Four-bedroom unit at Nassim Mansion rakes in $2.4 mil profit

Four-bedroom unit at Nassim Mansion rakes in $2.4 mil profit

June 24, 2022

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The sale of a 2,852 sq ft, four-bedroom unit at Nassim Mansion was the most profitable resale transaction during the week of June 7 to 14. The fourth-floor apartment was sold for $8.19 million ($2,871 psf) on June 8. It had previously fetched $5.78 million ($2,026 psf) in February 2007. As a result, the seller made a profit of $2.4 million (42%), which translates to an annualised profit of 2.3% over around 15 years.

Nassim Mansion is a freehold development in the exclusive Nassim Hill residential enclave in prime District 10. The development is close to the Singapore Botanic Gardens, as well as embassies along Napier Road. Luxury developments along Nassim Hill include The Loft, The Nassim and the upcoming 19 Nassim.

Completed in 1977, the 72-unit Nassim Mansion comprises four-bedroom units of 2,852 to 3,520 sq ft, as well as penthouses of 5,834 to 7,223 sq ft.

According to URA caveats, the most profitable resale deal at the condo is for a 7,115 sq ft penthouse unit on the 10th floor that changed hands for $16 million ($2,249 psf) in June 2007. The unit was acquired for $5.2 million ($731 psf) in February 2004. Thus, the seller made a gain of $10.8 million (207%), which translates to an annualised profit of 40% over three years.

However, caveats show that this particular unit subsequently saw a $1.12 million loss (7%) when it changed hands for $14.88 million ($2,091 psf) in April 2019.

The second-most profitable resale transaction during the week occurred at Goodwood Residence. A 3,089 sq ft, four-bedroom unit was sold for $7 million ($2,266 psf) on June 9. The unit was acquired for $5.18 million ($1,677 psf) in May 2016. Thus, the seller walked away with a $1.82 million (35%) profit, which translates to an annualised profit of 5.1% over six years.

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The 210-unit Goodwood Residence is a freehold development on Bukit Timah Road in prime District 10. The condo is close to the major roundabout that connects Bukit Timah Road, Dunearn Road, Newton Road, and Scotts Road. The condo is less than 500m from Newton MRT Interchange Station on the North-South and Downtown Lines, and within 1km of Anglo-Chinese School (Primary).

The latest resale at Goodwood Residence is the fourth transaction so far this year. All of the deals so far this year have been profitable, with profits ranging from $420,000 to $2.21 million. The most profitable resale so far this year was for a 3,907 sq ft unit that fetched $9.1 million ($2,329 psf) on March 11 this year. Previously, the unit had been bought for $6.88 million ($1,763 psf) in April 2010. The seller raked in a $2.21 million (32%) profit, which translates to an annualised profit of 2.3% over nearly 12 years.

On the other hand, the most unprofitable deal during the week was for a 1,313 sq ft, two-bedroom unit at Helios Residences. It was sold for $2.8 million ($2,132 psf) on June 8. The unit had been bought for $4.15 million ($3,162 psf) in July 2007. Thus, the seller suffered a loss of $1.35 million (33%), which translates to an annualised loss of 2.6% over almost 15 years.

Based on EdgeProp Singapore’s price trend research tool, the average selling price at Helios Residences has been on a downward trend for at least the past decade. It fell from about $3,154 psf in May 2012 to $1,872 psf in May 2022.

During this period, the development also recorded nearly 30 unprofitable transactions against just one profitable transaction, which was made in February 2008. Losses have ranged from $220,000 to $6.1 million. The most unprofitable sale at Helios Residences was for a 4,629 sq ft, four-bedroom unit that fetched $8.4 million ($1,815 psf) in November 2020. The unit had been bought for $14.5 million ($3,133 psf) in May 2014. Thus, the seller suffered a record $6.1 million (42%) loss, which translates to an annualised loss of 8% over six years.

Helios Residences is a freehold development on Cairnhill Circle in prime District 9. The 140-unit development was completed in 2011. The condo comprises two- to four-bedroom units of 1,281 to 4,629 sq ft.

https://www.edgeprop.sg/property-new...-24-mil-profit