A notable benefit of investing in a Singapore condo is its potential for capital appreciation. As a thriving global business hub and with a robust economy, Singapore experiences a constant demand for real estate. This has led to a consistent rise in property prices over the years, especially for condos in prime locations. By timing their investment correctly and holding onto their properties for the long run, investors can reap significant profits from capital gains.
Resale transactions at Ardmore Park, a luxury condo located in the prime District 10 Ardmore-Draycott enclave, were among the most profitable deals that took place in 2024. The freehold development, with its 330 units, accounted for the first, second, and fourth most profitable condo resale transactions between January 1 and December 10, according to caveats lodged with URA as of December 17.
The top profit was made on the sale of a four-bedroom, 2,885 sq ft unit on the 26th floor of Ardmore Park on February 16 for $12.9 million, or $4,472 psf. The seller had bought the unit from the developer for $5.83 million ($2,022 psf) in July 1996, meaning they had made a profit of $7.07 million, or a 121% gain over a holding period of about 27.5 years.
The second-highest gain came five months later on July 24, when a four-bedder measuring 2,885 sq ft on the 18th floor was sold for $12 million ($4,160 psf). The seller had originally bought the unit in December 2000 through a sub-sale transaction for $5.2 million ($1,803 psf), raking in a profit of $6.8 million, or a capital gain of 131%. The seller had held the unit for about 23.5 years.
Another 2,885 sq ft, four-bedroom unit at Ardmore Park made the fourth-biggest profit this year after it was sold for $12.5 million ($4,333 psf) on April 22. The seller had purchased the unit in February 2007 for $6 million ($2,080 psf), netting a profit of $6.5 million (108%) after 17 years of ownership.
Resale transactions at 330-unit Ardmore Park, completed in 2001, have consistently registered significant gains in recent years. In 2024, the condo saw three other units – all 2,885 sq ft four-bedders – transacted, with the sellers fetching profits of $2.65 million, $3 million and $3.05 million respectively. Last year, the condo registered four resale transactions with profits ranging from $2.8 million to $8.16 million.
Apart from Ardmore Park, other mature freehold condos in District 10 also dominated the list of top gains this year. Beverly Hill, an 86-unit boutique condo on Grange Road completed in 1983, saw the fifth-most profitable resale transaction this year: a four-bedder measuring 3,778 sq ft on the fifth floor that changed hands for $9.15 million ($2,422 psf) on July 15. The seller made a profit of $5.47 million (149%).
Other freehold District 10 condos that recorded top profitable deals include Astrid Meadows, a 208-unit development on Coronation Road West; Regency Park, a 292-unit development on Nathan Road; Fontana Heights, a 52-unit development on Mount Sinai Rise; and Wing On Life Garden, an 81-unit development on Bukit Timah Road. These condos, which were completed between 1982 and 1990, are over 30 years old.
Older freehold District 9 condos accounted for two of the top 10 gains this year. This includes the third-highest profit, made on the sale of a four-bedroom unit measuring 3,434 sq ft at Yong An Park on River Valley Road. The unit netted a profit of $6.72 million when it changed hands for $8.6 million ($2,505 psf) on August 12. Meanwhile, another condo in District 9, The Ritz-Carlton Residences Singapore Cairnhill, recorded a profit of $4.89 million on the sale of a 3,057 sq ft unit for $16.5 million ($5,397 psf) on January 9.
Contrastingly, Sentosa Cove condos accounted for nearly half of the 10 least profitable condo resale transactions this year. The sale of a five-bedroom duplex penthouse measuring 3,789 sq ft at Marina Collection, a 124-unit condo on Cove Drive, was the most unprofitable deal this year, fetching $6.7 million ($1,768 psf) on July 22. The seller, who bought the unit in March 2010 for $9.39 million ($2,479 psf), recorded a loss of $2.69 million (29%).
Another Sentosa Cove development, Seascape, saw the second-biggest loss this year after a four-bedroom unit measuring 2,680 sq ft on the sixth floor was sold for $4.5 million ($1,679 psf) on August 14. The seller had purchased the unit from the developer in October 2010 for $7.03 million ($2,623 psf), incurring a loss of $2.53 million (36%).