Four-bedder at Nassim Park Residences sold at $4 mil profit

/ EdgeProp Singapore |

September 14, 2023 2:56 PM SGT

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SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at Nassim Park Residences was the most profitable condo resale transaction during the week of Aug 29 to Sept 5, based on caveats lodged with URA. The 3,477 sq ft unit changed hands for $14 million ($4,027 psf) on Sept 5. The seller purchased it in July 2008 from the developer for about $10 million ($2,878 psf). This means the seller raked in a profit of around $4 million, reflecting a capital gain of 40% over a holding period of slightly more than 15 years.

This is the fourth most profitable resale transaction that has taken place at Nassim Park Residences, based on data compiled on EdgeProp Research. The most profitable transaction occurred on March 27 when a 4,822 sq ft unit on the first floor changed hands for $22 million ($4,562 psf). It was purchased by the seller for $14.74 million ($3,056 psf) in June 2008 from the developer. This means the seller reaped a profit of $7.26 million or 49.3% over a holding period of nearly 15 years.

Another notable transaction took place at Nassim Park Residences in February, when a 4,284 sq ft unit fetched $20.5 million. The sale marked a new high for the development at $4,785 psf. The unit, which was acquired in September 2009 for $14 million ($3,268 psf), netted the seller a gain of $6.5 million, making it the second most profitable transaction to occur at the development.

Read also: Ultra-luxury District 10 condos reap sky-high profits

The 3,477 sq ft unit at Nassim Park Residences was sold for $14 million ($4,027 psf) on Sept 5 (Picture: Samuel Isaac Chua/The Edge Singapore)

Nassim Park Residences is a freehold luxury condo by UOL Group, Kheng Leong Co and Tokyo-based investment firm Orix Corp. Located along Nassim Road, the development was completed in 2011. The 100-unit condo has four-bedders and penthouses of between 3,175 and 8,073 sq ft.

The second most profitable condo resale transaction during the week in review was the sale of a duplex four-bedroom penthouse at The Shelford. The 2,411 sq ft unit was sold for $5.1 million ($2,115 psf) on Sept 5. The seller had bought the penthouse from the developer for $1.512 million ($627 psf) in June 2002. Hence, the seller netted a gain of $3.6 million or 237% over a holding period of just over 21 years.

This is the most profitable resale transaction recorded to date at The Shelford. It beats the previous record set in November 2007 when a 2,411 sq ft unit changed hands for $4.15 million ($1,721 psf). The seller, who had purchased the unit in June 2002 for $1.68 million ($696 psf), netted a gain of $2.47 million.

A 2,411 sq ft penthouse at The Shelford changed hands for $5.1 million ($2,115 psf) on Sept 5, netting the seller a gain of $3.6 million (Picture: Samuel Isaac Chua/The Edge Singapore)

The Shelford is a freehold condo that was completed in 2005. Developed by CapitaLand, it comprises 215 units across seven low-rise blocks. The project has one- to four-bedroom apartments of 732 to 2,411 sq ft. Located near the intersection of Dunearn Road and Adam Road, the development is close to amenities including the Botanic Gardens, Serene Centre and Adam Food Centre.

On the other hand, the most unprofitable transaction during the week in review took place at Mon Jervois. A three-bedder measuring 1,389 sq ft changed hands for $2.6 million ($1,872 psf) on Aug 30. It was purchased by the seller for $3.3 million ($2,377 psf) in November 2017. Thus, they made a loss of $700,000 or 21% after holding the unit for nearly six years.

This is the most unprofitable resale transaction registered to date at Mon Jervois. It surpasses the previous record loss of $650,000 incurred by the seller of a 1,389 sq ft unit in September 2021. The unit was sold for $2.75 million ($1,980 psf).

A 1,389 sq ft unit at Mon Jervois changed hands for $2.6 million ($1,872 psf) on Aug 30, leading to a loss of $700,000 (Picture: Samuel Isaac Chua/The Edge Singapore)

Located at Jervois Road in prime District 10, Mon Jervois is a 109-unit condo developed by Singapore Land. Completed in 2016, the 99- year leasehold development comprises five low-rise blocks. Units include one- to four-bedders of between 614 and 1,981 sq ft. There are also two- to four-bedroom penthouses with sizes of between 1,475 and 3,003 sq ft.