Nassim condo flipped twice at million-dollar profits

By Feily Sofian / The Edge Property | February 4, 2017 8:30 AM SGT
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...