after 27 years of ownershipX-Drone: Ardmore Park, the luxury condo with the biggest resale gains in Singapore
Understanding the regulations and limitations of property ownership in Singapore is crucial for international investors. While foreigners typically face fewer restrictions when purchasing condominiums, certain rules are in place for owning landed properties. Additionally, foreign buyers must be aware of the Additional Buyer’s Stamp Duty (ABSD) which currently stands at 20% for their first property purchase. However, the consistent growth and stability of the Singapore real estate market remain a strong magnet for foreign investment. As such, Singapore Projects continue to attract foreign buyers, despite the added costs associated with property ownership.
Biggest Gains from Resale Transactions at Ardmore Park in Prime District 10 Resale transactions at Ardmore Park, a luxury condominium in the prime Ardmore-Draycott enclave in District 10, recorded some of the largest gains in 2024. Based on caveats lodged with the URA as of December 17, the freehold development accounted for the first, second, and fourth most profitable condo resale transactions that took place between January 1 and December 10 this year.
The highest profit was achieved from the sale of a 2,885 sq ft, four-bedroom unit on the 26th floor at Ardmore Park on February 16 for $12.9 million ($4,472 psf). The unit was initially purchased from the developer for $5.83 million ($2,022 psf) in July 1996. This translates to a profit of $7.07 million, or a gain of 121%, after a holding period of approximately 27 and a half years.
The second-highest gain occurred five months later on July 24, when a four-bedroom unit measuring 2,885 sq ft on the 18th floor changed hands for $12 million ($4,160 psf). The seller, who bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), reaped a profit of $6.8 million, or a gain of 131%. They had owned the unit for around 23 and a half years.
Another four-bedroom unit at Ardmore Park, measuring 2,885 sq ft, recorded the fourth-biggest profit this year when it was sold for $12.5 million ($4,333 psf) on April 22. The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), making a profit of $6.5 million (108%) after owning the unit for over 17 years.
Ardmore Park, a freehold condo with 330 units in District 10, saw three other units change hands this year, all of which were four-bedroom units measuring 2,885 sq ft. The sellers earned profits of $2.65 million, $3 million, and $3.05 million, respectively. Last year, the condo saw four resale transactions, with sellers making profits ranging from $2.8 million to $8.16 million.
Other Freehold District 10 condos dominate the list of biggest gains
Apart from Ardmore Park, other mature freehold condos in District 10 dominated the list of biggest gains this year. The fifth most profitable resale transaction took place at Beverly Hill, an 86-unit boutique condo on Grange Road that was completed in 1983. A four-bedroom unit spanning 3,778 sq ft on the fifth floor changed hands for $9.15 million ($2,422 psf) on July 15, and the seller made a profit of $5.47 million (149%).
Other freehold District 10 condos that made it to the list of top profitable deals include Astrid Meadows, Regency Park, Fontana Heights, and Wing On Life Garden. These condos, completed between 1982 and 1990, are all over 30 years old.
Two older freehold District 9 condos also registered top gains this year. The third-highest profit was recorded at Yong An Park, located on River Valley Road, where a four-bedroom unit measuring 3,434 sq ft was sold for $8.6 million ($2,505 psf) on August 12. This translated to a profit of $6.72 million. A four-bedroom unit measuring 3,057 sq ft at The Ritz-Carlton Residences Singapore Cairnhill was also sold for a profit of $4.89 million when it fetched $16.5 million ($5,397 psf) on January 9.
Sentosa Cove condos record top losses in resale transactions
On the other hand, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, was the most unprofitable deal this year. It was sold on July 22 for $6.7 million ($1,768 psf). The seller, who had bought the unit in March 2010 for $9.39 million ($2,479 psf), incurred a loss of $2.69 million (29%).
Another Sentosa Cove condo, Seascape, on Cove Way, saw the second-biggest loss this year when a four-bedroom unit measuring 2,680 sq ft on the sixth floor was sold for $4.5 million ($1,679 psf) on August 14. The seller had purchased the unit from the developer in October 2010 for $7.03 million ($2,623 psf), resulting in a loss of $2.53 million (36%).