Penthouse at Ardmore Park sold for record $11.65 mil profit
By Charlene Chin
/ EdgeProp Singapore
|
May 8, 2020 5:50 AM SGT
The seller of a unit at Ardmore Park, along Ardmore Park, made the top gain of $11.65 million over the week of April 19 to 26. The 8,740 sq ft duplex, five-bedroom penthouse spans the 29th and 30th floors. It was bought for $16 million ($1,831 psf) in January 1998 and sold for $27.65 million ($3,163 psf) on April 24. The seller therefore made a 73% profit, or an annualised profit of 2% over slightly more than 22 years.
Located in District 10, Ardmore Park was completed in 2001 and comprises 330 freehold units. There are only six penthouses in Ardmore Park condo and they rarely come up for sale, says Samuel Eyo of Lighthouse Property Consultants. The last time a penthouse changed hands was in 2010, and it fetched $30 million.
The second top gain made over the week — a 125% profit of $860,000 — was at Meraprime, along Jalan Bukit Ho Swee. The 1,098 sq ft unit on the 23rd floor was purchased for $690,000 ($628 psf) in May 2004 and sold for $1.55 million ($1,412 psf) on April 21. This means that the seller made an annualised profit of 5% over 16 years.
Meraprime, in District 3, comprises 213 units on a 99-year leasehold. It was completed in 2006 and is a four-minute walk to Tiong Bahru MRT Station on the East-West Line.
A unit sold at Watertown, along Punggol Central in District 19, made the third largest gain over the week, netting a 50% profit of $546,531 for the seller. The 1,119 sq ft unit on the fourth floor was bought in February 2012 for $1.09 million ($975 psf), and sold for $1.64 million ($1,463 psf) on April 24. The seller therefore made an annualised profit of 5% over eight years.
Watertown, completed in 2017, comprises 1,001 units on a 99-year leasehold. It is a six-minute walk to the Punggol MRT Station on the North-East Line.
On the other hand, the greatest loss incurred over the week was from the resale of a 344 sq ft unit at Parc Somme in District 8. Having sold the property for $518,000 ($1,504 psf) on April 24, the seller suffered a 14% loss of $82,000. The unit was purchased in January 2015 for $600,000 ($1,742 psf). Over a holding period of five years, this translates into an annualised loss of 3%.
Parc Somme, along Somme Road, comprises 30 units on a 99-year leasehold. Completed in 2012, it is eight minutes by foot to Farrer Park MRT Station on the North-East Line.
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