A few months back, luxury, high-end properties were finding it hard to lock down an audience. But apparently even though the number of takers were low, those who did shake on a deal were making a tidy sum.
Luxury homes in the Orchard area have been changing hands at high prices. This is particularly evident in the Ardmore Park apartments which brought a profit of $2 million each for the owners of 2 units in this high-end residential development by Wheelock Properties.
Property analysts however, are considering the spike to largely be condominium-specific as homes in the Nassim area did not seem to fare as well. Besides location, the unit-sizes are also indicative of the possible investor profile. Most of the homes at Ardmore Park were similar in size, each measuring approximately 2, 885 sq ft, which meant that buyers of these properties are more likely to me wealthier, with deeper pockets and different investment agendas. A1,335 sq ft unit in Tanglin Park condominium in Ridley park, though considerably smaller in size, sold for a tidy $1.07 million profit as well.
Despite being in the same vicinity, a couple of Grange Residences and Nassim Park Residences units sold at a loss. It could be anyone’s game at the moment, but it seems buyers are becoming highly specific about the development they hope to buy into and competition between projects in the same district could be facing even fiercer competition for the same wallets come 2015.