Some owners have sold their high-end homes in District 10 for a sizeable profit in Q4 2014 despite the sluggish resale market for such properties, according to media reports.
In November, two units in Wheelock Properties’ Ardmore Park (pictured) raked in more than $2 million in profits. One property changed hands for $2,524 psf or $7.28 million after it was purchased for $1,543 psf or $4.45 million in October 1999,
The second one was transacted for $2,843 psf or $8.2 million after it was bought for $2,115 psf or $6.1 million in 2006.
However, R’ST Research director Ong Kah Seng pointed out the profit-making units in the luxury residential segment are tied to specific developments.
“What Ardmore Park has over other properties is that the sizes of the units are the same, and it suggests that the owners are typically wealthier, if they can afford the large units.”
Notably, all 330 units at the project have an area of 2,885 sq ft.
“It’s a true-blue, high-end development, because luxury properties developed in the past five years might be in exciting locations, but they tend to have a mixture of unit sizes and a different profile of owners,” he added.
Furthermore, a 1,335 sq ft apartment at the 274-unit Tanglin Park managed to make a profit of $1.07 million last month, but some residential properties within the prime district have incurred significant losses.
For instance, a 3,175 sq ft apartment at Nassim Park Residences posted a loss of $300,000 after it was sold for $3,464 psf in October, while a 2,852 sq ft unit at Grange Residences suffered a loss of $650,000 after it was picked up for $2,612 psf last month.
Photo by Terence; Wikimedia Commons
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
