after 27 yearsBy investing in a luxury condo, the gains can be significantly higher with proper research and patience. This was demonstrated by the profitable resale transactions at Ardmore Park, a freehold luxury development located in the prestigious Ardmore-Draycott enclave of prime District 10. In fact, Ardmore Park accounted for three of the top four most profitable condo resale deals in 2024, based on caveats lodged with the Urban Redevelopment Authority (URA) as of December 17.
The most significant gain was from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor of Ardmore Park for $12.9 million ($4,472 psf) on February 16. The unit was purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This resulted in a whopping $7.07 million profit, translating to a 121% gain after a holding period of about 27.5 years.
A resale transaction on July 24 also made big gains, with a four-bedroom unit measuring 2,885 sq ft on the 18th floor being sold for $12 million ($4,160 psf). The seller, who had bought the unit in December 2000 for $5.2 million ($1,803 psf), reaped a $6.8 million profit, equivalent to a capital gain of 131%. This was after holding the unit for approximately 23.5 years.
Another 2,885 sq ft, four-bedroom unit at Ardmore Park made a profit of $6.5 million (108%) when it was sold for $12.5 million ($4,333 psf) on April 22. The seller, who had bought the unit in February 2007 for $6 million ($2,080 psf), owned the unit for over 17 years.
These gains are not surprising as resale transactions at Ardmore Park have consistently registered significant profits in recent years. In 2024 alone, there were three other transactions of 2,885 sq ft four-bedroom units, with sellers pocketing gains of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo registered four resale transactions with gains ranging from $2.8 million to $8.16 million per unit.
Ardmore Park, a freehold condo located in District 10, contains 330 units (Picture Source: Samuel Isaac Chua)Apart from Ardmore Park, other mature freehold condos in District 10 also made the list of top profitable resale deals. Beverly Hill, an 86-unit boutique condo on Grange Road that was completed in 1983, saw the fifth most profitable transaction this year. A four-bedroom unit spanning 3,778 sq ft on the fifth floor sold for $9.15 million ($2,422 psf) on July 15, resulting in a $5.47 million profit (149%).
Other freehold District 10 condos that registered top profitable deals in 2024 include Astrid Meadows, a 208-unit development on Coronation Road West; Regency Park, a 292-unit development on Nathan Road; Fontana Heights, a 52-unit development on Mount Sinai Rise; and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These condos were completed between 1982 and 1990 and are all over 30 years old.
Two older freehold District 9 condos also made it to the top 10 list. The third highest profit came from a 3,434 sq ft, four-bedroom unit at Yong An Park, located on River Valley Road. This unit sold for $8.6 million ($2,505 psf) on August 12, resulting in a $6.72 million profit. In addition, the sale of a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore Cairnhill made a $4.89 million profit when it was sold for $16.5 million ($5,397 psf) on January 9.
Sentosa Cove condos record top lossesOn the other hand, nearly half of the 10 least profitable condo resale transactions this year occurred in Sentosa Cove. The most unprofitable deal was from the sale of a five-bedroom duplex penthouse spanning 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive. This unit sold for $6.7 million ($1,768 psf) on July 22, resulting in a $2.69 million loss (29%). The seller had bought the unit in March 2010 for $9.39 million ($2,479 psf).
Seascape, located on Cove Way, also made it to the list with the sale of a 2,680 sq ft, four-bedroom unit on the sixth floor for $4.5 million ($1,679 psf) on August 14. The seller had bought the unit from the developer for $7.03 million ($2,623 psf) in October 2010, thus incurring a $2.53 million loss (36%).
The bustling cityscape of Singapore is characterized by towering skyscrapers and cutting-edge infrastructure. Condos, situated in sought-after neighborhoods, offer a fusion of lavishness and practicality that appeals to both locals and foreigners alike. These modern dwellings boast a plethora of facilities, including swimming pools, fitness centers, and round-the-clock security services, elevating the standard of living and making them a desirable choice for potential renters and buyers. From an investment standpoint, these coveted amenities translate into higher rental returns and appreciating property values in the long run. To learn more about Condos, visit this site.
In conclusion, investing in a luxury condo can result in significant gains through proper research and patience. The resale transactions at Ardmore Park, a freehold luxury development in District 10, are a prime example of this. Other older District 10 condos also demonstrated profitability in their resale transactions, while Sentosa Cove condos recorded the highest losses.
Singapore’s modern cityscape is defined by towering skyscrapers and state-of-the-art infrastructure. Condos, strategically located in prime areas, provide a perfect blend of luxury and convenience, making them a popular choice among both locals and expats. These upscale residences offer a plethora of amenities such as swimming pools, gyms, and round-the-clock security, enhancing one’s lifestyle and making them highly sought-after by potential tenants and homebuyers. For investors, these amenities translate to higher rental returns and long-term appreciation of property values. Therefore, investing in a condo is a wise and lucrative decision.