The seller of a 2,885 sq ft unit at Ardmore Park, which changed hands for $9.70 million ($3,363 psf), made a $2.45 million profit
A 2,885 sq ft, high-floor unit at Ardmore Park changed hands for $9.70 million ($3,363 psf), according to a caveat lodged on April 18. The seller reaped a profit of $2.45 million, or 3.8% annually, having purchased the unit for $7.25 million ($2,513 psf) in June 2009. This marked the third sale in the luxury condo last month.
The price per sq ft is the highest achieved since 2013, when a unit on the 28th floor fetched $10.5 million ($3,640 psf). Meanwhile, the project’s record price was for a 2,885 sq ft unit that fetched $3,688 psf in January 2010.
In the first week of April, two adjacent units on the fourth floor were sold for $8.18 million ($2,836 psf) and $8.30 million ($2,877 psf), according to caveats lodged on April 5.
Ardmore Park was developed by Wheelock Properties and completed in 2001. It comprises 2,885 sq ft, four-bedroom units and penthouses spanning over 8,000 sq ft. Sitting on a sprawling eight-acre freehold land site in prime District 10, the project has been regarded as the standard for luxury residential projects.
Elsewhere, three condo units were transacted above $10 million in the week of April 18 to 25. At Tomlinson Heights, two 4,047 sq ft units fetched $11.15 million ($2,755 psf) and $10.75 million ($2,656 psf). The transactions are believed to be developer sales as no prior caveat was lodged for the units.
Developed by Hotel Properties, Tomlinson Heights has only 70 luxury units. All the units are large, with three-bedroom apartments measuring 2,745 sq ft and five-bedroom units from 4,004 sq ft. Penthouses start from 4,941 sq ft. Completed in 2014, the project sits on a freehold site of 76,888 sq ft. So far, 49 units have been sold, based on caveats lodged.
Tomlinson Heights had its heyday in 2011, when a 4,941 sq ft penthouse was sold for $18.30 million ($3,704 psf). In the past six years, prices have softened following the implementation of cooling measures. The units have been transacted at an average price of $2,900 psf since 2012.
Outside the Central Region, a 3,294 sq ft, five-room penthouse at Seaside Residences fetched $5.72 million ($1,738 psf). This is notably the highest absolute quantum achieved historically for a private non-landed home of similar-sized outside the Central Region.
Seaside Residences is jointly developed by Frasers Centrepoint, Sekisui House and Keong Hong Holdings. The project is within walking distance of the upcoming Siglap MRT station and East Coast Park. Comprising four 27-storey residential towers, the project offers a mix of one-bedroom units to five-bedroom penthouses. So far, 400 (48%) of the total 841 units have been sold, according to caveats lodged.