Penthouse unit at Nassim Jade sold for $6.05 mil profit

By
/ EdgeProp Singapore
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December 11, 2020 6:00 AM SGT
SINGAPORE (EDGEPROP) - The most profitable deal during the week of Nov 24 to Dec 1 was the sale of a 5,038 sq ft penthouse unit at Nassim Jade. The five-bedroom unit was purchased for $5.65 million ($1,122 psf) in October 2005 and sold for $11.7 million ($2,323 psf) on Nov 27. The seller thus earned $6.05 million, or a profit of 107%, on the sale. This translates to an annualised profit of 4.9% over 15 years.
Nassim Jade is a freehold development located on Nassim Road in prime District 10. It is near the Orchard Road shopping belt, and close to the luxury residential enclaves on Cuscaden Road and Ardmore Park. Nassim Jade was completed in 1997 and comprises 39 apartments with three- and four-bedroom units ranging from 1,841 sq ft to 3,455 sq ft.
BLD-NASSIM-JADE - EDGEPROP SINGAPORE
The 5,038 sq ft penthouse unit at Nassim Jade earned the seller a 107% profit on Nov 27. (Picture: The Edge Singapore)
The latest resale is the most profitable deal that has been recorded so far at Nassim Jade. The record was previously held by a 2,153 sq ft unit, which was sold for $5.1 million ($2,369 psf) in October 2011. That unit had been purchased for $2.5 million ($1,161 psf) in April 2003. The owner made $2.6 million (104%), or an annualised profit of 8.7% over 8½ years.
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The sales of two units at Ridgewood were also among the top transactions during the week in review. A 1,873 sq ft unit fetched $2.6 million ($1,396 psf) on Nov 26. The unit had been purchased for $934,627 ($499 psf) in August 2002. Thus, the owner made $1.62 million, or a profit of 162%, on the sale. This translates to an annualised profit of 5.4% over 18 years.
The second sale at Ridgewood was that of a 2,002 sq ft unit, for $2.85 million ($1,424 psf) on Nov 30. That unit had been purchased for $1.29 million ($643 psf) in September 1999. That transaction earned the seller a profit of $1.56 million (121%), or an annualised profit of 3.8% over 21 years.
 - EDGEPROP SINGAPORE
Ridgewood is a 999-year leasehold condominium located on Mount Sinai Rise in prime District 10. The development was completed in 1981 and comprises 464 two- to four-bedroom units ranging from 721 sq ft to 3,799 sq ft.
The development has seen eight resale transactions so far in 2020, with profitable transactions ranging from $50,000 to $2.55 million. The most profitable deal at Ridgewood was for a 3,423 sq ft unit which fetched $3.89 million ($1,139 psf) on Nov 11. That unit was purchased for $1.3 million ($380 psf) in May 1999.
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Meanwhile, the top loss during the week in review was for the sale of a 3,025 sq ft unit at The Oceanfront @ Sentosa Cove. The three-bedroom unit was sold for $5.66 million ($1,871 psf) on Nov 25, but had been bought for $7.86 million ($2,600 psf) in August 2007. This resulted in a loss of $2.21 million (28%), or an annualised loss of 2.4% over 13 years.
The Oceanfront @ Sentosa Cove - EDGEPROP SINGAPORE
A 3,025 sq ft unit at The Oceanfront @ Sentosa Cove made the top loss of $2.21 million. (Picture: Samuel Isaac Chua/The Edge Singapore)
Located in Sentosa Cove, the luxury residential enclave on Sentosa Island, The Oceanfront @ Sentosa Cove comprises 264 units on a 99-year leasehold and was completed in 2010. There have been four unprofitable transactions and two profitable ones this year.
The Nov 25 transaction is also the most unprofitable deal recorded at the enclave this year. The second highest loss was recorded on July 27, when a 1,711 sq ft unit was sold for $2.7 million ($1,578 psf) but had been purchased for $3.7 million ($2,164 psf) in October 2007. This resulted in a loss of $1 million (27%), or an annualised loss of 2.4% over 12 years.
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