Unit at Nassim Park Residences reaps $2.45 mil profit
By Charlene Chin
/ EdgeProp |
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Over the week of June 26 to July 3, the most profitable deal was the sale of a five-bedroom unit at Nassim Park Residences in prime District 10. The 6,932 sq ft unit on the fifth floor fetched $20.8 million ($3,001 psf) on June 29. The seller purchased the unit for $18.35 million ($2,647 psf) in 2008. He reaped a 13% profit of $2.45 million, or an annualised profit of 1% over 9.8 years.
Nassim Park Residences is a five-minute drive from the Orchard Road shopping belt and is near the Botanic Gardens and Gleneagles Hospital.
Prior to this, a 3,175 sq ft unit on the fourth floor was sold for $10.58 million ($3,332 psf) in May. As the owner bought it in 2011 at $10.9 million ($3,433 psf), this translates into a loss of 3%, or $320,000.
The second most profitable deal for the week in review was at UE Square in District 9, where a four-bedroom unit was sold for $4 million ($1,822 psf) on June 27. Located on River Valley Road, the development is a six-minute walk from the Clarke Quay area, where a stretch of bars and eateries front the Singapore River. The 2,196 sq ft unit on the fourth floor was bought for $1.87 million ($849 psf) in 2009. This means the seller walked away with a 114% profit of $2.14 million, or an annualised profit of 9% over 9.2 years. The sale marks the third time the home has changed hands — it was first purchased in 1995 for $1.77 million ($806 psf) from the developer.
The third most profitable transaction for the week was for a four-bedroom unit at Residences @ Evelyn in District 11, which is a six-minute walk from Newton MRT station. The 2,250 sq ft unit on the 10th floor was sold for $4.02 million ($1,787 psf) on June 28. The seller made an 81% profit of $1.8 million, or an annualised profit of 5% over 11.2 years. He purchased the unit in 2007 for $2.22 million ($987 psf).
One day after the 10th-floor unit was sold, another unit at Residences @ Evelyn on the 24th floor changed hands for $1.96 million ($1,887 psf). The seller made an 18% profit of $300,000 or an annualised profit of 2% over 8.2 years for the 1,033 sq ft, two-bedroom unit. He purchased it in 2010 for $1.65 million ($1,597 psf). The first owner bought it from the developer for $1.48 million ($1,434 psf) in 2007.
A two-bedroom unit sold at The Fernhill incurred the top loss for the week in review. The seller lost $338,000 over a holding period of 11 years (Credit: Samuel Isaac Chua/The Edge Singapore)
Meanwhile, a two-bedroom unit transacted at The Fernhill sustained the top loss for the week in review when it was sold for $2.1 million ($1,711 psf) on June 27. The seller incurred a 14% loss of $338,000, or an annualised loss of 1% over 11 years. He purchased the unit in June 2007 at $2.44 million ($1,987 psf) from the original owner, who had in turn bought it in January that same year at $1.73 million ($1,410 psf).
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