Four-bedder at Nassim 9 sold for $4.4 mil profit

Four-bedder at Nassim 9 sold for $4.4 mil profit

November 11, 2022

The sale of a 3,423 sq ft unit at Nassim 9, a freehold development on Nassim Road in prime District 10, was the most profitable transaction recorded during the week of Oct 25 to Nov 1. The four-bedroom unit, which changed hands for $11.2 million ($3,272 psf) on Oct 27, had been purchased by the seller for $6.8 million ($1,987 psf) in October 2009, translating to a gain of $4.4 million, or 64.7%, over the 13-year holding period.

Nassim 9, a boutique luxury development completed in 2002, has only eight units housed in a four-storey building. It is located within walking distance of Orchard Boulevard MRT Station (on the Thomson-East Coast Line), which is due to open on Nov 13. The Botanic Gardens, Tanglin Mall and The Forum are also within walking distance.

The unit sold on Oct 27 clocked the highest price transacted at the development on both psf and absolute bases. Prior to this, the most recent transaction at Nassim 9 occurred in April 2012 when a 3,143 sq ft unit was sold for $8.8 million ($2,800 psf), which also marked the previous psf- and absolute-price highs for the condominium.

The second-most profitable transaction for the week occurred at The Oceanfront @ Sentosa Cove. A duplex penthouse measuring 5,985 sq ft on the 15th floor was sold for $14.3 million ($2,389 psf) on Oct 28. The seller had purchased the unit for $11.5 million ($1,922 psf) in June 2009, which means they raked in a $2.8 million (24.3%) profit on the transaction after holding the property for 13½ years.

The Oceanfront @ Sentosa Cove is a 99-year leasehold, ultra-luxury condominium in the Sentosa Cove enclave in District 4. Located on an islet, the sea-facing condominium was developed by a joint venture between City Developments and TID (a partnership between Hong Leong Holdings and Mitsui Fudosan) and completed in 2010. The development consists of five towers ranging from 13 to 15 storeys tall, and a total of 264 units. Unit sizes start from 1,216 sq ft for a two-bedroom apartment, going up to 8,095 sq ft for the largest penthouse.

The most unprofitable transaction recorded for the week was the sale of a unit at Reflections at Keppel Bay, located along Keppel Bay View in District 4. On Oct 31, a unit measuring 2,379 sq ft on the 27th floor fetched $4.3 million ($1,808 psf). The seller had purchased the unit for $5.4 million ($2,278 psf) in May 2007. Hence, they incurred a loss of 20.6% or $1.1 million over a 15½-year holding period.

The apartment was one of several resale units to be sold below their purchase prices in the last two years, according to data compiled by the EdgeProp Research tool. The most unprofitable transaction at the development occurred in July 2020, when a 3,854 sq ft unit was sold for $5.85 million ($1,518 psf), with the seller incurring a loss of $4.8 million.

Read more at: https://www.edgeprop.sg/property-new...-44-mil-profit