$1.46 mil loss at Beaufort at Nassim latest in nine-year unprofitable streak

/ EdgeProp
March 12, 2018 7:30 AM SGT
The sale of a three-bedroom unit at luxury condominium Beaufort at Nassim on Feb 22, which caused the seller to incur a $1.46 million (23%) loss, was the latest and largest in a string of unprofitable deals at the freehold development.
It was also the most unprofitable transaction in the week of Feb 20 to 27, based on the matching of caveat data as at March 6. The seller bought the 2,002 sq ft unit on the second floor in 2007 for $6.36 million ($3,178 psf), but sold it for $4.9 million ($2,447 psf).
There have been no profitable transactions at the 30-unit condo over nine years, with losses ranging from $320,000 to $1.46 million.
The sale of a three-bedroom unit at Beaufort at Nassim was the biggest loss in the week of Feb 20 to 27. The seller incurred a $1.46 million loss. (Picture: The Edge Singapore)
The condo was completed in 2008 and all the units that have changed hands so far were bought in 2007. Beaufort at Nassim is on Nassim Road in prime District 10. Situated in Singapore’s diplomatic enclave, it is near the Japanese and Philippine embassies. The condo is close to the Orchard Road shopping belt and nearby shopping malls include Tanglin Shopping Centre and Tanglin Mall.
The most profitable transaction during the week was the sale of a four-bedder at The Sea View for $3 million ($1,826 psf) on Feb 26. Having bought the 1,647 sq ft unit for $1.27 million ($770 psf) in 2005, the seller walked away with a $1.74 million (137%) profit. This translates into a 7% annualised profit over a 12 year holding period.
There have been no unprofitable transactions at the condo since 2015. So far this year, there have been four transactions with an average profit of $1.7 million.
The second most profitable deal for the week was the sale of a three-bedroom unit at Maple Woods on Feb 27. The seller made $1.25 million in profit when the 1,324 sq ft unit fetched $2.3 million ($1,737 psf); it was bought for $1.05 million ($793 psf) in 1995. This translates into a 119% profit, or an annualised profit of 3% over a 23-year holding period.
All three transactions at Maple Woods so far this year have been profitable. Last year, there were 34 profitable transactions with an average profit of $491,285 (47%) and one unprofitable transaction. The latter involved a 850 sq ft unit that was bought for $1.32 million ($1,546 psf) in 2013 and sold for $1.15 million ($1,352 psf) in 2017, which translates into a $165,000 (12.5%) loss.
Maple Woods is a freehold development in District 21. Completed in 1997, it comprises a mix of two- to four-bedroom units and penthouses that range from 850 to 3,046 sq ft. The 697-unit condo is beside the King Albert Park MRT station on the Downtown Line and near the Methodist Girls’ School.