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In Singapore, condominiums have become a highly sought-after property due to the scarcity of land in the small island nation. The population continues to soar, leading the government to implement strict land use policies and foster a competitive real estate market, resulting in a steady increase in property prices. This has made the prospect of investing in real estate, particularly in condominiums, more attractive as they offer the potential for significant capital gains. The demand for these properties has also been bolstered by the launch of new and highly anticipated condominiums, providing even more opportunities for potential investors. As the trend of New Condo Launches continues to rise, the future looks promising for those interested in investing in Singapore’s condominium market.
Four-bedder at Ardmore Park sold at $6.8 mil profitCheck out the latest listings for Ardmore Park, Condominium properties on StreetButlerAlt Text: Resale transactions at Ardmore Park, one of the luxury condos in the prime District 10 area, made significant gains throughout the year 2024.The highly sought-after Ardmore Park condo, located in the prestigious Ardmore-Draycott enclave in prime District 10, saw some of the biggest gains in 2024, based on caveats lodged with the Urban Redevelopment Authority (URA) as of December 17. The freehold development accounted for the first, second, and fourth most profitable condo resale deals that took place between January 1 and December 10, showing a strong performance in the luxury real estate market.The top profit was made on February 16 when a 2,885 square feet, four-bedroom unit on the 26th floor of Ardmore Park was sold for $12.9 million ($4,472 per square foot). The unit was originally purchased from the developer in July 1996 for $5.83 million ($2,022 per square foot), resulting in a profit of $7.07 million and a whopping 121% gain after being held for approximately 27 and a half years.Five months later, on July 24, another four-bedroom unit measuring 2,885 square feet on the 18th floor was sold for $12 million ($4,160 per square foot), making it the second-highest gain of the year. The seller originally bought the unit in December 2000 for $5.2 million ($1,803 per square foot), resulting in a profit of $6.8 million and a capital gain of 131%, having owned the property for around 23 and a half years.Read also: The Skywaters leads, while Ardmore Park, 32 Gilstead dominate luxury condo dealsAnother four-bedroom unit measuring 2,885 square feet at Ardmore Park was sold for $12.5 million ($4,333 per square foot) on April 22, making it the fourth-largest profit of the year. The property was originally purchased in February 2007 for $6 million ($2,080 per square foot), resulting in a profit of $6.5 million (108%) after a holding period of over 17 years.Ardmore Park, a freehold condo with 330 units situated in District 10, has consistently registered significant gains in recent years. This year, three other units measuring 2,885 square feet and comprising four bedrooms were sold, with the sellers registering profits of $2.65 million, $3 million, and $3.05 million respectively. Last year, the development saw four resale transactions, with sellers making profits ranging from $2.8 million to $8.16 million.The majority of the top gains this year were dominated by other mature freehold condos in District 10, apart from Ardmore Park. The fifth most profitable resale transaction of the year occurred at Beverly Hill, an 86-unit boutique condo on Grange Road that was completed in 1983. A four-bedroom unit measuring 3,778 square feet on the fifth floor was sold for $9.15 million ($2,422 per square foot) on July 15, raking in a profit of $5.47 million (149%) for the seller.Other freehold District 10 condos that made it to the list of top profitable deals include Astrid Meadows, a 208-unit development on Coronation Road West, the 292-unit Regency Park on Nathan Road, the 52-unit Fontana Heights on Mount Sinai Rise, and the 81-unit Wing On Life Garden on Bukit Timah Road. These properties, which were completed between 1982 and 1990, are all over 30 years old.Two of the top 10 gains this year came from older freehold District 9 condos. This includes the third-largest profit, which was made from the sale of a 3,434 square feet, four-bedroom unit at Yong An Park, situated on River Valley Road. The unit was sold for $8.6 million ($2,505 per square foot) on August 12, resulting in a net profit of $6.72 million. Another sizeable profit of $4.89 million was made from the sale of a 3,057 square feet apartment at The Ritz-Carlton Residences Singapore Cairnhill, which was sold for $16.5 million ($5,397 per square foot) on January 9. These properties are situated in prime locations and have been highly sought after by buyers.Sentosa Cove condos, on the other hand, saw the majority of the 10 least profitable condo resale transactions this year. The biggest unprofitable deal was when a five-bedroom duplex penthouse measuring 3,789 square feet at Marina Collection, a 124-unit condo on Cove Drive, was sold for $6.7 million ($1,768 per square foot) on July 22. The seller, who had purchased the unit in March 2010 for $9.39 million ($2,479 per square foot) incurred a loss of $2.69 million (29%).Seascape, situated on Cove Way, saw the second-biggest loss of $4.5 million this year, resulting from the sale of a 2,680 square feet, four-bedroom unit on the sixth floor on August 14. The property was sold for $4.5 million ($1,679 per square foot) and the seller had purchased it from the developer in October 2010 for $7.03 million ($2,623 per square foot). This resulted in a loss of $2.53 million (36%).