Seller reaps $3.3 mil profit at boutique condo Nassim 9

March 24, 2023



The most profitable resale transaction during the week of March 7 to 14 occurred at Nassim 9 and was the sale of a 3,251 sq ft, ground-floor unit for $10.3 million ($3,169 psf) on March 10. The unit was purchased for $7 million ($2,153 psf) back in January 2011. As a result, the seller raked in a $3.3 million (47%) profit on the transaction, which translates to an annualised profit of 3.2% over 12 years.

Nassim 9 is a boutique eight-unit condo on Nassim Road in prime District 10. The four-storey development was completed in 2002, and comprises four-bedroom units of 2,756 to 3,423 sq ft.

Located in the exclusive Nassim Road residential enclave, the development is a short walk to Tanglin Mall and other shopping malls along the Orchard Road shopping belt. Luxury residential developments surrounding Nassim 9 include Nassim Park Residences, Nassim Jade, Tanglin Residences, 19 Nassim and Les Maisons Nassim.

According to URA caveats, the most profitable resale at Nassim 9 occurred on March 1. It was for a 2,756 sq ft unit on the third floor that fetched $9.5 million ($3,448 psf). This unit had been bought for $4.12 million ($1,495 psf) in December 2005. Thus, the seller earned a record $5.38 million (130%) profit, which is an annualised profit of 5% over 17 years.

The second most profitable resale during the week was that of a 2,820 sq ft unit at Cairnhill Plaza which changed hands for $5.38 million ($1,908 psf) on March 9. The unit had fetched $2.6 million ($922 psf) when it was last on the market in 1997. This means that the seller raked in a $2.78 million (107%) profit, which translates to an annualised profit of 2.9% over 25 years. This is also the longest period a unit at Cairnhill Plaza has been held by an owner.

However, the record for the most profitable resale transaction at Cairnhill Plaza is for a 3,305 sq ft unit that was sold for $5.75 million (1,740 psf) in March 2010. That unit was purchased for $2 million ($605 psf) in 1999. The seller earned a record $3.75 million (187%) profit, which translates to an annualised profit of 9% over 11 years.

More at: https://www.edgeprop.sg/property-new...condo-nassim-9