On Jan 23, an Indonesian purchased a 3,466 sq ft unit at Nassim Park Residences for $12.5 million, or $3,606 psf. The transaction yielded a $1.06 million profit for the seller, who bought the unit in a sub-sale at $11.4 million, or $3,300 psf, in 2010.
The same unit changed hands twice at million-dollar profits. The previous seller had in fact reaped a bigger profit of $1.17 million, having bought the unit from the developer at just $2,961 psf in 2008.
Nassim Park Residences is a 100-unit luxury condominium designed by Chan Soo Khian of SCDA Architects. Completed in 2011, the freehold project was developed by UOL Group, Kheng Leong and Orix Corp.
A total of eight units at Nassim Park Residences were sold in 2016 at prices ranging from $3,001 to $3,725 psf. The project’s record price was in 2010, when a 3,466 sq ft unit changed hands at $4,120 psf.
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Last year, a duplex penthouse at Nassim Park Residences fetched $21.2 million, or $3,082 psf. The seller of the penthouse, however, incurred a $2.31 million loss as he had bought the unit from the developer in 2008 at $23.5 million, or $3,418 psf.
Four condo units fetched profits of more than $1 million each in the week of Jan 17 to 24. The highest profit of $1.57 million accrued to a 3,154 sq ft unit at Pebble Bay, a waterfront project on Tanjong Rhu Road in District 15. The unit was purchased almost 20 years ago at $850 psf and resold on Jan 23 at $1,348 psf. Given the long holding period, the profit works out to just 2% a year.
In 2016, 16 units changed hands at Pebble Bay at an average price of $1,181 psf, on a par with 2010 prices. Rents averaged $4,320 psf in 4Q2016 for two-bedroom units of 1,300 to 1,400 sq ft. Completed in 1997, Pebble Bay is a 99-year leasehold condo comprising 510 units. The project overlooks the Marina Reservoir.
Interestingly, the highest profit and the biggest loss at Pebble Bay historically were traced to the same unit. The 6,469 sq ft penthouse fetched a $4.2 million profit in 2007. The seller had bought it at $587 psf in 2006 and flipped it a year later at $1,237 psf. The previous seller, on the other hand, incurred a $1.91 million loss, having bought the unit at $882 psf in 1995 and sold it at $587 psf in 2006.
Meanwhile, another unit at Watertown, a mixed-use development at Punggol Central, was sold at a loss. The project was launched in 2012 and there have been seven resale transactions that were loss-making, where the previous caveats could be traced. On Jan 23, a 1,356 sq ft unit was sold at a loss of $353,042. The seller had bought the unit at a toppish price of $1,499 psf in 2012 and resold it at $1,239 psf.
A total of 21 units at Watertown were sold in 2016 at an average price of $1,213 psf. Prices in the project peaked in 2013 when 16 units fetched an average price of $1,407 psf. That same year, a 1,259 sq ft unit was sold for $1,600 psf and a 1,475 sq ft unit went for $1,654 psf.