Is it a Good Deal?: $2,666 psf for a 1,238-sq ft freehold unit in D10
By Elizabeth Choong
/ EdgeProp Singapore |
There has not been any profitable transactions for Beaufort on Nassim since its launch in 2007. (Photo: EdgeProp Singapore)
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Last month, the seller incurred a loss of approximately $428,400 when they sold a two-bedroom unit at Beaufort on Nassim for $3.3 million ($2,666 psf). The seller had purchased the unit on the second storey for $3.73 million ($3,012 psf) in March 2007. We used our analytics tool, Is it a Good Deal?, to evaluate whether the buyer of the 1,238-sq-metre unit at the freehold Beaufort on Nassim secured a good deal, despite the seller incurring a loss.
Freehold boutique condo near Orchard Road
Beaufort on Nassim is a boutique development featuring 30 units, comprising two-bedroom and three-bedroom units that range in size from 1,238 sq ft to 3,692 sq ft. Located along Nassim Road in District 10, the freehold condo is a four-storey development within walking distance of Forum The Shopping Mall, Tanglin Mall, Claymore Connect, St. Regis Hotel, and Shangri-La Singapore. There are three MRT stations within a 1km radius, namely Orchard Boulevard, Napier, and Orchard MRT Stations (see Map 1).
Source: EdgeProp LandLens (as at 3 February 2025)
A drawback of Beaufort on Nassim is the lack of schools within a 1km radius. However, when the distance is expanded to 2km, there are numerous schools, including four primary schools, namely Singapore Chinese Girls’ School (Primary), Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), and Alexandra Primary School (see Screenshot 1). Parents should note that Anglo-Chinese School (Primary) will move to Tengah in 2030, although existing students will not be required to relocate.
Source: EdgeProp Is it a Good Deal (as at 3 February 2025)
Another potential drawback of Beaufort on Nassim is its age. The condo obtained its temporary occupation permit (TOP) in 2008, making it 17 years old. However, this is mitigated by its freehold tenure.
Additionally, the transacted price for the subject unit is above the average prices for both the development and the district. However, it is lower than that of six nearby condos (see Screenshot 2).
Source: EdgeProp Is it a Good Deal (as at 3 February 2025)
No profitable transactions
Thus far, there have been 13 unprofitable transactions and no profitable ones for Beaufort on Nassim. Losses range from approximately $17,000 to $1.46 million. Of the 13 unprofitable transactions, one occurred last month. Additionally, there was one unprofitable transaction each in 2023 and last year (see Table 1). These are the only transactions for the condo since 2023.
Source: EdgeProp Buddy (as at 3 February 2025)
The most recent unprofitable transaction involved a 1,238-sq ft unit on the second storey. The seller purchased it from the developer in March 2007 for $3.73 million ($3,012 psf) and sold it last month for $3.3 million ($2,666 psf), resulting in a loss of approximately $428,400 (see Table 2).
Source: EdgeProp Buddy (as at 3 February 2025)
The spacious unit features an en-suite master bedroom with a walk-in wardrobe, as well as a second en-suite bedroom. There is also a small balcony that is accessible only from the master bedroom. While the attached bathrooms are convenient for the occupants, their guests may have to either walk through a bedroom to use the bathroom or use the one near the wet kitchen. The unit also features a private lift (see Floor Plan 1).
Source: EdgeProp Research
The only transaction last year resulted in a $1 million loss. It involved a larger two-bedroom unit measuring 1,367 sq ft. The seller purchased the unit on the third storey in February 2015 for $4.25 million ($3,109 psf) and sold it in September last year for $3.25 million ($2,377 psf).
Notably, the same unit was previously involved in another unprofitable transaction. The first owner purchased it from the developer in October 2007 for $4.92 million ($3,600 psf) before selling it in February 2015 for $4.25 million ($3,109 psf), resulting in a smaller loss of approximately $671,200 (see Table 3).
Source: EdgeProp Buddy (as at 3 February 2025)
Similar to the subject unit, the 1,367-sq ft unit on the third storey features two en-suite bedrooms and a private lift. However, it has a more spacious dining area. Unlike the smaller unit, it does not have separate dry and wet kitchens but features a balcony accessible only through the kitchen (see Floor Plan 2).
Source: EdgeProp Research
Two transactions yielded losses of over $1 million
At the time of writing, only two unprofitable transactions at Beaufort on Nassim have resulted in losses exceeding $1 million (see Table 4).
Source: EdgeProp Buddy (as at 3 February 2025)
The most unprofitable transaction involved a three-bedroom unit on the second storey. The seller purchased the unit from the developer in May 2007 for $6.36 million ($3,178 psf) and sold it in February 2018 for $4.9 million ($2,447 psf), resulting in a loss of approximately $1.46 million.
The 2,002-sq ft unit features an en-suite master bedroom with a walk-in wardrobe and balcony, as well as an en-suite common bedroom. There is also a third bedroom with an adjacent common bathroom that also opens directly into the bedroom. Additionally, the unit includes a private lift, wet and dry kitchens, and a sizable balcony next to the spacious living and dining area (see Floor Plan 3).
Source: EdgeProp Research
The second transaction that resulted in a loss exceeding $1 million also involved a three-bedroom unit. The seller purchased the unit from the developer in May 2007 for $7.5 million ($3,449 psf) and sold it in October 2021 for $6.18 million ($2,842 psf), resulting in a loss of approximately $1.32 million.
The unit measures 2,174 sq ft, making it larger than the 2,002-sq ft unit involved in the most unprofitable transaction. The larger unit includes an additional powder room near the private lift and a study nook near the living area. Additionally, all three bedrooms in the larger unit have their own attached bathrooms (see Floor Plan 4).
Source: EdgeProp Research
Numerous freehold boutique condos nearby
There are 28 condos, representing approximately 1,700 units, within a 500m radius of Beaufort on Nassim (see Screenshot 3). Of the 28 neighbouring condos, only six have more than 100 units. Additionally, all nearby developments have freehold tenures, except for The Loft and 19 Nassim, which have 99-year tenures, and St. Regis Residences Singapore, which has a 999-year tenure.
Source: EdgeProp Is it a Good Deal (as at 3 February 2025)
Many of the neighbouring condos are boutique developments with 100 units or fewer, so they naturally have low sales volumes. Nassim Park Residences and The Ladyhill are the nearest freehold developments with at least one transaction last year. Both are located in District 10, with Nassim Park Residences along Nassim Road and The Ladyhill along Lady Hill Road. Both condos are also within a 500m radius of Beaufort on Nassim (see Map 2).
Both condos feature more units than Beaufort on Nassim. Nassim Park Residences has 100 units, while The Ladyhill has 55 units. Additionally, Nassim Park Residences (TOP in 2011) is three years younger than Beaufort on Nassim (TOP in 2008), while The Ladyhill (TOP in 2002) is six years older.
Source: EdgeProp LandLens (as at 3 February 2025)
Declining price for Beaufort on Nassim
Beaufort on Nassim was launched for a collective sale in August 2019 with an asking price of $222.68 million ($3,508 psf ppr). However, the attempt was unsuccessful due to an increase in the additional buyer’s stamp duty (ABSD) for developers from 15% to 30% in July 2018. Additionally, all housing loans from financial institutions are subject to a lower loan-to-value (LTV) ratio, which impacts the amount of housing loan buyers can obtain.
After its launch in 2007, the sales volume for Beaufort on Nassim has been low due to the limited number of units in the development. When the collective sale was launched in 2019, no sale transactions took place for the condo that year and in 2020. Sales only picked up in 2021 when two units were sold. From 2023 to this year, only one transaction per year has been recorded (see Chart 1). The low sales volume may have affected the average price for Beaufort on Nassim. Since its launch in 2007, its average price has dropped by 6.7% to $2,666 psf.
Source: EdgeProp Market Trends (as at 3 February 2025)
Similar to Beaufort on Nassim, Nassim Park Residences and The Ladyhill have experienced low sales volumes, with fewer than five units sold per year since 2020. Additionally, Nassim Park Residences achieved only one resale transaction last year, while The Ladyhill recorded two resale transactions.
However, both condos saw stronger price growth compared to Beaufort on Nassim. From 2021 to last year, the average resale prices for Nassim Park Residences and The Ladyhill increased by 37.1% and 49.3%, respectively. In contrast, the average resale price for Beaufort on Nassim fell by 6.1% over the same timeframe.
Furthermore, the average resale price for Beaufort on Nassim ($2,377 psf) was the lowest among the three condos last year but rose to $2,666 psf this year. Last year, the average resale price for Nassim Park Residences ($4,472 psf) was the highest, followed by The Ladyhill ($2,733 psf) (see Chart 2). Thus far, no resale transactions have been recorded for Nassim Park Residences or The Ladyhill this year.
Source: EdgeProp Market Trends (as at 3 February 2025)
Nearby condos have more profitable transactions
Unlike Beaufort on Nassim, Nassim Park Residences and The Ladyhill have achieved profitable transactions. At the time of writing, Nassim Park Residences has recorded 45 profitable and nine unprofitable transactions. Profits range from approximately $187,000 to $7.26 million, while losses range from approximately $120,000 to $5.31 million. Meanwhile, The Ladyhill has achieved 51 profitable transactions, with profits ranging from approximately $10,000 to $3.47 million. The six unprofitable transactions for The Ladyhill had losses ranging from breakeven to $780,000.
The unit involved in the record-high profit of $7.26 million for Nassim Park Residences is a four-bedroom unit that measures 4,822 sq ft. The seller purchased the unit from the developer in June 2008 for $14.74 million ($3,056 psf) and sold it in March 2023 for $22 million ($4,562 psf).
The unit is on the first storey and features four bedrooms, each with its own attached bathroom. The master suite also has an attached dressing room with a spacious walk-in wardrobe. Additionally, the unit includes a private lift, a reading room, a powder room, and a private pool (see Floor Plan 5).
Source: EdgeProp Research
The record-high profit of $3.47 million for The Ladyhill was achieved by a 2,411-sq ft unit on the second storey. The seller purchased the unit from the developer in March 2003 for $3.81 million ($1,580 psf) and sold it in April 2023 for $7.28 million ($3,019 psf).
Conclusion
The average resale price for Beaufort on Nassim has been on the decline since 2021, unlike Nassim Park Residences and The Ladyhill. The persistent price drop could explain why the condo has recorded 13 unprofitable transactions and no profitable transactions since its launch. In contrast, Nassim Park Residences and The Ladyhill have achieved at least one profitable transaction that yielded profits exceeding $3 million.
However, the average resale price for Beaufort on Nassim ($2,666 psf) has consistently trended above that for freehold condos in District 10 that are between 11 to 20 years old ($2,183 psf) (see Chart 3). This could be due to its stronger price growth. Since 2021, the average resale price for Beaufort on Nassim increased by 5.3%, significantly stronger than the growth of 0.5% for freehold condos in District 10 that are of a similar age.
Source: EdgeProp Market Trends (as at 3 February 2025)
To learn more about this transaction, and whether it is a good deal, click here.
Check out the latest listings for Beaufort On Nassim, The Ladyhill, Nassim Park Residences properties
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