Resale unit at The Nexus reaps $1.22 mil profit
By Bong Xin Ying
/ EdgeProp Singapore |
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The seller of a unit at The Nexus made the top gain of $1.22 million over the week of July 16 to 23. The 1,485 sq ft unit on the third floor was bought for $1.38 million ($926 psf) in February 2007, and sold for close to $2.60 million ($1,747 psf) on July 19. The seller made an 89% profit, or an annualised profit of 5% over 12½ years.
The top gain of the week was made by a 1,485 sq ft unit at The Nexus (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
Located at Bukit Timah Road in District 21, The Nexus was developed by Orwin Development, a subsidiary of Far East Organization. Completed in 2006, the freehold development comprises 242 units in six 10-storey blocks. The units range from 592 sq ft one-bedders, to 1,572 sq ft four-bedders. Bukit Timah Plaza, Beauty World Plaza, and Beauty World Centre are all a three-minute drive from the development. It is also near reputable schools. Swiss School Singapore is a six-minute drive away, while Methodist Girls’ School is a 10-minute drive away.
The second top gain made over the week – a 43% profit of $1.18 million – was at Casa Cairnhill, located at Peck Hay Road in prime District 9. The 2,669 sq ft unit on the third floor was purchased for $2.73 million ($1,021 psf) in April 1996 and sold for $3.9 million ($1,461 psf) on July 22. This means that the seller made an annualised profit of 2% over 23 years.
Completed in 1991, the freehold Casa Cairnhill has 72 units over 19 floors. It is a five-minute drive from the Orchard Road shopping belt, and a six-minute walk from Newton Food Centre. Anglo-Chinese School (Primary) is a six-minute drive from the development, while Saint Margaret’s Primary School is a nine-minute drive away.
At Bedok Court, the seller of an eighth floor unit made the third most profitable transaction of the week with a $1.11 million gain. The 2,411 sq ft, three-bedroom unit was bought for $940,000 ($390 psf) in November 1996, and sold for $2.05 million ($850 psf) on July 18. The seller made a 118% profit, or an annualised profit of 3% over nearly 23 years.
Located in District 16, at Bedok South Avenue 3, the 99-year leasehold Bedok Court was developed by Bedokville Development, a subsidiary of Lum Chang Holdings. Completed in 1985, it has 62 years left on its lease.
On the other hand, the biggest loss incurred over the week was from the resale of a 2,293 sq ft unit at Cairnhill Plaza, along Cairnhill Road in prime District 9. The seller sold the property for $3.72 million ($1,623 psf) on July 18, and sustained a 6% loss of $230,000. The unit was purchased in October 2007 for $3.95 million ($1,723 psf). Over a holding period of almost 12 years, this translates into an annualised loss of 1%.
For price trends, recent transactions, other project info, check out The Nexus, Cairnhill Plaza, and Casa Cairnhill project details page
The 2,293 sq ft unit at Cairnhill Plaza was sold for $3.72 million on July 18, marking the biggest loss of the week (Credit: Samuel Isaac Chua/ EdgeProp Singapore)
The freehold Cairnhill Plaza comprises 204 units in two 30-storey high towers. Developed by UOL Group (formerly known as United Overseas Land), units at the development are mainly three- and four-bedroom units, with sizes ranging from 2,293 to 3,305 sq ft.
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