Unit at Ardmore Park sold at $5 mil profit
Unit at Ardmore Park sold at $5 mil profit. The sale of two units at the freehold luxury development Ardmore Park was the most profitable transaction recorded during the week of July 5 to 12. The units sold, according to caveats filed on July 5, were two adjacent 2,885 sq ft four-bedders on the 17th floor of the same tower. Both units were purchased by members of an Indonesian family, according to a property title search.
One of the units was sold for $14.08 million ($4,881 psf), setting a new psf price high for the development’s resale transactions. The unit was purchased in October 2010 for $9.08 million ($3,148 psf), resulting in a $5 million profit for the seller (55.1 percent ). Over a nearly 12-year holding period, the seller profited by 3.8 percent on an annualized basis. The other unit was sold for $11.5 million ($3,986 psf), yielding a profit of $3.5 million or 43.8 percent to the seller. It was purchased in May 2019 for $8 million ($2,773 psf), resulting in an annualised profit of 12.4 percent over a three-year holding period.
The 330-unit Ardmore Park condo is in the prestigious Ardmore Park neighborhood. The 21-year-old freehold, high-end condo was built by Wharf Estates Singapore (formerly Wheelock Properties) and features three 30-story towers. The condo’s typical units are 2,885 sq ft four-bedroom apartments, but it also has six duplex penthouses measuring 8,740 sq ft each. Based on caveats lodged, four other typical units were sold this year prior to the two units sold on July 5. Prices ranged from $10.5 million ($3,640 psf) to $12.23 million ($4,240 psf), with gains ranging from $1.4 million to $4.2 million.
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