During the week of November 19 to 26, a four-bedroom unit measuring 2,885 sq ft at Ardmore Park was sold for $11.25 million, making it the most profitable condo resale transaction of the week. The unit, located on the 14th floor, was sold for $3,900 psf on November 22. The seller had purchased the unit in September 2016 for $8.2 million, resulting in a profit of $3.05 million or a capital gain of 37%. This translates to an annualized profit of 4.6% over a holding period of approximately eight years.
This sale comes just two months after another four-bedroom unit measuring 2,885 sq ft on the 23rd floor was sold for $12.7 million, at $4,402 psf, on October 1. The seller had purchased the unit in September 2010 for $9.7 million, resulting in a profit of $3 million or a capital gain of 30.9%.
Ardmore Park is a freehold luxury condo with 330 units located in prime District 10. It was completed in 2001 and comprises of three 30-storey towers. The typical units in the condo are four-bedroom apartments measuring 2,885 sq ft, but it also has six 8,740 sq ft duplex penthouses.
Apart from the two units sold on November 22 and October 1, there were four other profitable resale transactions at Ardmore Park this year. All the units sold were four-bedroom units measuring 2,885 sq ft, with prices ranging from $4,108 psf to $4,472 psf. The sellers made profits of between $2.65 million and $7.07 million.
The second most profitable condo resale transaction during the week was at Goldenhill Park Condominium. A four-bedroom unit measuring 1,539 sq ft on the 16th floor was sold for $3.43 million or $2,228 psf on November 21. The seller, who had purchased the unit from the developer in May 2001 for $1.14 million or $741 psf, made a profit of $2.29 million, translating to a gain of 201% over a holding period of 23.5 years.
This is the second-highest gain recorded for a unit at Goldenhill Park Condominium. The record belongs to a 2,928 sq ft, four-bedroom penthouse that was sold for $4.3 million or $1,469 psf in February 2022. The seller, who had purchased the unit from the developer in April 2001 for approximately $2 million or $683 psf, made a profit of $2.3 million.
Goldenhill Park Condominium is a freehold development with 390 units located on Mei Hwan Drive, off Ang Mo Kio Avenue 1 in District 20. Completed in 2004, the condo comprises of two- to four-bedroom apartments measuring between 926 sq ft and 2,928 sq ft. It is close to the Lorong Chuan MRT Station on the Circle Line.
There were five other profitable resale transactions at the development this year, with prices ranging from $2,082 psf to $2,246 psf. The sellers made profits of between $760,000 and $1.91 million.
The most unprofitable condo resale deal of the week was at The Oceanfront @ Sentosa Cove. A four-bedroom unit measuring 2,831 sq ft on the 10th floor was sold for $4.7 million or $1,660 psf on November 20. The seller had purchased the unit in May 2007 for $5.8 million or $2,050 psf, resulting in a loss of $1.1 million or 19% over a holding period of 17.5 years.
When considering investing in a condo, it is crucial to also assess its potential for generating rental income. This figure, known as rental yield, represents the annual rental income as a percentage of the condo‘s purchase price. In Singapore, condo rental yields can vary greatly depending on various factors, such as location, property condition, and market demand. Generally, areas near business districts or educational institutions tend to offer higher rental yields due to the high demand for rental properties. Therefore, it is important to conduct thorough market research and seek advice from real estate agents to obtain valuable insights into the rental potential of a specific condo.
The Oceanfront @ Sentosa Cove is a 99-year leasehold condo located in the exclusive Sentosa Cove residential enclave. Completed in 2010, it comprises of 264 units spread across five towers between 12 and 15 storeys high. The residences include two-, three- and four-bedroom apartments measuring between 1,216 sq ft and 4,284 sq ft, as well as penthouses measuring between 2,745 sq ft and 8,095 sq ft.
Based on caveats lodged, there were six other resale transactions at the development this year, with prices ranging from $1,500 psf to $1,999 psf. Four of these transactions were unprofitable, with the sellers incurring losses between $30,000 and $519,000. The remaining two transactions were profitable, with the sellers making gains of approximately $268,000 and $1.7 million respectively.