Resale four-bedder at Nassim Lodge makes record $11.5 mil profit
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The sale of a four-bedroom unit at Nassim Lodge was the most profitable resale transaction during the week of Sept 30 to Oct 7. The seller of the 4,176 sq ft unit took home a record profit of $11.5 million (383%) when it was sold on Oct 2 for $14.5 million ($3,472 psf).
The unit had been previously purchased for around $3 million ($799 psf) in May 1998. The seller reaped an annualised profit of 5.5% after holding the unit for over 27 years.
Completed in 1984, Nassim Lodge is a freehold condo located at 7 Nassim Road in prime District 10. According to Raymond Ler, co-founder of Halcyon Real Estate, the eight-unit boutique development was formerly known as Seven Nassim.
The 4,176 sq ft unit at Nassim Lodge was sold for $14.5 million ($3,472 psf) on Oct 2 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The project is located along the prestigious Nassim Road, just off Tanglin Road in the Orchard Road neighbourhood. It is in the vicinity of luxury hotels, such as St Regis Hotel, Artyzen and Conrad Singapore Orchard, as well as shopping malls such as Claymore Connect, Delfi Orchard and Palais Renaissance.
The latest transaction is just the third since Jan 1, 1995, when URA Realis caveat data began. Before this transaction, the last unit that changed hands at Nassim Lodge was a larger 4,478 sq ft, four-bedroom unit on the first level that sold for $10 million ($2,233 psf) in July 2022.
“Transactions are few at Nassim Lodge due to the rarity of such a boutique development,” says Jacqueline Wong, executive director and founder of boutique real estate consultancy JQT Private. “It has just eight units — six apartments and two penthouses, coupled with its ‘creme de la creme’ location.”
Meanwhile, the sale of a three-bedroom unit at Sixth Avenue Ville recorded the second-highest gain during the period under review. The 1,550 sq ft unit on the first floor fetched $3.1 million ($2,000 psf) on Sept 30. The seller acquired the unit in December 2000 for about $1.27 million ($819 psf). Thus, they made a gain of around $1.83 million after owning the unit for almost 25 years. This translates to a capital gain of 144.2% for the seller.
The latest deal marks the most profitable resale transaction recorded to date at the development. It surpasses the previous record of $1.71 million, set by a 1,572 sq ft, three-bedroom unit that sold for around $3.25 million ($2,068 psf) in May 2023. The seller, who bought the unit in May 1999 for $1.54 million ($978 psf), made an annualised gain of 3.2% after holding the unit for almost 24 years.
A five-bedroom unit at Sixth Avenue Ville fetched $3.1 million on Sept 30, netting the seller a $1.83 million gain (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Sixth Avenue Ville is a freehold condo located along Sixth Avenue in prime District 10. Completed in 1999, the development comprises a single four-storey block, which houses 49 units. It offers a mix of one- to four-bedroom units, spanning 710 sq ft to 2,540 sq ft.
Excluding the Sept 30 transaction, there have been two other resale deals at Sixth Avenue Ville so far this year, one of which yielded a profit. A smaller 1,270 sq ft, three-bedroom unit on the second floor reaped a profit of $1.63 million when it changed hands for $2.88 million ($2,267 psf) on Feb 3.
On the other hand, the most unprofitable transaction during the week was the sale of a four-bedroom unit at Cliveden at Grange. The 2,842 sq ft unit on the 17th floor fetched around $9 million ($3,167 psf) on Oct 6. The unit had previously changed hands in July 2007 for $10.38 million ($3,653 psf), resulting in a loss of $1.38 million (13.3%) for the seller after owning the unit for slightly over 18 years.
The seller of a 2,842 sq ft unit at Cliveden at Grange made a loss of $1.38 million when it changed hands for $9 million on Oct 6 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Three other units have transacted at Cliveden at Grange this year, with two resulting in losses. The seller of a similar 2,842 sq ft unit on the fourth floor incurred a loss of $2.04 million when the unit was sold for $7.8 million ($2,745 psf) on March 21. Before that, a 2,153 sq ft, three-bedroom unit was transacted for $4.8 million ($2,230 psf) on Jan 6, resulting in a loss of around $3.06 million.
Cliveden at Grange is a freehold condo along Grange Road in prime District 10. Completed in 2011, the development comprises 110 residential units spread across four residential blocks. It offers a mix of three- to five-bedroom units measuring 2,153 sq ft to 6,028 sq ft.
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