Five-bedroom penthouse at Nassim Park Residences reaps $2.3 mil profit

Five-bedroom penthouse at Nassim Park Residences reaps $2.3 mil profit

May 12, 2022

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SINGAPORE (EDGEPROP) - The most profitable resale deal in the week of April 26 to May 3 was that of a 3,509 sq ft, freehold five-bedroom penthouse at Nassim Park Residences.

It changed hands for a whopping $13.2 million ($3,762 psf) on April 27. The fifth-floor apartment was initially purchased in June 2008 for $10.9 million ($3,102 psf). The seller reaped a profit of $2.3 million (21%), translating to an 1.4% annualised profit over a period of almost 14 years.

Completed in 2011, the 100-unit freehold condominium is located on Nassim Road in prime District 10. Developed by a joint venture formed by UOL Group, Orix Capital and Kheng Leong Co, the property is located in Singapore’s most coveted residential address.

It is within a short walk to both Tanglin Mall and Orchard Road shopping belt, as well as the Singapore Botanic Gardens. The nearest MRT station is the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which is scheduled to be completed later this year. Other amenities in the vicinity include Camden Medical and Gleneagles Hospital and Medical Centre, as well as luxury hotels such as The St Regis Singapore, Four Seasons Hotel and the upcoming Artyzen Hotel as well as Edition Hotel.

The most profitable deal at Nassim Park Residences took place in April 2011 when a 6,954 sq ft penthouse apartment changed hands for $24 million ($3,468 psf). It was previously purchased for $18 million ($2,600 psf) in July 2008. The deal reaped a profit of $6.2 million (31.4%), translating to an annualised gain of 11.7% over nearly three years.

The second most-profitable deal of the week occurred at Rivergate, a 545-unit, freehold condominium situated at Robertson Quay, in prime District 9. Completed in 2009 and developed by CapitaLand, it is the first residential development to be accorded landmark status by URA. Other residential developments nearby are Martin Modern, Martin Place Residences and the upcoming luxury project, The Avenir, at River Valley Close.

Read more at: https://www.edgeprop.sg/property-new...-23-mil-profit