Deluxe four-bedder at The Nassim rakes in $6 mil profit

June 10, 2022



The sale of a 4,069 sq ft, four-bedroom unit at The Nassim was the most profitable transaction during the week of May 24 to 31. It also achieved a record price at the freehold luxury condominium.

The deluxe apartment was sold for $20 million ($4,915 psf) on May 25. The seller, Ron Tan, executive chairman and group CEO of CityNeon Holdings, purchased the property for nearly $14 million ($3,440 psf) in February 2018. Thus, he reaped a whopping profit of $6 million (43%), which translates to an annualised profit of 8.7% over more than four years. The buyer is believed to be a Chinese national and the sale would incur the 30% additional buyer’s stamp duty.

The unit had been put up for sale in February this year after a two-month refurbishment to spruce it up. CBRE Residential Singapore was the exclusive marketing agent who closed this deal.

Two resale transactions were recorded at The Nassim last year. The first involved a 3,283 sq ft unit that fetched $12.5 million ($3,807 psf) in June. The unit had been bought for $11.2 million ($3,411 psf) in December 2017. As a result, the seller earned a profit of $1.3 million (12%), which translates to an annualised profit of 3.1% over 3½ years.

The second transaction involved a 3,122 sq ft unit that changed hands for $13 million ($4,165 psf) in October. The unit had been bought for $10.4 million ($3,332 psf) in February 2018. Thus, the seller raked in a $2.6 million profit (25%) or an annualised profit of 6.1% over nearly four years.

The Nassim, at 18 Nassim Hill in prime District 10, was developed by CapitaLand and completed in 2015. The 55-unit, freehold development is close to several embassies along Napier Road, and is within the prime Nassim Road residential enclave and close to the luxury condos along Cuscaden Road and Orchard Boulevard.

The second most profitable resale transaction during the week occurred at Willyn Ville, a freehold development on Holland Avenue in prime District 10. A 1,518 sq ft, four-bedroom unit was sold for $2.8 million ($1,845 psf) on May 26. The unit had previously fetched $839,454 ($553 psf) in February 1995.

Read more at: https://www.edgeprop.sg/property-new...s-6-mil-profit