Is it a Good Deal?: Losses abound for freehold resale condos in District 10Resale deals at Ardmore Park, a luxury condo located in prime District 10, saw some of the highest profits in 2024. The freehold development accounted for the first, second, and fourth most profitable condo resale transactions this year, according to the caveats lodged with the Urban Redevelopment Authority as of December 17th. This trend indicates the strong demand for luxury properties in the Ardmore-Draycott enclave.Recently, the sale of a four-bedroom, 2,885 square feet unit on the 26th floor of Ardmore Park on February 16th, brought in a whopping $12.9 million or $4,472 per square foot. The unit was originally purchased from the developer for $5.83 million, resulting in a profit of $7.07 million after a holding period of approximately 27 and a half years. This translates to a remarkable 121% gain.The second highest gain occurred on July 24th, when a four-bedroom unit of the same size on the 18th floor was sold for $12 million at $4,160 per square foot. The seller had initially bought the unit through a sub-sale transaction for $5.2 million, yielding a profit of $6.8 million or a staggering 131% gain after owning the unit for 23 and a half years.Another 2,885 square feet four-bedroom unit at Ardmore Park also made it to the list of top profitable deals of the year by netting the fourth highest gain of $12.5 million or $4,333 per square foot on April 22nd. The seller had acquired the unit for $6 million in February 2007, which resulted in a gain of $6.5 million or 108% after owning the property for over 17 years.Resales at Ardmore Park, a freehold condo with 330 units in District 10, have consistently brought in significant profits in the recent years. In 2024 alone, the condo recorded three more transactions of four-bedroom units measuring 2,885 square feet, with the previous owners pocketing gains of $2.65 million, $3 million, and $3.05 million respectively. In 2023, the condo had registered four resale transactions with profits running between $2.8 million and $8.16 million.Freehold condos in District 10 dominated the list of top deals this year apart from Ardmore Park. Beverly Hill, an 86-unit boutique condo on Grange Road built in 1983, recorded the fifth most profitable resale transaction when a four-bedroom unit spanning 3,778 square feet on the fifth floor was sold on July 15th for $9.15 million or $2,422 per square foot, resulting in a gain of $5.47 million (149%).Other standout transactions occurred in Astrid Meadows, an upper-class condo on Coronation Road West with 208 units, Regency Park boasting 292 units on Nathan Road, Fontana Heights having 52 units on Mount Sinai Rise, and Wing On Life Garden building 81 units on Bukit Timah Road. All these condos dated between 1982 and 1990 are over 30 years old.Older freehold condos in District 9 included two of the top 10 gains this year. The third highest profit was obtained from the sale of a four-bedroom unit measuring 3,434 square feet at Yong An Park on River Valley Road, fetching $8.6 million or $2,505 per square foot on August 12th. The sale of a 3,057 square feet apartment at The Ritz-Carlton Residences Singapore Cairnhill registered a profit of $4.89 million when it was sold for $16.5 million at $5,397 per square foot on January 9th.On the other hand, Sentosa Cove condos featured in nearly half of the 10 least profitable transactions this year. The most unprofitable deal of the year was the sale of a five-bedroom duplex penthouse measuring 3,789 square feet at Marina Collection, with a total of 124 units on Cove Drive for $6.7 million or $1,768 per square foot on July 22nd. The seller was found to have incurred a loss of $2.69 million (29%) as he had purchased the unit in March 2010 for $9.39 million, resulting in a capital loss of 36%.Moreover, a four-bedroom unit measuring 2,680 square feet on the sixth floor of Seascape on Cove Way recorded the second biggest loss for the year when it was sold for $4.5 million or $1,679 per square foot on August 14th. The seller had initially purchased the unit from the developer for $7.03 million in October 2010, resulting in a loss of $2.53 million (36%).
.
The bustling city of Singapore boasts a skyline dominated by towering skyscrapers and state-of-the-art infrastructure. These urban developments are complemented by the presence of high-end condominiums, strategically located in sought-after areas, offering a perfect fusion of luxury and convenience. These sought-after properties are not only popular among Singaporeans, but also attract expatriates, thanks to their modern amenities including pools, fitness centers, and round-the-clock security services. For investors, these features are a lucrative opportunity, translating into attractive rental returns and appreciating property values over time. As the Singapore real estate market continues to grow, investing in new condo launches, such as those offered by The Belle Game, can bring even more potential for high returns.