One of the most prestigious residential locations in Singapore, the Ardmore Park area in prime District 10, has largely managed to retain its cachet despite luxury market doldrums, consultants say.
Resale activity in the area has slowed significantly in the past couple of years but prices are still fairly resilient because of home owners’ holding power, they add.
The most prominent development there is the freehold Ardmore Park condominium, which was completed in 2001.
All 330 units at the development are a gargantuan 2,885 sq ft each.
The median resale price at the project was $3,311 per sq ft in the second quarter of this year.
This was slightly lower than the $3,484 psf median price recorded in the first quarter of the year, but still higher than the median price of $2,877 psf in the corresponding period last year.
Still, resale activity has significantly slowed in the surrounding area due to global macroeconomic headwinds.
There were 28 resale transactions in the area last year and 44 in 2011, but only eight so far this year.
The only new project in the Ardmore area completed within the past five years is the freehold 118-unit Ardmore II condominium, which received its Temporary Occupation Permit (TOP) in 2010.
Under construction are the 35-unit Sculptura Ardmore, 43-unit Le Nouvel Ardmore and 84-unit Ardmore 3.
Le Nouvel Ardmore has sold two units so far while Ardmore 3 has moved out three of the 12 units launched since its sales began around October last year.
The Ardmore 3 units have been sold at between $3,160 psf for a 1,798 sq ft unit and $3,485 psf for a 1,776 sq ft unit.
On the rental front, the Ardmore Park condo has also seen a dip in rental prices year on year in the second quarter of this year, though the number of rental contracts has gone up.
The monthly median rental price was $6.28 psf in the second quarter of last year, out of 14 rental contracts, which works out to $18,118 per month.
The monthly median rent fell to $5.78 psf in the second quarter of this year, which translates to $16,675 per month, out of 27 rental contracts.
Source: The Straits Times –24 August 2013
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