The most profitable resale transaction in the week of Sept 28 through Oct 5 was the sale of a 2,885 square foot, four-bedroom unit at Ardmore Park. On Oct 4, the luxury unit at the 23rd Floor was sold for $10.75million ($3,726 per square foot). In July 1999, the unit was purchased for $4.8million ($1,664 per square foot). The seller made a profit totaling $5.95million (124%). This translates into an annualized profit of 3.7% over 22 year.
Belgravia Ace indicative price coveted freehold strata landed housing featuring 3-storey 100 strata terrace houses and 18 strata semi-detached houses in a perfect ambience.
This is the ninth Ardmore Park resale transaction this year. The previous eight transactions were profitable and one was a loss. This is the latest resale transaction at Ardmore Park, and it’s also the most profitable in 2021.
Another four-bedroom unit, located on the 25th floor, was the second most lucrative sale. It sold for $10.8 million ($3,744 per square foot) on August 6. The unit was purchased in August 1996 for $5.7million ($1,975 per square foot). The seller made a profit $5.1 million (89%), which is 2.5% annually over 25 years.
Ardmore Park’s only unprofitable deal this year was for a four bedroom unit on the 28th floor. It sold for $9 million ($3,120 per square foot) on February 3. In February 2013, the unit was sold for $10.5million ($3,640 per square foot). The seller suffered a loss in the resale transaction of $1.5million (14%) which translated to an annualized loss of 1.9% for eight years.
Ardmore Park, a luxury freehold condo located in the heart of District 10, is available for purchase. It consists of three 30-storey blocks. The development was completed in 2001. There are 330 units with four bedrooms measuring 2,885 square feet, and six duplex penthouses measuring 8,740 square feet.
A 3,466 square foot unit at Fontana Height was the second highest gain of the week. After being purchased in September 1999 for $2.52million ($727 per square foot), the four-bedroom unit was bought for $6.62million ($1,909/square feet) on October 4. The seller made a profit of $4.1million (163%), which is 4.5% annually over 22 years.
Fontana Heights’ latest resale transaction also marks the highest profit. This transaction replaced the previous record profit of $6.33million ($1,826 per square foot) which was the sale on Oct 29, 2020, of another 3,466 sq.ft four-bedroom unit. In March 2006, the unit was purchased for $2.65million ($765 per square foot). The seller made a profit of $3.68million (138%) or 6.1% annually over the 14-year period.
Fontana Hills is a freehold community on Mount Sinai Rise, in prime District 10. The condominium, which has 51 units, was built in 1985. It consists of three- and four-bedroom units measuring 3,000 to 4,607 square feet.
The sale of a 3,498-square-foot unit at Belle Vue Residences was the least profitable resale transaction of the week. After being purchased for $6.84million ($1,956 per square foot) in June 2013, the unit was sold for $4.83million ($1,381/psf). The seller suffered a loss of $2.01 million (29%) or 4.1% annually over the eight-year period.
Fontana Heights’ latest resale transaction also happens to be the least profitable. A 2,302 sq.ft unit, which was previously a record-breaking loss, was sold on November 13, 2017 for $4.56million ($1,980 per square foot). In November 2011, the seller bought the unit at $6.38million ($2,772 per square foot). The seller had purchased the unit for $6.38 million ($2,772 psf) in November 2011. This was a loss that equaled $1.82million (28%), or a loss of 5.4% annually over six years.
Belle Vue Residences are located in prime District 9 on Oxley Walk. In 2010, the freehold development was completed. Nine 5-storey residential blocks comprise the 176-unit condominium. They include two- to five-bedroom units measuring 1,378 to 5,005 square feet.