Four-bedder at Ardmore II rakes in $2.1 mil profit

At Ardmore II, a four-bedroom apartment changed hands for $6.28 million ($3,103 psf) on Feb 8, the most profitable condo resale transaction recorded during the week of Feb 7 to 14. The 2,024 sq ft unit, located on the eighth floor, was purchased by the seller in October 2006 for $4.21 million ($2,082 psf) and made a net gain of $2.07 million (49%) over a holding period of more than 16 years. This marks the second most profitable transaction ever recorded at Ardmore II.

Ardmore II is a freehold luxury development by Wheelock Properties in District 10, which consists of 118 identical four-bedroom units of 2,024 sq ft in two 36-storey towers. The Feb 8 transaction is the first at Ardmore II this year, following four resale transactions in 2022 which were all profitable.

The second most profitable transaction during the period in review occurred at Regency Suites in District 3. A 1,421 sq ft unit on the 13th floor was sold for $2.97 million ($2,089 psf) on Feb 9, a net profit of just under $2 million (206%) over a holding period of over 17 years. Prior to this, the most profitable transaction at Regency Tengah Plantation EC Suites was a 1,421 sq ft unit on the 31st floor, sold for $2.7 million ($1,900 psf) in 2020.

Regency Suites consists of 84 residences with freehold tenure, offering a mix of one- to four-bedroom units ranging from 592 to 4,532 sq ft. Last year, only one apartment changed hands at Regency Suites, with the seller walking away with a profit of $160,000.

Meanwhile, the most unprofitable transaction during the week took place at The Sail @ Marina Bay. On Feb 10, a one-bedroom unit measuring 689 sq ft was sold for $1.47 million ($2,132 psf) — resulting in a loss of around $291,000 for the seller who bought the unit for $1.76 million ($2,555 psf) in 2010. Of the four resale transactions at The Sail @ Marina Bay this year so far, two occurred at prices lower than the purchase prices.

The Sail @ Marina Bay is a 99-year leasehold luxury condo by City Developments and AIG Global, located on Marina Boulevard in District 1. Consisting of two towers — Tower 1 (70 storeys) and Tower 2 (63 storeys) — the development offers 1,111 units with studio to four-bedroom layouts ranging from 592 to 2,185 sq ft, as well as penthouse units ranging from 3,391 to 6,297 sq ft.

The most profitable and unprofitable transactions during the week of Feb 7 to 14 have illustrated the fragile nature of the Singapore property market. The difficulty in predicting its fluctuating prices means that many buyers and sellers may experience either gains or losses when they enter the market.