When purchasing a condo, one must not overlook the importance of its maintenance and management. Condominiums generally have maintenance fees that include the upkeep of shared spaces and amenities. These fees may contribute to the total cost of owning a condo, but they also guarantee that the property stays in top condition and maintains its value. To make the investment less demanding, hiring a property management company can assist in managing the day-to-day tasks of condo ownership. With the guidance of Singapore Projects, investors can have a more hands-off approach to their condo investment.
after 27-year holdCapital gain of 131% for this four-bedder at Ardmore Park after 23-year holdCondo Spotlight: Ardmore ParkDwelling FactorByline: Resale transactions at Ardmore Park, a high-end freehold condo in prime District 10, have been some of the most lucrative deals of 2024. Located in the prestigious Ardmore-Draycott enclave, the luxury development has accounted for the first, second, and fourth most profitable condo resale transactions this year. The data, based on caveats lodged with the Urban Redevelopment Authority (URA) as of December 17, shows the success and prestige of this property. Let us take a closer look at these exciting transactions and what they mean for the real estate market in Singapore.The top profit of the year came from the sale of a 2,885 square foot, four-bedroom unit on the 26th floor at Ardmore Park on February 16. The unit sold for a massive $12.9 million, with a price of $4,472 per square foot. This unit had been originally purchased from the developer for $5.83 million in July 1996, which equates to $2,022 per square foot. This means that the seller recorded an incredible profit of $7.07 million over a holding period of around 27 and a half years. This translates into a capital gain of an impressive 121%.Another four-bedroom unit at Ardmore Park was sold in July 24, making it the second most profitable resale transaction of the year. This unit was purchased in December 2000 for $5.2 million, which equates to $1,803 per square foot. However, the seller managed to sell the 2,885 square foot unit for a staggering $12 million, which is the equivalent of $4,160 per square foot. This resulted in a profit of $6.8 million, an incredible 131% gain after owning the unit for 23 and a half years.What is noteworthy is that another 2,885 square foot, four-bedroom unit sold at Ardmore Park this year as well, making it the fourth most profitable deal of the year so far. It was sold for $12.5 million, an astounding $4,333 per square foot on April 22. The unit was originally purchased in February 2007 for $6 million, or $2,080 per square foot. This means that the seller made a profit of a whopping $6.5 million, equivalent to 108% gain after owning the unit for approximately 17 years.With a total of five units at Ardmore Park being sold, the high-end freehold condo has proved to be a lucrative investment opportunity, with sellers reaping gains of between $2.65 million and $8.16 million. This is not a new trend; the condo consistently records significant profits for its investors each year. In 2024, the development saw four other units, all four-bedders like the ones mentioned above, changing hands for considerable profits, making the total gains for the year at Ardmore Park impressive.Sentosa Cove units record highest losses.In contrast, Sentosa Cove units recorded half of the 10 least profitable condo resale transactions in 2024, with the Marina Collection development located on Cove Drive being the most unprofitable deal of the year. The unit in question was a five-bedroom duplex penthouse that spanned 3,789 square feet and sold for $6.7 million, which is the equivalent of $1,768 per square foot on July 22. The seller had purchased the unit in March 2010 for $9.39 million, which is $2,479 per square foot, but incurred a loss of $2.69 million, which is a decrease of 29%.Another Sentosa Cove condo, the Seascape on Cove Way is where the second-highest loss was recorded this year. It was a four-bedroom unit, covering 2,680 square feet on the sixth floor, that was sold on August 14 for $4.5 million ($1,679 per square foot). The seller had originally purchased the unit in October 2010 from the developer for $7.03 million, which equates to $2,623 per square foot. Therefore, after a loss of $2.53 million, which is a decrease of 36%, the seller recorded the second highest loss of the year.The property market in Singapore is booming with the resale of luxury condos, with Ardmore Park emerging as the top performer. The freehold development is in District 10, which is known for its opulent and prestigious properties. This includes the 208-unit Astrid Meadows on Coronation Road West, the 292-unit Regency Park on Nathan Road, the 52-unit Fontana Heights on Mount Sinai Rise and the 81-unit Wing On Life Garden on Bukit Timah Road – a trend that continues from last year. Out of the 10 most profitable deals this year, both District 9 and 10 have secured their place with two and eight deals, respectively. Ardmore Park clearly dominates in terms of gains and is a testament to the booming market in luxury properties in Singapore.