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Seller gains $2.65 million profit in Orchard condo sale

Seller gains $2.65 million profit in Orchard condo sale
Ardmore Park is located in a prime district and offers four-bedroom apartments as well as duplex penthouses.
PHOTO: The Straits Times file

One property owner netted himself a cool $2.65 million in profit from selling his condo unit located off Orchard Road?- one which was purchased four years ago.?

The four-bedroom unit, located on the 22nd floor at the prestigious Ardmore Park development, was sold for $11.85 million ($4,108 psf) on May 29, according to a caveat search on the Urban Redevelopment Authority (URA) website.

The?seller had bought the 2,885 sq ft big?unit for $9.2 million ($3,189 psf) back in January 2020, reported EdgeProp.

The sale was reportedly the most profitable condo resale transaction between May 28 and?June 4 this year, netting this seller some 29 per cent in capital gain after holding the unit for just under 4.5 years.

$11.65 million profit for another seller

The condo project?has seen multiple profitable resale transactions in recent years, according to data compiled on EdgeProp Research.

The most profitable resale transaction ever recorded at Ardmore Park was the sale of a duplex penthouse, purchased back in?January 1998 for $16 million ($1,831 psf), reported EdgeProp.

The owner reportedly sold it for about $27.65 million ($3,163 psf) in April 2020, and raked?in a profit of $11.65 million.

Since January 2020, 29 out of 32 units in the condominium were sold above their purchase prices, 20 of which resulted in gross profits of at least $2 million, reported EdgeProp.

A caveat search by AsiaOne revealed that 31 out of the 32 units?sold since January 2020 were four-bedroom apartments and changed hands at prices?between $8?million to $14.08 million.

Currently, sale prices?for the development range from?$11 million to $14 million, according to property guru.?

Profit incurred was 'above average': Nicholas Mak

Commenting on the sale of this particular unit, Nicholas Mak, chief research officer of real estate platform Mogul.sg told AsiaOne that the profit incurred by the seller was, in fact, above average for Core Central Region (CCR) properties.

These are properties located in districts 9,10,11, the Downtown Core and Sentosa.

"The median profit for the CCR has been about $450,000 in terms of quantum and about 23.6 per cent in terms of proportion since April last year," he said.

"The range of profits is very large, with the maximum being a profit of $30 million. People have also sold their CCR properties at a loss of $7 million."

Mak added, however, that this does not necessarily reflect a larger trend in the property market.

"Ardmore Park is special. It's a prime condo with big, well-built units and great facilities," he explained.

Also offers duplex penthouses serviced by private lifts

Ardmore Park is a high-end freehold condominium in the Ardmore Park area consisting of three 30-storey towers housing 330 units in total.

The development was completed in 2001.

It?spans across a land area of more than 345,000?sq ft, less than half?of?D'Leedon's site at Farrer Road – which has a land area of?about 840,000?sq ft.?

While units in Ardmore Park are usually 2,885 sq ft four-bedroom apartments, it also has two 8,740 sq ft duplex penthouses in each tower which are serviced by private lifts.

ALSO READ:?Seller rakes in whopping 200% profit from sale of $4.3m leasehold condo in Bukit Timah

bhavya.rawat@asiaone.com

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