to make biggest gains in 2024Less profitable Sentosa Cove deals affected by smaller capital gains and higher asking prices
Major profits were seen from resale transactions at Ardmore Park, a luxurious condominium located in the Ardmore-Draycott enclave found within the prestigious District 10. As 2024 comes to a close, it has been identified that the freehold development holds the top, second and fourth most profitable deals based on caveats lodged with the Urban Redevelopment Authority (URA) as of 17th December.
The highest profit was achieved by the sale of a 2,885 square foot, four-bedroom unit on the 26th floor of Ardmore Park on the 16th February, where it was sold at $12.9 million, or $4,472 per square foot. This unit was initially purchased from the developer at $5.83 million, translating to a profit of $7.07 million and a 121% gain after 27.5 years of ownership.
The second-largest gain occurred on 24th July when a four-bedroom unit measuring 2,885 square feet on the 18th floor was sold for $12 million, equal to $4,160 per square foot. The seller who originally purchased the unit for $5.2 million in 2000, sold it at a profit of $6.8 million, equivalent to a capital gain of 131% after owning the unit for 23.5 years.
On 22nd April, Ardmore Park saw another 2,885 square foot unit being sold for $12.5 million, or $4,333 per square foot. The previous owner had purchased the unit for $6 million in February 2007 resulting in a profit of $6.5 million or 108% after 17 years of ownership.
Ardmore Park, a freehold condominium with 330 units, has been consistently registering significant gains in recent years. In 2024, three other 2,885 square feet four-bedroom units were sold at the development with the sellers making a profit of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo saw four resale transactions with profits ranging from $2.8 million to $8.16 million.
Aside from Ardmore Park, other mature freehold condos in District 10 also made up a good portion of the top profitable deals this year. Beverly Hill, an 86-unit boutique condo on Grange Road, which was completed in 1983, completed its fifth most profitable resale transaction of a four-bedroom unit with a floor area of 3,778 square feet on the fifth floor for $9.15 million, or $2,422 per square foot on 15th July. The seller made a profit of $5.47 million, or 149%.
Other freehold District 10 condos that rounded up the top profitable deals include Astrid Meadows, a 208-unit condo on Coronation Road West, Regency Park, a 292-unit residential development on Nathan Road, Fontana Heights, a 52-unit condo on Mount Sinai Rise and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These developments which were completed between 1982 and 1990 were all over 30 years old.
Two of the top 10 gains were accounted for by older freehold District 9 condos. The third-highest profit was achieved by the sale of a 3,434 square foot, four-bedroom unit at Yong An Park, situated on River Valley Road. The unit was successfully sold for $8.6 million, or $2,505 per square foot on 12th August, resulting in the seller making a profit of $6.72 million. On 9th January, another sale by the seller saw a 3,057 square foot unit at The Ritz-Carlton Residences Singapore Cairnhill being sold at $16.5 million or $5,397 per square foot, amounting to a profit of $4.89 million.
One of the major benefits of purchasing a condominium in Singapore is the opportunity for considerable capital growth. Due to its prime location as a global business center and strong economic stability, Singapore’s real estate market experiences consistent demand. This has resulted in a continuous rise in property prices, particularly for condos in sought-after areas. Those who make well-timed investments and hold onto their properties for extended periods can reap substantial gains in capital. With the addition of Singapore Projects, the potential for capital appreciation in the city-state only continues to grow.
Sentosa Cove condos make up the majority of the least profitable deals this year, with the sale of a five-bedroom duplex penthouse with a floor area of 3,789 square feet at Marina Collection being the most unprofitable deal this year. On 22nd July, the unit was sold at $6.7 million, or $1,768 per square foot. The seller originally purchased the unit in March 2010 at $9.39 million, incurring a loss of $2.69 million, or 29%.
On 14th August, Seascape, another residential development at Cove Way saw the second-biggest loss this year when the seller of a 2,680 square foot, four-bedroom unit on the 6th floor sold it for $4.5 million or $1,679 per square foot. The seller had purchased the unit for $7.03 million in October 2010, incurring a loss of $2.53 million, or 36%.