between storeys Jan 1 and Dec 10, according to caveats lodged with URA as of Dec 17, some of the biggest gains were recorded at Ardmore Park, the luxury condo located in the prime Ardmore-Draycott enclave of District 10. In fact, the development accounted for the first, second, and fourth most profitable condo resale deals of the year.
The top profit was made on a four-bedroom unit on the 26th floor, measuring 2,885 square feet, which sold for $12.9 million ($4,472 psf) on Feb 16. The unit was initially purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This translates to a whopping profit of $7.07 million, equivalent to a 121% gain after holding the property for approximately 27 and a half years.
The second-highest gain was recorded on July 24 when another four-bedroom unit, also measuring 2,885 square feet, sold for $12 million ($4,160 psf). The seller had bought the unit through a sub-sale transaction for $5.2 million ($1,803 psf) in December 2000, resulting in a profit of $6.8 million. This represents a 131% capital gain over a holding period of about 23 and a half years.
The fourth-biggest profit was made on April 22, when another four-bedroom unit measuring 2,885 square feet was sold for $12.5 million ($4,333 psf). The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), resulting in a profit of $6.5 million (108%) after holding the property for over 17 years.
Ardmore Park, a freehold development with 330 units, consistently registers significant gains in its resale transactions. In 2024, three other units, also measuring 2,885 square feet, changed hands, with the sellers making profits of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the development saw four resale transactions, with the sellers making profits ranging from $2.8 million to $8.16 million.
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Apart from Ardmore Park, the list of top gains in 2024 was dominated by other mature freehold condos in District 10. Beverly Hill, an 86-unit boutique condo on Grange Road completed in 1983, saw the fifth-most profitable sale this year when a four-bedroom unit measuring 3,778 square feet was sold for $9.15 million ($2,422 psf) on July 15. The seller made a profit of $5.47 million (149%) on this deal.
Other freehold condos that recorded top profits this year were 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 developments, which were completed between 1982 and 1990, are all over 30 years old.
Two of the top 10 gains this year were recorded at older freehold condos in District 9. The third-highest profit came from the sale of a four-bedroom unit measuring 3,434 square feet at Yong An Park on River Valley Road. The unit was sold for $8.6 million ($2,505 psf) on Aug 12, resulting in a profit of $6.72 million. Meanwhile, the sale of a three-bedroom apartment measuring 3,057 square feet at The Ritz-Carlton Residences Singapore Cairnhill made a profit of $4.89 million when it sold for $16.5 million ($5,397 psf) on Jan 9.
In contrast, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The most unprofitable deal was recorded at Marina Collection, a 124-unit condo on Cove Drive, when a five-bedroom duplex penthouse measuring 3,789 square feet was sold for $6.7 million ($1,768 psf) on July 22. The seller had bought the unit in March 2010 for $9.39 million ($2,479 psf), resulting in a loss of $2.69 million (29%).
The second-biggest loss was incurred at Seascape, another Sentosa Cove condo on Cove Way. A four-bedroom unit measuring 2,680 square feet was sold for $4.5 million ($1,679 psf) on Aug 14, resulting in a loss of $2.53 million (36%).