Just last week, Condo Cash or Crash spotlighted a rare S$1.8 million loss at a freehold luxury development in Newton — a surprising turn for a supposedly “safe” prime district asset. Interestingly, the most profitable condo transaction in April also came from the neighbourhood. This seller walked away with a staggering S$6.5 million profit from an older, equally luxurious freehold condo in Newton.
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Top 10 profitable condo resales in April 2025
| Project | Area (sqft) | PSF Price (S$) | Selling Price (S$) | Profit (S$) | Years Held | Annualised Profit (S$) |
| Ardmore Park (D10) | 2,885 | 4,159 | 12M | 6.5M | 15.2 | 427,631 |
| The Waterside (D15) | 2,142 | 2,278 | 4.88M | 3.13M | 18.6 | 168,279 |
| Costa Rhu (D15) | 2,088 | 2,059 | 4.3M | 2.8M | 18.4 | 152,173 |
| Pinewood Gardens (D10) | 1,668 | 2,230 | 3.72M | 2.62M | 20.8 | 125,961 |
| The Horizon (D10) | 1,722 | 2,242 | 3.86M | 2.56M | 21.4 | 119,626 |
| Pandan Valley (D21) | 2,088 | 1,537 | 3.21M | 2.227M | 25.9 | 85,984 |
| Varsity Park (D5) | 2,271 | 1,374 | 3.12M | 2.2M | 19.2 | 114,615 |
| Park Infinia At Wee Nam (D11) | 1,464 | 2,309 | 3.38M | 2.143M | 18.4 | 116,467 |
| The Waterside (D15) | 2,411 | 2,219 | 5.35M | 2.07M | 8.6 | 240,697 |
| Astrid Meadows (D10) | 2,433 | 2,242 | 5.455M | 1.83M | 7.9 | 231,645 |
Looking at the list of top condo resales this month, it’s clear that many of the most profitable condo transactions occurred in either District 10 or District 15. These two districts are long-time favourites — District 10 for its city-centre prestige and District 15 for its laid-back coastal charm.
Ardmore Park condo gained a S$6.5M profit over 15 years
District 10 claimed the first spot for the most profitable condo resale with a S$12 million sale at Ardmore Park. On April 9, a 4-bedroom unit spanning 2,885 sqft on the 10th floor sold for S$4,160 psf. The seller had originally purchased the unit in January 2010 for S$5.5 million (S$1,907 psf). That’s a neat S$6.5 million capital gain in 15 years, averaging an annualised profit of S$427,631.
The stark contrast between this profitable sale and the S$1.8 million loss at The Ritz-Carlton Residences this month showed how two properties in the same area — and even with similar characteristics — can deliver very different outcomes depending on timing, entry price, and long-term holding power.
For context, Ardmore Park comprises three 30-storey towers with 330 units in total, primarily made up of spacious 4-bedroom apartments and a few lavish 8,740-sqft duplex penthouses. Now reaching its 25th year, it’s long been considered a benchmark for luxury living in Newton, with its well-maintained grounds, generous unit sizes, comprehensive facilities, and prime location.
Other profitable resales at Ardmore Park
The profitable resale wasn’t a one-off success either. In 2025 alone, there have been two other 4-bedroom resale transactions. Both sellers also made significant profits out of the deal:
- Another 10th-floor unit sold for S$11.8 million (S$4,090 psf) in March, yielding a S$3.8 million gain over just 5 years.
- A lower-floor unit on the 7th storey fetched S$13.2 million (S$4,576 psf) in January, raking in S$8.54 million profit after being held for close to 23 years.
Ardmore Park price trend analysis
Based on 99.co Researcher, Ardmore Park commands one of the highest resale prices in the neighbourhood. In 2025, the average psf across the three resale units is approximately S$4,275 psf — well above the Newton average.
Over the past 10 years, Ardmore Park has seen its average psf climb by more than 45%, compared to Newton’s overall freehold condo price growth of 15.53%. Back in 2015, the price gap between Ardmore Park and the average freehold condo in Newton was around 22%. That gap has widened significantly ever since. Ardmore Park now sits 61.5% higher than the Newton average of S$2,647 psf.
Even on a national scale, Ardmore Park has outpaced the broader freehold condo market, which posted a 42.57% increase in the same 10-year period. This suggests that premium projects in coveted enclaves, while costly to enter, can still outperform if held long-term.
For investors weighing between broader diversification or concentrating on trophy assets, Ardmore Park offers a compelling case for the latter — provided one has the holding power and upfront capital.
City-centre (D10) vs. coastal property (D15): Which one is more profitable?
While homebuyers might easily choose between them based on lifestyle, investors often focus on long-term returns. So, which of the two offers more opportunity for capital appreciation?
Sale transaction trend in the last 10 years
We looked into freehold property data over the past 10 years and found that District 15 has outperformed the broader market. Freehold condo prices in the district have appreciated by over 62%, significantly above the national average of 43.57%.
District 10, despite having the highest psf price at S$2,536 in 2025, showed a more modest growth of just 28.77%. One big possible reason is that already high entry prices have left less room for further upside.
This divergence in performance suggests that investors who aim purely for price appreciation might do better in rising lifestyle districts like District 15, whereas those valuing capital preservation, tenant stability, and prestige may still prefer District 10. In essence, the two districts serve different investment appetites.
Even when comparing overall condo prices (not just freehold), District 15 continued to show strong performance. Condo prices in the area have increased by 63.13% over the past decade, while the national average rose by 65.95%. In contrast, District 10’s overall condo prices only grew by 31.55%.
This consistent growth across both freehold and leasehold segments in District 15 highlights a broad-based demand — not just from investors, but also from owner-occupiers. Its blend of schools, parks, F&B enclaves, and beach proximity seems to be paying off in long-term value.
Browse available listings on 99.co
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Median unlevered returns and capital gains
While the official figures for April have yet to be released, the latest 99.co Flash Report from March 2025 offers some additional insights. According to the data, District 15 outshone both the national average and its city-centre counterpart in terms of unlevered returns.
Note: Grey fields contain figures derived from fewer than 10 matching transactions.
Condo sellers in District 15 saw a median unlevered return of 42.4%, well above the national median of 31.1%. District 10, on the other hand, came in slightly lower at 30.4%.
When it comes to absolute capital gains, District 15 also edged ahead. The median profit clocked in at S$651,000 — just above District 10’s S$630,000. Both figures were nearly double the national median capital gain of S$358,000, reinforcing the strong performance of these two popular districts.
Note: Grey fields contain figures derived from fewer than 10 matching transactions.
While Ardmore Park proves that legacy luxury condos in District 10 can still deliver headline-grabbing profits, broader trends show that District 15 has emerged as a more consistent outperformer. Investors looking for high absolute returns may find more headroom in lifestyle districts with ongoing gentrification, rather than in already-priced-to-perfection city-centre properties.
Enjoying this in-depth analysis? 99.co Condo Cash or Crash covers monthly notable transactions in Singapore’s private property market.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
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