JUST SOLD: Second Nassim condo sold at million-dollar profit

By Tan Chee Yuen / The Edge Property | February 9, 2017 11:00 AM SGT
A 6,954 sq ft duplex penthouse at Nassim Park Residences was sold for $21 million ($3,020 psf) on New Year day. It was a profitable transaction for the seller who purchased the unit for $20 million ($2,903 psf) in February 2010. The capital gain was a million dollar or 5%.
The most recent transaction at the project saw a 3,466 sq ft unit changed hands for $12.5 million ($3,606 psf) on Jan 23. The seller realised a $1.06 million profit after he bought the unit in a sub-sale at $11.4 million ($3,300 psf) in 2010.
All two transactions this year have therefore been profitable with at least a million dollar capital gain.
Eight units at Nassim Park Residences were sold in 2016 at prices ranging from $3,001 to $3,725 psf. At the height of the market in 2010, a 3,466 sq ft unit changed hands at a record price of $4,120 psf.
Nassim Park Residences is a luxury condo project comprising 100 units near the Orchard Road shopping belt. Completed in 2011, the freehold project was developed by UOL Group, Kheng Leong and Orix Corp.