The price of Ardmore Park Condo at two recent transactions climbed back $3,000 psf level that is expected to show an upcoming turning point for prices in the luxury condo segment in prime Districts like Orchard, Tanglin. Within the same block, a unit on the 13th floor was sold at $8.6 million($2,981 psf), and another on the seventh floor get the sales of $8.45 million ($2,929 psf).
Prior to above, Ardmore Park condo sold another mid-floor unit with the transacted price crossing threshold of $3,000 psf, up to $9.3 million that translates to $3,223psf. “With prices now inching towards the$3,000 psf level, many foreign investors are of the view that prices are unlikely to fall further,” says Eric Tay, associate group division director of PropNex Realty. “And they see this as an opportunity to buy into an exclusive property in a good-class-bungalow neighbourhood, such as Ardmore Park, before prices start to move up.”
Ardmore Park Condo is seeing a strong interest from foreigners with all its given like the sizeable floor areas of the units, good layout and freehold tenure, views of the greenery and the swimming pool from unit on the 13th floor for instance. The maintenance and upkeep of the development despite its age as well as prime location very close to international schools also a boon for ownership.
Ardmore Park condo with three 30-storey towers of 330 luxury units on an ample freehold land is the biggest luxury condo in the Ardmore Park neighbourhood. and well-served by a spectrum of top-notch facilities. It was launched at the peak of the last property boom in mid-1996 and completed in 2001.
The transaction of a unit at Ardmore Park condo at $7.28 million ($2,524 psf) last year reflected clearly "the trend to return to the prestigious locations of Ardmore Park, as well as Nassim Road and Orchard Boulevard in the luxury condo segment of foreign buyers ," says PhyliciaAng, Savills’ executive director of residential services.
Ardmore II Condo sold a unit on the 33rd floor at price of $5.8million ($2,866 psf) and another on the 13th floor at $4.7million ($2,323 psf). The recent transaction of this freehold Ardmore II was the sale of an unit at $5.75 million ($2,841 psf) in 2013.
In addition, the other in Ardmore Series : Ardmore Three Condo transacted two units recently on the 19th, 27th floor at $5.83million ($3,281 psf) and $6.15 million ($3,527 psf). All they were sold at a roadshow in Hong Kong last month, with sales handled by Singapore Christie’s Home sand CBRE. The Ardmore Three includes one tower of 84 units ready-to-move. The completion of the frehold condo by Wheelock Properties was in December 2014
“What is significant about the recent transactions at Ardmore II and Ardmore Three is that it presents buying opportunities at the$5 million to $6 million level in a neighbourhood where the entry price is generally $9 million and above,” says Savills’ Ang.
It is clear why Ardmore Park is back in vogue. “Everytime there’s a market turnaround, Ardmore Park is the first to see buyers return and prices rebound,” remarks Eyo of Singapore Christie’s Homes.
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