The decision to invest in a condo in Singapore has become increasingly popular among both local and foreign investors. This is largely due to the country’s thriving economy, unwavering political stability, and impressive quality of life. Singapore’s real estate market boasts a variety of promising opportunities, but it’s the condo segment that truly shines. With its attractive conveniences, extensive amenities, and potential for strong returns, it’s no wonder that condos have captured the attention of investors. In this article, we will delve into the advantages, factors to consider, and necessary steps to take when investing in a condo in Singapore. Looking to invest in a new launch? Check out New Condo Launches for the latest developments.
Ardmore Park unit sold for $3.05 mil profitPRICE TRENDSMedian prices in District 10 rose 7% in 3Q2021 compared to 3Q2018Median prices in District 20 climbed 12.7% in 3Q2021 compared to 3Q2018Median prices in District 4 rose 12.5% in 3Q2021 compared to 3Q2018 median prices in District 10 rose
The most successful condo resale transaction during the week of November 19 to 26 was the sale of a four-bedroom unit measuring 2,885 sq ft at Ardmore Park. The unit, located on the 14th floor, was sold for $11.25 million ($3,900 psf) on November 22. The seller had originally purchased the unit in September 2016 for $8.2 million ($2,843 psf), resulting in a profit of $3.05 million, reflecting a capital gain of 37% or an annualized profit of 4.6% over a holding period of approximately eight years.
This deal comes just two months after another four-bedroom unit measuring 2,885 sq ft on the 23rd floor was sold for $12.7 million ($4,402 psf) on October 1. The seller of this unit had originally bought it in September 2010 for $9.7 million ($3,363 psf), resulting in a profit of $3 million or a capital gain of 30.9%.
Ardmore Park is a prestigious condo with 330 units located in the prime District 10 area. The luxurious freehold development, consisting of three 30-storey towers, was completed in 2001. The typical unit size is 2,885 sq ft, but it also features six 8,740 sq ft duplex penthouses.
Aside from the units sold on November 22 and October 1, there have been four other resale transactions at Ardmore Park this year, all of which have been profitable. These units, all four-bedrooms measuring 2,885 sq ft, were sold for prices ranging from $4,108 psf to $4,472 psf, resulting in profits between $2.65 million and $7.07 million for the sellers.
The second most profitable condo resale deal during this week was the sale of a four-bedroom unit at Goldenhill Park Condominium. This 1,539 sq ft unit on the 16th floor was sold for $3.43 million ($2,228 psf) on November 21. The seller had originally purchased the unit from the developer in May 2001 for $1.14 million ($741 psf), resulting in a profit of $2.29 million or 201%. They had owned the unit for 23 and a half years.
This is the second-highest gain recorded to date on a unit at Goldenhill Park Condominium, with the record belonging to a 2,928 sq ft four-bedroom penthouse sold for $4.3 million ($1,469 psf) in February 2022. The seller had originally bought the unit from the developer in April 2001 for about $2 million ($683 psf), resulting in a profit of $2.3 million.
Goldenhill Park Condominium, a freehold development completed in 2004, is located on Mei Hwan Drive in District 20. It consists of 390 units ranging from two to four bedrooms, with sizes between 926 sq ft and 2,928 sq ft. It is in close proximity to the Lorong Chuan MRT Station on the Circle Line.
Five other resale transactions have occurred at Goldenhill Park Condominium this year, all of which have been profitable. The units, sold for prices between $2,082 psf and $2,246 psf, resulted in profits ranging from $760,000 to $1.91 million for the sellers.
On the other hand, the most unprofitable condo resale deal during this week was the sale of a four-bedroom unit at The Oceanfront @ Sentosa Cove. The 2,831 sq ft unit on the 10th floor was sold for $4.7 million ($1,660 psf) on November 20. The seller had originally bought the unit in May 2007 for $5.8 million ($2,050 psf), resulting in a loss of $1.1 million (19%) after owning the unit for 17 and a half years.
The Oceanfront @ Sentosa Cove, a 99-year leasehold condo in the exclusive Sentosa Cove residential enclave, was completed in 2010 and has 264 units housed in five towers ranging from 12 to 15 storeys high. It offers two to four-bedroom apartments measuring between 1,216 sq ft and 4,284 sq ft, as well as penthouses ranging from 2,745 sq ft to 8,095 sq ft.
Based on caveats lodged, there have been six other resale transactions at The Oceanfront @ Sentosa Cove this year, with units selling for prices between $1,500 psf and $1,999 psf. Among these transactions, four were unprofitable, resulting in losses of between $30,000 and $519,000 for the sellers. The remaining two transactions were profitable, with the sellers netting gains of approximately $268,000 and $1.7 million, respectively.