmore Park which took place in April.
The seller of the unit in Ardmore Park sold the 2,885-sq ft unit for $12 million ($4,160 psf). They had purchased the four-bedder in January 2010 for $5.5 million ($1,907 psf).
Thus far this year, no resale transactions have been recorded for Ardmore Three. Its most recent unit transaction involved a seller who bought the 1,787-sq ft three-bedroom unit in April 2016 for $5.342 million ($2,989 psf) and sold it for $5.8 million ($3,246 psf) in November 2022.
Conclusion
What are the main factors that propelled Ardmore Park to the top of the price list? The most obvious factors are its freehold tenure and location in a prime district. However, that does not explain why it outperformed its younger neighbours who share the same attributes.
Part of the answer could lie in the generous size of all units in Ardmore Park, which is a rarity in Singapore. Another factor could be the strong investment potential associated with this prestigious condo, which has recorded numerous transactions with million-dollar profits. The profits for Ardmore Park even surpass that of its younger neighbours.
