Seller reaps $3.3 mil profit at boutique condo Nassim 9

/ EdgeProp Singapore |

March 24, 2023 12:00 PM SGT

A 3,251 sq ft, ground-floor unit at Nassim 9 was sold for $10.3 million ($3,169 psf) on March 10.

SINGAPORE (EDGEPROP) - The most profitable resale transaction during the week of March 7 to 14 occurred at Nassim 9 and was the sale of a 3,251 sq ft, ground-floor unit for $10.3 million ($3,169 psf) on March 10. The unit was purchased for $7 million ($2,153 psf) back in January 2011. As a result, the seller raked in a $3.3 million (47%) profit on the transaction, which translates to an annualised profit of 3.2% over 12 years.

Nassim 9 is a boutique eight-unit condo on Nassim Road in prime District 10. The four-storey development was completed in 2002, and comprises four-bedroom units of 2,756 to 3,423 sq ft.

Located in the exclusive Nassim Road residential enclave, the development is a short walk to Tanglin Mall and other shopping malls along the Orchard Road shopping belt. Luxury residential developments surrounding Nassim 9 include Nassim Park Residences, Nassim Jade, Tanglin Residences, 19 Nassim and Les Maisons Nassim.

A four-bedroom unit at Nassim 9 was sold for $10.3 million on March 10. (Picture: Samuel Isaac Chua/The Edge Singapore)

According to URA caveats, the most profitable resale at Nassim 9 occurred on March 1. It was for a 2,756 sq ft unit on the third floor that fetched $9.5 million ($3,448 psf). This unit had been bought for $4.12 million ($1,495 psf) in December 2005. Thus, the seller earned a record $5.38 million (130%) profit, which is an annualised profit of 5% over 17 years.

The second most profitable resale during the week was that of a 2,820 sq ft unit at Cairnhill Plaza which changed hands for $5.38 million ($1,908 psf) on March 9. The unit had fetched $2.6 million ($922 psf) when it was last on the market in 1997. This means that the seller raked in a $2.78 million (107%) profit, which translates to an annualised profit of 2.9% over 25 years. This is also the longest period a unit at Cairnhill Plaza has been held by an owner.

However, the record for the most profitable resale transaction at Cairnhill Plaza is for a 3,305 sq ft unit that was sold for $5.75 million (1,740 psf) in March 2010. That unit was purchased for $2 million ($605 psf) in 1999. The seller earned a record $3.75 million (187%) profit, which translates to an annualised profit of 9% over 11 years.

A 2,820 sq ft unit at Cairnhill Plaza was sold for $5.38 million on March 9, at a profit of $2.78 million. (Picture: Samuel Isaac Chua/The Edge Singapore)

Cairnhill Plaza is a freehold condo on Cairnhill Road in prime District 9. The 204-unit development comprises two 30-storey towers and the unit mix consists of three- and four-bedroom units of 2,293 to 3,305 sq ft. The entire development was completed in 1978 and is about 45 years old.

The condo’s proximity to the Orchard Road shopping belt means that it is close to several prominent shopping malls and hotels such as The Paragon, Ngee Ann City, Ion Orchard, Singapore Marriott Tang Plaza Hotel, the newly opened Pullman Singapore Orchard, and Hilton Singapore Orchard.

Despite its prime central location, the age of the development is a moderate drag on prices at Cairnhill Plaza. Based on caveats, the average price at the development is about $1,894 psf.

On the other hand, the most unprofitable transaction during the week was the sale of a 1,528 sq ft three-bedroom unit at V on Shenton. The apartment, on the 39th floor, was sold for $3.09 million ($2,021 psf) on March 10. It had been bought for $3.34 million ($2,187 psf) in April 2012. As a result, the seller was hit with a loss of about $254,000 (8%), which translates to an annualised loss of 0.7% over nearly 11 years.

A unit on V on Shenton incurred a loss of about $254,000 after it changed hands for $3.09 million. (Picture: Samuel Isaac Chua/The Edge Singapore)

V on Shenton is a 99-year leasehold condo on Shenton Way in District 1, Singapore’s downtown financial district. The 510-unit condo is the residential component of a mixed-use development — which comprises a 54-storey residential tower and a 23-story office tower. The entire development was completed in 2017.

Nearby commercial developments to V on Shenton include OUE Downtown, CapitaSky, SGX Centre, Asia Square Tower 1 & 2, and the upcoming IOI Central Boulevard Towers. The recently completed Shenton Way MRT Station on the Thomson-East Coast Line also sits at the foot of V on Shenton.

There have been five resales at V on Shenton so far this year ranging from a 484 sq ft unit on the 25th floor that changed hands for $1.04 million ($2,143 psf) on Jan 16, to a 1,755 sq ft unit on the 50th floor that fetched $4.06 million ($2,314 psf) on March 1.

The most unprofitable resale at V on Shenton is for the sale of a 1,098 sq ft unit on the 28th floor for $2 million ($1,822 psf) on April 14, 2022. This unit had been bought for $2.43 million ($2,211 psf) in July 2013. Thus, the seller suffered a record loss of about $427,000 (18%), which translates to an annualised loss of 2.1% over eight years.

Price comparison graph of V on Shenton against neighbouring properties. (Source: EdgeProp Singapore, URA)

Check out the latest listings near Nassim 9, Cairnhill Plaza, V on Shenton, Nassim Park Residences, Nassim Jade, Tanglin Residences, 19 Nassim, Les Maisons Nassim, OUE Downtown, CapitaSky, SGX Centre, Asia Square Tower 1 & 2, Shenton Way MRT Station

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