Ardmore Park, the luxury condo located in the prestigious Ardmore-Draycott enclave of prime District 10, recorded some of the largest gains in resale transactions throughout 2024. Based on caveats lodged with the URA as of December 17, it accounted for the top, second and fourth most profitable condo resale deals this year.
The most profitable transaction was a four-bedroom unit on the 26th floor of Ardmore Park, which sold for $12.9 million ($4,472 psf) on February 16. This unit measures 2,885 sq ft and was originally purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This resulted in a profit of $7.07 million, a 121% gain after holding the unit for about 27 and a half years.
The second-largest gain was recorded on July 24, when another four-bedroom unit measuring 2,885 sq ft on the 18th floor of Ardmore Park changed hands for $12 million ($4,160 psf). The seller bought this unit in December 2000 through a sub-sale for $5.2 million ($1,803 psf) and made a profit of $6.8 million, a 131% capital gain after owning the property for approximately 23 and a half years.
The fourth-most profitable resale this year also came from a 2,885 sq ft, four-bedroom unit at Ardmore Park, which sold for $12.5 million ($4,333 psf) on April 22. This unit was initially purchased in February 2007 for $6 million ($2,080 psf), resulting in a gain of $6.5 million (108%) after about 17 years of ownership.
Resale deals at Ardmore Park have consistently garnered significant gains in recent years. In 2024, the condo saw three other four-bedder units sold, with sellers making gains of $2.65 million, $3 million, and $3.05 million, respectively. In 2023, there were four resale transactions at Ardmore Park, with sellers also making profits ranging from $2.8 million to $8.16 million.
Apart from Ardmore Park, the list of top gains this year was dominated by other mature freehold condos in District 10. These include Beverly Hill, a boutique condo of just 86 units located on Grange Road, which saw the fifth-most profitable resale deal this year. A four-bedder measuring 3,778 sq ft changed hands for $9.15 million ($2,422 psf) on July 15, resulting in a $5.47 million profit (149%) for the seller. These freehold condos were completed over 30 years ago, with Astrid Meadows in 1982, Regency Park in 1987, Fontana Heights in 1989, and Wing On Life Garden in 1990.
Two other freehold District 9 condos also recorded some of the largest gains this year, with the third-most profitable resale of 2024 coming from Yong An Park on River Valley Road. The 3,434 sq ft four-bedder was sold for $8.6 million ($2,505 psf) on August 12, resulting in a gain of $6.72 million. Similarly, The Ritz-Carlton Residences Singapore Cairnhill also saw a sizable gain from the sale of a 3,057 sq ft apartment, which fetched $16.5 million ($5,397 psf) on January 9, resulting in a $4.89 million profit.
In contrast, Sentosa Cove condominiums accounted for nearly half of the 10 least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, was the most unprofitable deal this year. With a sale price of $6.7 million ($1,768 psf) on July 22, this resulted in a loss of $2.69 million (29%) for the seller. Seascape, on Cove Way, saw the second-biggest loss this year from the sale of a four-bedroom unit measuring 2,680 sq ft on the sixth floor for $4.5 million ($1,679 psf) on August 14. The seller had bought the unit from the developer in October 2010 for $7.03 million ($2,623 psf), incurring a loss of $2.53 million (36%).
In summary, Ardmore Park, along with other mature freehold condos in District 10, have consistently boasted substantial resale gains in recent years. On the other hand, Sentosa Cove condominiums made up a large proportion of this year’s least profitable resale transactions, with the primary reason being the impact of cooling measures and the ongoing slowdown of the luxury property market.