Updated: January 16, 2022 9:46 AM SGT
In 2024, resale transactions at Ardmore Park, a luxury condo located in the prestigious Ardmore-Draycott enclave in prime District 10, resulted in some of the largest profits. According to data from caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo resale deals that took place this year between January 1 and December 10.
The top profit came from the sale of a 2,885 square feet, four-bedroom unit on the 26th floor at Ardmore Park, which fetched $12.9 million or $4,472 per square foot (psf) on February 16. The unit was initially purchased from the developer for $5.83 million or $2,022 psf in July 1996. This resulted in a profit of $7.07 million, translating to a 121% gain after a holding period of approximately 27 and a half years.
Five months later, on July 24, the second-highest profit was recorded when a four-bedder measuring 2,885 square feet on the 18th floor was sold for $12 million ($4,160 psf). The seller had bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), resulting in a profit of $6.8 million or 131%. The seller had owned the unit for around 23 and a half years.
The fourth-biggest profit was recorded on April 22, when another 2,885 square feet, four-bedroom unit at Ardmore Park was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), making a profit of $6.5 million or 108% after owning the unit for over 17 years.
Ardmore Park, a freehold condo with 330 units in District 10, has consistently registered significant gains in recent years. In 2024, the condo saw three other units, all four-bedders measuring 2,885 square feet, change hands, with the sellers making profits of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the condo had four resale transactions, with the sellers making profits between $2.8 million and $8.16 million.
Apart from Ardmore Park, other older freehold condos in mature District 10 also dominated the list of top gains this year. These include Beverly Hill, a boutique condo with 86 units on Grange Road that was completed in 1983, which saw the fifth-most profitable resale transaction this year. A four-bedder spanning 3,778 square feet on the fifth floor was sold for $9.15 million ($2,422 psf) on July 15, resulting in a profit of $5.47 million (149%) for the seller.
Other freehold condos in District 10 that registered top profits included Astrid Meadows with 208 units on Coronation Road West, Regency Park with 292 units on Nathan Road, Fontana Heights with 52 units on Mount Sinai Rise, and Wing On Life Garden with 81 units on Bukit Timah Road. These condos were completed between 1982 and 1990 and are all over 30 years old.
Two of the top ten gains this year came from older freehold condos in District 9. The third-highest profit was recorded from the sale of a 3,434 square feet, four-bedroom unit at Yong An Park, located on River Valley Road, for $8.6 million or $2,505 psf on Aug 12. This resulted in a profit of $6.72 million for the seller, who had purchased the unit for $1.8 million in 2004.
The sale of a 3,057 square feet apartment at The Ritz-Carlton Residences Singapore Cairnhill also made a significant profit of $4.89 million for the seller when it was sold for $16.5 million ($5,397 psf) on Jan 9.
On the other hand, Sentosa Cove condos accounted for almost half of the ten least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse spanning 3,789 square feet at Marina Collection, a 124-unit condo on Cove Drive, resulted in the most significant loss of $2.69 million for the seller when it was sold for $6.7 million ($1,768 psf) on July 22. The seller had initially bought the unit in March 2010 for $9.39 million ($2,479 psf).
Another loss of $2.53 million was recorded from the sale of a 2,680 square feet, four-bedroom unit on the sixth floor at Seascape on Cove Way for $4.5 million ($1,679 psf) on Aug 14. The seller had bought the unit from the developer for $7.03 million ($2,623 psf) in October 2010.
Overall, older freehold condos in District 10 and Sentosa Cove condos have dominated both the top gains and losses this year, showing the continued appeal of these mature and exclusive locations in the property market.