The cityscape of Singapore is characterized by towering skyscrapers and state-of-the-art infrastructure. Condominiums, strategically situated in sought-after locations, offer a fusion of opulence and convenience that lures both locals and foreigners. These residences boast an array of facilities, including pools, fitness centers, and security services, elevating the standard of living and drawing interest from potential renters and purchasers. For investors, these perks translate into greater rental returns and appreciation of property values over the years. Additionally, the introduction of new condo launches adds to the appeal and variety of these urban living options.
By: The Project GuruYear: 2024The Ardmore Park luxury condo, located in the prime District 10 enclave of Ardmore-Draycott, has been the center of attention for its remarkable resale transactions this year. Based on caveats lodged with URA as of December 17, the freehold development has accounted for some of the biggest profits in 2024. In fact, out of the top five profitable condo resale deals this year, Ardmore Park has clinched first, second, and fourth place.AdvertisementThe highest gain this year was recorded on February 16, when a four-bedroom unit of 2,885 sq ft on the 26th floor was sold for a whopping $12.9 million, equivalent to $4,472 psf. The seller had purchased this unit from the developer back in July 1996 for $5.83 million, or $2,022 psf, making a profit of $7.07 million, which translates to a 121% gain over a holding period of about 27.5 years.The second-largest profit was recorded on July 24 when another four-bedder of 2,885 sq ft on the 18th floor was sold for $12 million, or $4,160 psf. The original owner had bought this unit through a sub-sale transaction in December 2000 at $5.2 million, or $1,803 psf. This rounds up to a profit of $6.8 million and a capital gain of 131% after holding the unit for about 23.5 years.AdvertisementThe fourth-best profit of this year was recorded on April 22, when another four-bedder of 2,885 sq ft was sold for $12.5 million, or $4,333 psf. The original owner had purchased this unit in February 2007 at $6 million, or $2,080 psf, making a profit of $6.5 million, or 108% in just over 17 years.Notably, this 330-unit freehold condo in District 10 has consistently registered significant gains over the years. In 2024, the condo saw three other units change hands, each of 2,885 sq ft, with sellers profiting $2.65 million, $3 million, and $3.05 million, respectively. In comparison, last year recorded four resale transactions at Ardmore Park, with sellers earning between $2.8 million and $8.16 million.AdvertisementFurther, the top profitable deals this year were not only dominated by Ardmore Park but also by other mature freehold condos located in District 10. The condo with the fifth-highest gain was Beverly Hill, an 86-unit development completed in 1983 on Grange Road. On July 15, a four-bedder of 3,778 sq ft situated on the fifth-floor was sold for $9.15 million, or $2,422 psf, resulting in a profit of $5.47 million, which translates to 149%.Additionally, other freehold condos in District 10 that recorded top profitable deals include Astrid Meadows, a 208-unit development on Coronation Road West, Regency Park, a 292-unit condo on Nathan Road, Fontana Heights, a 52-unit condo on Mount Sinai Rise, and Wing On Life Garden, an 81-unit condo on Bukit Timah Road. As these condos were built between 1982 and 1990, they are all over 30 years old.Further, District 9, the prime district of Singapore, also has two of the top 10 gains this year. The third-highest profit of this year was earned when a four-bedder of 3,434 sq ft at Yong An Park on River Valley Road was sold for $8.6 million, or $2,505 psf, on August 12. Additionally, the second-highest profit was recorded on January 9 when a 3,057 sq ft apartment at The Ritz-Carlton Residences Singapore, Cairnhill was sold for $16.5 million, or $5,397 psf.Coincidentally, the 10 most unprofitable condo resale transactions this year were recorded at Sentosa Cove condos. This includes the sale of a 5-bedroom duplex penthouse of 3,789 sq ft at Marina Collection on Cove Drive on July 22. It fetched $6.7 million, or $1,768 psf, which led to a loss of $2.69 million, or 29%.Another seller at Seascape on Cove Way had purchased a 2,680 sq ft four-bedroom unit on the sixth floor in October 2010 from the developer at $7.03 million, or $2,623 psf. However, on August 14, it was sold off for $4.5 million, or $1,679 psf, leading to a loss of $2.53 million, or 36%.