after 27 years
A surge in resale transactions at Ardmore Park, a luxury condominium in the prime District 10 Ardmore-Draycott enclave, has resulted in some of the highest gains seen in 2024. According to URA caveats lodged as of December 17, the freehold development claimed the top, second, and fourth most profitable resale deals for condos sold between January 1 and December 10.
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The largest profit was earned from the sale of a 2,885 sq ft four-bedroom unit on the 26th floor for $12.9 million ($4,472 psf) on February 16. The unit was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996, resulting in a staggering profit of $7.07 million, a 121% gain after holding for approximately 27 and a half years.
The second highest gain occurred on July 24 when a four-bedroom unit measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller initially bought the unit through a sub-sale transaction for $5.2 million ($1,803 psf) in December 2000, earning a profit of $6.8 million, equivalent to a 131% capital gain over a holding period of 23 and a half years.
On April 22, the fourth-largest profit of the year was recorded when another 2,885 sq ft four-bedroom unit was sold for $12.5 million ($4,333 psf). The seller acquired the unit in February 2007 for $6 million ($2,080 psf), earning a profit of $6.5 million (108%) after owning the property for over 17 years.
Ardmore Park, a freehold development with 330 units, has consistently seen significant profits from resale transactions in recent years. In 2024, the condo recorded three additional deals for 2,885 sq ft four-bedroom units, with the sellers making gains of $2.65 million, $3 million, and $3.05 million respectively. Last year, four resale transactions were recorded with profits ranging from $2.8 million to $8.16 million.
Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of top gains this year. The fifth-largest profit was made from the sale of a 3,778 sq ft four-bedroom unit on the fifth floor of the 86-unit boutique condo Beverly Hill on Grange Road, completed in 1983. The property sold for $9.15 million ($2,422 psf) on July 15, earning the seller a profit of $5.47 million (149%).
Other freehold condos that made it to the top profitable deals list in District 10 include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden, all of which are over 30 years old and completed between 1982 and 1990.
In contrast, Sentosa Cove condos accounted for almost half of the 10 least profitable resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at the 124-unit Marina Collection on Cove Drive on July 22 was the most unprofitable deal, fetching $6.7 million ($1,768 psf). The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), suffered a loss of $2.69 million (29%).
Similarly, the sale of a 2,680 sq ft four-bedroom unit on the sixth floor of Seascape on Cove Way made a loss of $2.53 million (36%) when it sold for $4.5 million ($1,679 psf) on August 14. The seller had originally purchased the unit for $7.03 million ($2,623 psf) from the developer in October 2010.