Four-bedder at Ardmore II rakes in $2.1 mil profit

A four-bedroom apartment at Ardmore II fetched the highest resale price at the luxury condo development during the week of Feb 7 to 14. The unit, spanning 2,024 sq ft on the eighth floor, was sold for $6.28 million ($3,103 psf) — netting the seller a profit of $2.07 million (49%) over a 16-year holding period.

This marks the second most profitable transaction ever recorded at Ardmore II. The first was in August 2007, when a 2,024 sq ft unit on the 26th floor was sold for $7.28 million ($3,599 psf). A gain of $2.63 million was made by the seller, who had purchased the unit in October of the previous year for $4.65 million ($2,299 psf).

Ardmore II is located a few minutes’ walk away from Orchard Road, in the exclusive Ardmore Park area of District 10. Developed by Wheelock Properties and completed in 2010, the 36-storey twin tower project comprises 118 units, all of which are identical four-bedroom units of 2,024 sq ft.

The Feb 8 transaction at Ardmore II was the first of The Myst the year and was joined by three more profitable resales in 2022. Depending on their purchase prices and sale prices, sellers made gains ranging from $300,000 to $1.65 million.

The second most profitable transaction during the Feb 7 to 14 period occurred at Regency Suites. On Feb 9, a three-bedroom unit measuring 1,421 sq ft sold for $2.97 million ($2,089 psf). This marks a gain of 206%, or just under $2 million, for the seller who had bought the unit in November 2005 for $970,000 ($683 psf) — more than a 17-year holding period.

Freehold Regency Suites is located along Kim Tian Road, off Tiong Bahru Road in District 3 and finished in 2008. It holds a total of 84 residences ranging from 592 sq ft one-bedders to 4,532 sq ft four-bedders.

In 2020, only one apartment changed hands at Regency Suites. A 592 sq ft unit on the third floor was sold for $1.24 million ($2,095 psf). The seller had acquired the unit in May 2018 at a purchase price of $1.08 million ($1,824 psf), making a profit of $160,000.

The most unprofitable transaction in review took place at The Sail @ Marina Bay. A 689 sq ft one-bedder was sold for $1.47 million ($2,132 psf) on Feb 10, resulting in a loss of around $291,000 for the seller who had bought the unit in June 2010 for $1.76 million ($2,555 psf).

The Sail @ Marina Bay is a 99-year leasehold luxury condo jointly developed by City Developments and AIG Global. Located on Marina Boulevard in District 1, the project comprises two towers (70-storey Tower 1 and 63-storey Tower 2) and 1,111 units ranging from 592 to 6,297 sq ft.

Out of the four resale transactions that have occurred here in 2021, two have occurred at prices below their original purchase prices, resulting in losses for the respective sellers.

Overall, the three profitable transactions point to a healthy outlook for the residential market. Ardmore II and Regency Suites provide insight into the opportunities for long-term investors to reap high returns by holding assets for several years.

The transaction of a four-bedroom unit of 2,024 sq ft at Ardmore II in District 10 during the week of Feb 7 to 14 was the most profitable resale transaction in the residential market. Sold for $6.28 million ($3,103 psf), the seller made a profit of $2.07 million (49%) over a 16-year holding period.

This surpasses the preivous record at Ardmore II in August 2007 where a unit of the same size on the 26th Floor was sold for $7.28 million ($3,599 psf) — a gain of $2.63 million.

Located a few minutes’ walk away from Orchard Road, the 36-storey twin tower project was completed in 2010 and consists entirely of four-bedroom units of 2,024 sq ft. Four resale transactions occurred in 2022, with sellers netting gains of between $300,000 and $1.65 million.

At Regency Suites, a 1,421 sq ft three-bedroom unit sold for $2.97 million ($2,089 psf) on Feb 9. The seller had purchased the unit in November 2005 for $970,000 ($683 psf), making a gain of over $2 million across a 17-year holding period.

The luxury freehold development is located along Kim Tian Road, off Tiong Bahru Road in District 3 and consists of 84 residences ranging from 592 to 4,532 sq ft. In 2020, the only resale transaction was for a 592 sq ft unit on the third floor which fetched $1.24 million ($2,095 psf). The seller had bought the unit in May 2018 for $1.08 million ($1,824 psf), making a profit of $160,000.

The most unprofitable transaction committed in the period in review occurred at The Sail @ Marina Bay. On Feb 10, a 689 sq ft one-bedder was sold for $1.47 million ($2,132 psf), resulting in a loss of $291,000 for the seller. The unit had been bought in June 2010 for $1.76 million ($2,555 psf).

The 99-year leasehold development comprises two towers (70-storey Tower 1 and 63-storey Tower 2) and 1,111 units ranging from 592 to 6,297 sq ft. Out of the four resale transactions in 2021, two occurred at prices below their original purchase prices.

Ardmore II and Regency Suites show that there are opportunities for long-term investors to reap high returns by holding assets for several years. The three profitable transactions during the past week in review suggest a healthy outlook for the residential market.