Marina Bay and Sentosa Cove are some of the well-known areas for luxury properties. But don’t forget Ardmore Park. This district 10 prime spot is one of the most prestigious locations on mainland Singapore and has managed to hold on to its highly priced calling card in the midst of a luxury property market slump.
Although the number of sales may have dipped over the past two years, prices have been consistent. Part of the reason could be the holding power of the property owners in the area. In light of the rising property prices all around, home owners or investors may be choosing to hold on to their Ardmore properties simply because it may be difficult getting similar properties within the same size and price range in the current market. Median selling prices psf is currently at $3, 311.
Unique to the Ardmore Park location is its commitment to luxury. Unlike other luxury property areas such as Marina Bay and Sentosa Cove where there are a mix of smaller and average-sized apartments, Ardmore Park only has large-sized, spacious units. At the freehold Ardmore Park condominium, each unit averages 2, 885 sq ft.
Other condominium developments in the area include the 118-unit Ardmore II which was ready for occupation in 2010; the Sculptura Ardmore, Le Nouvel Ardmore and Ardmore 3 which are all being constructed. Units at Ardmore 3 have been sold between $3, 160 and $3,485 psf. But with rental reaching $18, 118 a month, home owners may not be in any of a hurry to divest of their investment. With an eye on the global macroeconomic situation, any movement upwards may mean increased activity in the luxury property market. When will the market see a revival?