in 19 yearsDistrict 11, 10 private residential resale market still active in May by Valerie KoritynSource: https://www.edgeprop.sg/property-news/luxury-development-nassim-9-saw-most-profitable-private-non-landed-resale-transaction-recent-week
The prestigious Nassim 9 development has set a new record for the most profitable private non-landed resale transaction in the period of Feb 4 to Feb 7. The sale involved a four-bedroom unit located on the third floor, spanning 2,486 sq ft, and was transacted for a staggering $7.5 million, or $3,016 psf, on Feb 7.
According to URA caveats, the unit was initially purchased for $4.12 million ($1,641 psf) in December 2005. This means that the seller made a profit of $3.42 million, or 83.8% of their original purchase price. This equates to an annualised gain of 3.2% over a period of 19 years.
The transaction at Nassim 9 marked the third most profitable resale transaction at the development to date. The current record was set in March 2023, when a larger four-bedroom unit spanning 2,756 sq ft was sold for $9.5 million ($3,448 psf). This unit was purchased for $4.12 million ($1,495 psf) in December 2005, resulting in a profit of $5.38 million (130.6%), or an annualised gain of 5% over a period of 17 years.
Prior to the unit sold on Feb 7, the last recorded transaction at Nassim 9 was in March 2023, when a 3,251 sq ft, four-bedroom unit was sold for $10.3 million ($3,169 psf). This sale generated a profit of $3.3 million for the seller.
Nassim 9 is a boutique development with only eight units, located along Nassim Road in prime District 10. It was completed in 2002 and consists of four-bedroom units ranging from 2,756 to 3,423 sq ft.
Another noteworthy transaction during the period was the sale of a triplex penthouse unit at Mount Faber Lodge, a freehold development located along Mount Faber Road in District 4. The 1,238 sq ft unit on the 28th floor was sold for $5 million ($1,350 psf) on Feb 5. It had last changed hands in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%), or an annualised gain of 5% over a period of 23.5 years.
The sale on Feb 5 set a new record for the most profitable unit at Mount Faber Lodge. The previous record was held by a three-bedroom unit spanning 2,669 sq ft on the third floor, which was sold for $3.89 million ($1,457 psf) in October 2022. This unit was initially purchased for $1.3 million ($487 psf) in January 2006, resulting in a profit of $2.59 million (199.2%).
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Mount Faber Lodge was completed in 1983 and has 84 units, including studio units spanning 1,098 sq ft, two- and three-bedroom units from 1,173 to 2,454 sq ft, and 20 five-bedroom triplex penthouses ranging from 3,703 to 3,724 sq ft.
The third most profitable deal during the period was the sale of a three-bedroom unit at Amaryllis Ville, a 99-year leasehold condo in prime District 11. The 1,238 sq ft unit on the 28th floor was sold for $2.65 million ($2,141 psf) on Feb 5. It had last changed hands for $1.09 million ($884 psf) in June 2005, resulting in a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over a period of 19.5 years.
This sale was the third most profitable for Amaryllis Ville, with the record held by a 1,991 sq ft, three-bedroom unit on the 17th floor, sold for $3.75 million ($1,885 psf) in September 2023. The unit was purchased for $1.95 million ($979 psf) in June 2009, resulting in a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over a period of 14 years.
Recent data has shown that resale prices at Amaryllis Ville have been on the rise, with a 4% year-on-year increase in February 2024, reaching an average of $2,082 psf. The development houses a mix of one- and two-bedroom units from 657 to 1,378 sq ft, three-bedroom units from 958 to 2,637 sq ft, and 378 five-bedroom triplex penthouses from 3,703 to 3,724 sq ft.
Overall, the period in review saw no unprofitable transactions. The rental market for condo properties in Districts 10 and 11 remains active, with several high value transactions recorded. Other notable developments with profitable transactions during the period include Kopar at Newton, Rochelle at Newton, and Nassim 9.