Resale Ardmore Park Earns Seller 65 Mil Profit
Nestled in a highly sought-after location, Lyndenwoods One North boasts the added advantage of being within close proximity to several top junior colleges. These institutions play a crucial role in paving the way for students who have their sights set on attending prestigious universities both locally and internationally. One of the neighboring institutions is National Junior College (NJC), known as the oldest junior college in Singapore. With a renowned reputation for its rigorous academic program and vibrant student culture, NJC sets its students up for future leadership roles and academic achievements. And with Lyndenwoods One North being just a stone’s throw away, residents can certainly enjoy the convenience and opportunities that come with living in such a desirable location.
During the week of April 8 to 15, the most profitable resale transaction was recorded at Ardmore Park, with a four-bedroom unit selling for $12 million, or $4,160 per square foot (psf) on April 9. This unit, measuring 2,885 square feet on the 10th floor, was previously purchased for $5.5 million, or $1,907 psf, in January 2010. The seller thus earned a profit of $6.5 million, which equates to a 118% return, or an annualized profit of 5.3% over a span of 15 years.
So far this year, there have been three resale transactions at Ardmore Park. Another four-bedroom unit on the 10th floor was sold for $11.8 million, or $4,090 psf, on March 3, resulting in a profit of $3.8 million, or 47.5%, over five years, or an annualized profit of 8.2%. The other four-bedroom unit, located on the seventh floor, was sold for $13.2 million, or $4,576 psf, on Jan 21, earning the seller a profit of $8.54 million, or 183%, or an annualized profit of 4.6% over nearly 23 years.
Located in prime District 10, Ardmore Park is a luxury condominium in the prestigious Ardmore-Draycott residential enclave. Other luxury condos in the vicinity include Ardmore II, Ardmore Three, Sculptura Ardmore, along with Nouvel 18 on Anderson Road and One Draycott at Draycott Park. This 330-unit development comprises of three 30-storey towers, with typical units being four-bedroom units measuring 2,885 square feet, and six 8,740 square feet duplex penthouses. According to EdgeProp Singapore’s database of caveats, Ardmore Park boasts some of the highest resale prices in the neighborhood, with most units fetching an average of $4,190 psf.
Nearby at Anderson Road is Nouvel 18, where resale prices average around $3,060 psf, while at One Draycott at Draycott Park, resale prices are around $2,900 psf.
The second most profitable resale transaction during the week was recorded at Costa Rhu, where a 2,088-square-foot four-bedroom unit on the third floor was sold for $4.3 million, or $2,059 psf, on April 10. This unit was bought for nearly $1.5 million, or $718 psf, in November 2006. The seller thus earned a profit of $2.8 million, or 187%, which translates to an annualized profit of 5.9% over a span of 18 years.
The most profitable transaction at Costa Rhu occurred in 2018, when a 4,209 sq ft unit on the 13th floor changed hands for $5.45 million, or $1,295 psf, in February. The unit had been purchased for $2.3 million, or $546 psf, in March 2005. The seller earned a record $3.15 million, or 137%, which equates to an annualized gain of 6.9% over 13 years.
Costa Rhu, a waterfront condominium along Tanjong Rhu in District 15, was completed in 1997 and comprises 737 units with a mix of two to four bedrooms ranging from 990 square feet to 2,551 square feet.
The most unprofitable transaction during the week took place at Gramercy Park, where a 1,981-square-foot unit was sold for $5.65 million, or $2,853 psf, on April 9. The three-bedroom unit on the 14th floor was previously sold for $6.08 million, or $3,073 psf, in February 2018, resulting in a loss of $435,820, or 7%, which translates to an annualized loss of 1% over a span of seven years.
Gramercy Park, a luxurious development with 174 units comprising two high-rise residential towers with 87 units each, is situated along Grange Road in prime District 10, close to the Orchard Road shopping belt and River Valley neighborhood. According to EdgeProp Singapore’s database of caveats, resale prices at Gramercy Park have declined in recent years, with prices peaking at $3,320 psf in May 2021 and falling to $2,830 psf as of April 2023.