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Thread: Ardmore II (D10, Freehold, Wheelock Properties)

  1. #31
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    The Tate residences unit sold for close to $3,000 psf
    The Edge
    Monday, 8 February 2010

    It’s starting to look like a self-fulfilling prophecy, as far as prices in the high-end residential segment in Singapore are concerned. Anecdotally, there’s evidence that some cash-rich speculators are also back in the market, according to some property consultants.

    Notable secondary market transactions in the week of Jan 8 to 15 at The Tate Residences, Ardmore II and Scotts Square have seen a spike in prices.

    One was the sale of a 2,207 sqft, 27th storey apartment at The Tate Residences on Claymore Road, developed by Hong Leong Holdings. The 85- unit luxury condo has two 36-storey towers, and is very close to completion.

    The unit changed hands for $6.5 million ($2,946 psf). The seller purchased the apartment when it was launched in September 2006 at $5.046 million ($2,287 psf), and enjoyed a capital appreciation of 29% in about three years. This price is pretty close to the levels seen in the heady days of August to September 2007, when a 3,229 sqft unit on the 27th floor changed hands in a sub-sale for $11.3 million or $3,500 psf.

    There’s been a lot of excitement along Claymore Road, particularly as the rumour mill is once again rife with speculation of The Claymore’s “en bloc potential”. Located next to The Tate Residences, the 146-unit luxury freehold condominium was completed in 1985 and is still considered a landmark luxury condo in that location. As early as 2007, owners of The Claymore had flirted with the possibility of an en-bloc sale, going as far as appointing CB Richard Ellis and DTZ as joint marketing agents. According to sources, it did not achieve the 80% consensus needed for a collective sale to take place.

    “The Claymore definitely has en bloc potential,” says a property consultant who declined to be named. “But, the owners are reluctant to sell, because when looking at replacement units, it’s hard to find something comparable in the same location.” Unit sizes at The Claymore are large. The smallest are three-bedroom apartments 2,680 sqft in size. 4-bedroom apartments measure 3,348 sqft while the penthouses are 4,919 sqft each.

    The most recent transaction at The Claymore was in November last year, when a three-bedroom, 13th floor apartment changed hands for $8.38 million ($2,503 psf). The previous owner had purchased the property in March 1996 for $5.2 million ($1,553 psf), and enjoyed a 61% capital appreciation over the last 14 years.

    The last time an apartment at The Claymore crossed the $2,500 psf barrier was during the most recent peak in May 2008, when a 3-bedroom apartment on the 17th floor was sold for $6.8 million ($2,537 psf).

    Further up Claymore Road is the prestigious Ardmore Park enclave, where the 303-unit Ardmore Park developed by Wheelock Properties epitomised the height of luxury in the mid-1990s. Even today, it’s the yardstick for luxury property prices. Riding on its success, the developer launched the 118-unit Ardmore II in September 2006 and, to date, the project is 100% sold and close to completion. After it was launched, prices ranged from $2,087 psf to a high of $3,208 psf in May 2007 at the peak of the market. At that time, Ardmore Park apartments were changing hands in the resale market at $1,837 to $2,773 psf.

    With anticipation of the private preview of Ardmore III mounting, at prices said to be $3,500 psf or higher, an apartment on the 24th floor of Ardmore II was sold for $5.566 million ($2,751 psf) in a sub-sale. The seller bought the unit when it was launched in October 2006 for $4.833 million ($2,389 psf). The last time an apartment at Ardmore II breached the $2,700 psf mark was February 2008, when an 11th floor apartment sold for $5.675 million ($2,804 psf).

    Meanwhile, at the 338-unit Scotts Square located on Scotts Road, also by Wheelock Properties, an apartment on the 25th floor was sold for $3.35 million ($3,537 psf), according to a caveat lodged last month. The seller purchased the 947 sqft apartment in August 2007, when the project was launched, for $3.735 million ($3,944 psf). At the peak of the market, a 1,249 sq ft apartment on the 28th floor had changed hands in a sub-sale at $5.558 million or a high of $4,451 psf.

    The 45-storey tower is expected to be completed in 2011, and will house luxury retail and commercial space on the first 5 levels.

  2. #32
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    Quote Originally Posted by Reporter, 12 November 2009 4.45 pm
    Did you buy? Congratulations!

    The last transaction in October is doing at $2,650 psf. Ardmore Park has crossed $3,000 psf. You must be laughing to the bank now.
    $3,000 psf is now history for Ardmore Park.

    The latest is $3,700 psf!

    Quote Originally Posted by freelance, SkyscraperCity, 20 February 2010 10.16 am
    ..........
    .......... Unit of Ardmore Park just sold at $3700 PSF but caveat not yet out...


    ..........
    ..........

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    Ardmore Park unit sold for record project price
    $3,688 psf for premium tower view; luxury home prices nowhere near 2007 however
    Jessica Cheam
    The Straits Times
    Monday, 22 February 2010


    The 2,885 sqft Ardmore Park unit with the $10.64 million price tag boasts an unblocked panoramic view. -- Photo: BT File

    Prime property prices may still be a far cry from the record levels reached during the 2007 property boom, but one Orchard Road project recently achieved a new record price.

    The Straits Times understands that a 2,885 sqft apartment at Ardmore Park was sold last week for $10.64 million, or $3,688 psf - a record for the project.

    The previous record for the 330-unit freehold project was $10.1 million, or $3,501 psf for a unit, achieved in October 2007, according to caveats lodged.

    The home with the record-breaking price is on a high floor in a premium tower with an unblocked panoramic view, said property agent Daphne Tay of Sotheby's International Realty, who part-brokered the deal.

    A foreign buyer from North Asia forked out the record sum. The sellers were an Indonesian couple who were the original owners, said Ms Tay, who has been in the industry for over 15 years. Both buyer and seller declined to be interviewed.

    Property analysts said that the record deal was not unexpected, given that the luxury property segment is hotting up.

    Mr Joseph Tan, executive director of residential services at CB Richard Ellis, said that this year will be a year dominated by high-end properties.

    'Mass market homes, which drove the property boom last year, have reached their previous peak in terms of price, whereas the luxury market is still 20% below its peak,' he said. He also noted that foreign buyers, who left in droves in the wake of the 2008 financial crisis, have been returning to the Singapore property market.

    Based on caveats lodged, the number of foreign buyers rose from 1,498 in 2008 to 2,840 last year, he said.

    Compared to rival cities such as Hong Kong, Singapore prime properties are still cheaper and represent good investment value, Mr Tan added.

    According to a recent DTZ research report, foreigners accounted for 12% of total purchases of private homes in the 4th quarter last year, up from 10% in the previous quarter.

    In the 2nd half of last year, there was an increase in buyers from Britain, Korea and Australia, said the report.

    High-end property prices have been inching up in tandem with the global economic recovery.

    Late last year, 6 units at SC Global's luxury development, Seven Palms in Sentosa Cove, were sold at record prices of $11 million each, or $3,100 to $3,400 psf.

    However, luxury property prices are still nowhere near the dizzying heights achieved in 2007 when a 53rd storey 5,048 sqft private apartment in The Orchard Residences was sold for a record $5,600 psf, or $28.27 million.

    That was topped, in absolute terms, by a freehold apartment on the 19th storey of The Marq on Paterson Hill which sold for a whopping $31 million, but at a lower psf price of $5,100 psf.

    Ngee Ann Polytechnic real estate lecturer Nicholas Mak said that even though activity in high-end properties will pick up this year, prices this year are not likely to return to their 2007 peak.

    'This year is going to be a bit turbulent for the property market, especially after the recent government measures to cool the property market. Buyers should generally be quite cautious,' he said.

    The Government announced last Friday that it will introduce a sellers' stamp duty for those who resell a property within a year. It also reduced the maximum home loan amount a bank can lend a buyer from 90% to 80% of the property value.

    The new measures aim to pre-empt a property bubble from forming and to ensure a stable and sustainable property market.

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    Quote Originally Posted by Reporter
    A foreign buyer from North Asia forked out the record sum. The sellers were an Indonesian couple
    WOW ... Indonesia give way to North Asia!

    Looks like the Dragon is going to replace the Garuda in Orchard Road.

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    Quote Originally Posted by jlrx
    WOW ... Indonesia give way to North Asia!

    Looks like the Dragon is going to replace the Garuda in Orchard Road.

    That unit was an good stack.

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    Quote Originally Posted by Property_Owner
    That unit was an good stack.
    Yours sold for how much?

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    Quote Originally Posted by Property_Owner, 23 February 2010 1.39 pm
    That unit was an good stack.
    Here is the caveat for that unit.


    Ardmore Park
    Address ........................ psf ............... Area ........... Price ............. Contract Date
    15 Ardmore Park #27-02 .... $3,688 psf .... 2,885 sqft .... $10,639,000 .... 27 Jan 10

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    Quote Originally Posted by Reporter, 10 February 2010 11.06 pm
    Congratulations!
    Ardmore II has just hit a hïgh of $2,751 psf!


    Ardmore II
    Address ....................... psf .............. Area ......... Price ............ Contract Date
    1 Ardmore Park #24-01 .... $2,751 psf ... 2,024 psf .... $5,566,000 .... 13 Jan 10
    Wow! Again? That is fast!
    Ardmore II has just hit a hïgh of $2,829 psf!


    Ardmore II
    Address ....................... psf .............. Area ......... Price ............ Contract Date
    1 Ardmore Park #27-02 .... $2,829 psf ... 2,024 psf .... $5,725,000 .... 17 Feb 10

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    Ardmore II has just hit a nëw hïgh of $2,879 psf!


    Ardmore II
    Address ....................... psf .............. Area ......... Price ............ Contract Date
    1 Ardmore Park #20-02 .... $2,879 psf ... 2,024 psf .... $5,826,000 .... 7 Apr 10

  10. #40
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    Ardmore II has just hit a hïgh of $3,061 psf!


    Ardmore II
    Address ....................... psf .............. Area ......... Price ............ Contract Date
    1 Ardmore Park #29-01 .... $3,061 psf ... 2,024 psf .... $6,193,000 .... 26 Apr 10

  11. #41
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    Default gone nowhere

    if anything, dipping a bit:

    #27-04 2792psf 13 jul 2010
    #31-04 2771psf 23 sep 2010
    #32-04 2769psf 10 feb 2011

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