Newton condo resells for S$12M in April, resulting in S$6.5M profit
SINGAPORE: The resale market for condominiums, just like the rest of Singapore's property market, is alive and kicking, and an investment in a unit years ago can pay off very handsomely indeed.
In April, the title of biggest winner for condo resales goes to the seller of a freehold unit at Ardmore Park at Newton, reported the property website 99.co earlier this week. The original owner bought a four-bedroom 2,885-sq-ft unit in January 2010 for S$5.5 million, paying S$1,907 per square foot (psf) at the time.
This unit sold for S$12 million on Apr 9, with the buyer paying S$4,160 psf. This means the owner saw a cool S$6.5 million—or 118%—in profit after 15 years, which translates to S$427,631 per year.
The seller's profit is more than twice as large as April's runner-up, a 2,142-sq-ft unit at The Waterside freehold development at Tanjong Rhu Road. It sold for S$4.88 million after 18-and-a-half years, giving its original owner S$3.13 million in profit.
However, 99.co noted that 'The stark contrast between this profitable sale (at Ardmore Park) and the S$1.8 million loss at The Ritz-Carlton Residences this month showed how two properties in the same area—and even with similar characteristics—can deliver very different outcomes depending on timing, entry price, and long-term holding power.'
It also pointed out that the highly profitable sale at Ardmore Park and the loss at the Ritz-Carlton took place in practically the same neighbourhood.
However, Ardmore Park is turning out to be a standout in the condo resale market. This year, two other sales of four-bedroom units at the freehold condominium have also been highly profitable. On Jan 21, a unit on the seventh floor sold for S$13.2 million (S$4,576 psf), which meant a S$8.54 million profit (183%) for the owner, who sold it after almost 23 years. Less than two months later, on March 3, a buyer purchased a 10th-story unit for S$11.8 million (S$4,090 psf). The owner, who had the unit for only five years, made S$3.8 million (47.5%) profit from the sale.
Ardmore Park, located in the prime District 10 area, is near other luxury condos such as Ardmore II, Ardmore Three, Sculptura Ardmore, and Nouvel 18, on Anderson Road, and One Draycott at Draycott Park.
The development has three 30-floor towers with a total of 330 units, most of which are 2,885-sq-ft four-bedroom units, although it also has six 8,740-sq-ft duplex penthouses. According to a report in EdgeProp Singapore last month, most resale units have sold at around S$4,190 psf. /TISG
Read also: Singapore condo resale prices rose 4% in December; volumes surged 29.9% year-on-year
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