Extra-luxurious Condos in District 10 generate enormous profits

On the list of most expensive resale transactions in 2023, ultra-luxury condo acquisitions in Singapore’s most expensive residential neighborhoods, such as Ardmore Park, Nassim Road, and Grange Road, took first place.

Ardmore Park, Nassim Park Residences, and Grange Residences are the three properties in the prestigious District 10 that accounted for half of the top 15 profitable deals in 2023, according to Singapore’s tabulation of resale caveats this year.

However, the resale market for Sentosa Cove condos continued to perform rather poorly, with apartments in the coastal enclave accounting for almost half of the year’s top 15 unsuccessful sales. The only condominium that had consistent, large losses in 2023 was the five resale units at Marina Collection that made the list.

Riverfront Residences

The sale of a penthouse home at Riverfront Residence was this year’s best resale deal. The 12,710 square-foot unit on the 12th floor went for $32 million ($2,988 per square foot) on September 27, more than twice the $15.6 million ($1,457 per square foot) selling price in 2014. The seller made a record $16.4 million (105%) profit as a result, with an annualized profit of 8% over a period of more than nine years. This is Riverfront Residences Site Plan‘s most lucrative transaction to date.

These days, it’s unusual to find a larger unit for sale than 10,000 square feet. Only three sales in the last three years have included apartments larger than 10,000 square feet, according to URA caveats. An 11,227-square-foot apartment at the opulent Les Maisons Nassim sold for $68 million last year. An 11,130-square-foot penthouse at Concourse Skyline sold for $24 million ($2,156 per square foot) in 2021.

This year, there have been seven sales at Goodwood Residence. Prices have varied from $2.88 million ($2,573 psf) for a 1,119 sq ft property on the sixth story, which was sold in May, to $7.28 million ($2,966 psf) for a 2,454 sq ft unit, excluding the penthouse transaction.

Located on Bukit Timah Road, Goodwood Residence is a freehold property. The project including 210 units was created in 2013. The property is located on a prime site near the Newton MRT Interchange Station on the North-South and Downtown Lines. It is also in close proximity to the Singapore Botanic Gardens, the Novena neighborhood, and the Orchard Road shopping district.

The Ardmore Park

Three luxury condos in upscale District 10—three from Ardmore Park, two from Nassim Park Residences, and three from Grange Residences—accounted for half of the top 15 profitable purchases in 2023.

The second-most profitable selling transaction of the year at Ardmore Park was the sale of a 2,885-square-foot unit located on the fourth level. For $13 million ($4,510 psf), it was sold in April. In 2000, the unit had brought in $4.85 million, or $1,681 per square foot. Consequently, over a period of more than 22 years, the seller earned an annualized profit of 5% and a profit of $8.16 million (168%).

Marina Selection

However, condos in Sentosa Cove accounted for nearly half of this year’s most unprofitable selling transactions. The only condo to post five large losses, including the year’s most unsuccessful deal, was Marina Collection.

The 3,272 square foot, $4.65 million ($1,421 per square foot) sale of a unit at Marina Collection in April was the least profitable resale deal of the year. In March 2008, the apartment was purchased for $9.3 million ($2,841 psf). Consequently, the seller experienced an annualized loss of 5% over a period of 15 years and a record loss of $4.65 million (or 50%). Additionally, this is the condo’s least profitable resale deal to date.

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