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

By
/ EdgeProp Singapore
|
June 9, 2022 7:00 AM SGT
The deluxe, four-bedroom unit at The Nassim was sold for $20 million ($4,915 psf) on May 25.
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SINGAPORE (EDGEPROP) - 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.
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The Nassim pool - EDGEPROP SINGAPORE
The deluxe, four-bedroom unit at The Nassim was sold for $20 million ($4,915 psf) on May 25. (Picture: Samuel Isaac Chua/The Edge Singapore)
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.
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As a result, the seller walked away with a $1.96 million (233%) profit, which translates to an annualised profit of 4.5% over more than 27 years. This makes it the second most profitable transaction to date at the boutique development. The record is held by a 1,755 sq ft, four-bedder which was sold for $3 million ($1,710 psf) in September 2021. The unit had been bought for $765,180 ($436 psf) in August 2005. Thus, the seller earned a $2.24 million profit (292%), which translates to an annualised profit of 8.8% over 16 years.
price trends chart Willyn Ville - EDGEPROP SINGAPORE
An analysis of the price trend at Willyn Ville utilising EdgeProp's Research Tool. (Picture: EdgeProp Singapore)
Willyn Ville is a boutique, 37-unit development at 1 Holland Avenue. The development faces Holland Road and it is close to the shops and restaurants along Holland Avenue. The condo is also close to Holland Village MRT Station on the Circle Line.
According to EdgeProp’s price analysis of transactions at Willyn Ville, the condo has seen a substantial increase in its average selling prices over the past two decades. In June 2002, the average price at the condo was $768 psf, compared to $2,014 psf in June this year.
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The Oceanfront @ Sentosa Cove - EDGEPROP SINGAPORE
A 1,378 sq ft unit at The Oceanfront @ Sentosa Cove was sold for $2.04 million ($1,480 psf) on May 24. (Picture: Samuel Isaac Chua/The Edge Singapore)
On the other hand, the most unprofitable transaction during the week occurred at The Oceanfront @ Sentosa Cove where a 1,378 sq ft unit was sold for $2.04 million ($1,480 psf) on May 24. The unit had previously fetched $2.52 million ($1,830 psf) in November 2010. Thus, the seller suffered a loss of $482,300 (19%), which translates to an annualised loss of 1.8% over 11½ years.
Based on URA caveats, this is the seventh resale transaction The Oceanfront @ Sentosa Cove condo so far this year. There has only been one profitable transaction so far this year, and losses have ranged from $51,120 to $1.87 million.
The Oceanfront @ Sentosa Cove is a 99-year leasehold development along Ocean Drive in Sentosa’s residential enclave, Sentosa Cove. The 264-unit development was completed in 2010.

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