Four-bedder at Nassim 9 sold for $4.4 mil profit
The sale of a 3,423 sq ft unit at Nassim 9, a real estate property development on Nassim Street in top Area 10, was one of the most highly profitable purchase reported during the week of Oct 25 to Nov 1. The four-bedroom unit, that altered hands for $11.2 million ($3,272 psf) on Oct 27, had recently been acquired by the owner for $6.8 million ($1,987 psf) in October 2009, translating to an acquire of $4.4 million, or 64.7%, more than the 13-year holding period.
Nassim 9, a store high-end project finalized in 2002, has just 8 units property in a four-storey structure. It lies within walking range of Orchard Blvd MRT Station (on the Thomson-East Coast Line), that is due to start on Nov 13. The Botanic Gardens, Tanglin Shopping Mall as well as The Forum are likewise in just walking distance.
The second-most rewarding purchase for the week happened at The Oceanfront @ Sentosa Cove. A duplex penthouse determining 5,985 sq ft on the 15th floor was marketed for $14.3 million ($2,389 psf) on Oct 28. The vendor had actually purchased the unit for $11.5 million ($1,922 psf) in June 2009, which means they raked in a $2.8 million (24.3%) earnings on the deal after holding the building for 13 1/2 years.
One of the most unlucrative deal filed for the week was the revenue of a unit at Reflections at Keppel Bay, situated along Keppel Bay View in District 4. On Oct 31, a unit measuring 2,379 sq ft on the 27th level fetched $4.3 million ($1,808 psf). The retailer had acquired the unit for $5.4 million ($2,278 psf) in May 2007. Therefore, they acquired a loss of 20.6% or $1.1 million over a 15 1/2-year keeping period.
The Oceanfront @ Sentosa Cove is a 99-year leasehold, ultra-luxury condominium in the Sentosa Cove enclave in District 4. Situated on an island, the sea-facing condo was built by a mutual endeavor between City Developments as well as TID (an alliance in between Hong Leong Holdings and Mitsui Fudosan) and even finished in 2010. The property contains five towers ranging from 13 to 15 floors high, and also an overall of 264 units. Unit measurements start from 1,216 sq ft for a two-bedroom flat, rising to 8,095 sq ft for the biggest penthouse.
Reflections at Keppel Bay is a 1,129-unit beachfront high-end property development by Keppel Land. The 99-year leasehold project, with 6 housing towers and also 11 accommodation flat blocks, was completed in 2011.
The unit sold on Oct 27 clocked the highest possible price worked out at the property development on both psf and even absolute bases. Before this, the most current transaction at Nassim 9 occurred in April 2012 when a 3,143 sq ft unit was cost $8.8 million ($2,800 psf), which at the same time registered the recent psf- and absolute-price highs for the apartment.
The condominium was just one of numerous resale units to be offered below their purchase rates in the last two years, according to data put together by the EdgeProp Research tool. The most unlucrative transactions at the development happened in July 2020, when a 3,854 sq ft unit was realized $5.85 million ($1,518 psf), with the vendor accumulating a loss of $4.8 million.
