Resale transactions at Ardmore Park, the luxury condo in the Ardmore-Draycott enclave in prime District 10, netted some of the biggest gains throughout 2024. The freehold development accounted for the first, second and fourth most profitable condo resale deals that took place this year between Jan 1 and Dec 10, based on caveats lodged with URA as of Dec 17.
The top profit came from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor at Ardmore Park on Feb 16 for $12.9 million ($4,472 psf). The unit was purchased from the developer for $5.83 million ($2,022 psf) in July 1996. Therefore, the seller had raked in a profit of $7.07 million, translating to a 121% gain after a holding period of about 27½ years.
The second-highest gain occurred five months later on July 24, when a four-bedder measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller, who bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), reaped a profit of $6.8 million, which works out to a capital gain of 131%. The seller had owned the unit for around 23½ years.
Another 2,885 sq ft, four-bedroom unit at Ardmore Park scored the fourth-biggest profit this year when it 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 means they reaped a profit of $6.5 million (108%) after owning the unit for over 17 years.
Ardmore Park, the 330-unit freehold condo in District 10, saw three of the biggest condo resale gains this year (Picture: Samuel Isaac Chua/The Edge Singapore)
Resale deals at the 330-unit Ardmore Park, which was completed in 2001, have consistently registered significant gains in recent years. In 2024, the condo saw three other units — all 2,885 sq ft four-bedders — change hands, with the sellers netting gains of $2.65 million, $3 million and $3.05 million, respectively. Last year, the condo registered four resale transactions, with the sellers clocking profits between $2.8 million and $8.16 million.
Freehold District 10 condos dominate
Apart from Ardmore Park, the list of top gains this year was dominated by other mature freehold condos in District 10. Beverly Hill, the 86-unit boutique condo on Grange Road that was completed in 1983, saw the fifth-most profitable resale transaction this year when a four-bedder spanning 3,778 sq ft unit on the fifth floor changed hands for $9.15 million ($2,422 psf) on July 15. The seller raked in a profit of $5.47 million (149%) on the deal.
Other freehold District 10 condos that registered the top profitable deals include Astrid Meadows, the 208-unit development on Coronation Road West, the 292-unit Regency Park on Nathan Road, the 52-unit Fontana Heights on Mount Sinai Rise and the 81-unit Wing On Life Garden on Bukit Timah Road. The condos, which were completed between 1982 and 1990, are all over 30 years old.
Older freehold District 9 condos accounted for two of the top 10 gains this year. This includes the third-highest profit, which came from the sale of a 3,434 sq ft, four-bedroom unit at Yong An Park, located on River Valley Road. The unit netted a $6.72 million profit when it was sold for $8.6 million ($2,505 psf) on Aug 12. Meanwhile, the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill made a $4.89 million gain when it fetched $16.5 million ($5,397 psf) on Jan 9.
Sentosa Cove condos record top losses
In contrast, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, was the most unprofitable deal this year when it fetched $6.7 million ($1,768 psf) on July 22. The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), incurred a loss of $2.69 million (29%).
The sale of a 3,789 sq ft penthouse at Marina Collection for $6.7 million ($1,768 psf) on July 22 made a loss of $2.69 million (Picture: Samuel Isaac Chua/The Edge Singapore)
Seascape, on Cove Way, saw the second-biggest loss this year from the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor for $4.5 million ($1,679 psf) on Aug 14. The seller had purchased the unit from the developer for $7.03 million ($2,623 psf) in October 2010. As a result, the seller incurred a loss of $2.53 million (36%).
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