Unit at Ardmore Park sold at $5 mil profit

by Albert02

Unit at Ardmore Park sold at $5 mil profit

Unit at Ardmore Park sold at $5 mil profit. The two most profitable transactions recorded during the week of July 5 to 12 were the sale of two units at the freehold luxury development Ardmore Park. According to caveats filed on July 5, the units sold were two adjacent 2,885 sq ft four-bedders on the 17th floor of the same tower. According to a property title search, both units were purchased by members of an Indonesian family.

One of the units was sold for $14.08 million ($4,881 psf), setting a new psf price high for resale transactions in the development. The unit was purchased in October 2010 for $9.08 million ($3,148 psf), yielding the seller a $5 million profit (55.1 percent ). On an annualized basis, the seller profited by 3.8 percent over a nearly 12-year holding period. The other unit was sold for $11.5 million ($3,986 psf), yielding the seller a profit of $3.5 million or 43.8 percent. It was purchased in May 2019 for $8 million ($2,773 psf), yielding a 12.4 percent annualised profit over a three-year holding period.

The prestigious Ardmore Park neighborhood is home to the 330-unit Ardmore Park condo. Wharf Estates Singapore (formerly Wheelock Properties) constructed the 21-year-old freehold high-end condo, which includes three 30-story towers. The typical units at the condo are 2,885 sq ft four-bedroom apartments, but there are also six duplex penthouses measuring 8,740 sq ft each. According to caveats filed, four other typical units were sold this year before the two sold on July 5. Prices ranged from $10.5 million to $12.23 million ($3,640 to $4,240 per square foot), with gains ranging from $1.4 million to $4.2 million.

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