Unit at Nassim Park Residences reaps $3.2 mil profit
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a 4,833 sq ft unit at Nassim Park Residences was the most profitable transaction during the week of May 25 to June 1.The ground-floor apartment was purchased for $11.54 million ($2,387 psf) in June 2008 and sold for $14.7 million ($3,042 psf) on May 28. This means that the owner made a profit of $3.16 million (27%), which translates to an annualised profit of 1.9% over 13 years. (See also: Unit at Nassim Park Residences asking for $13.98 mil)
Nassim Park Residences was jointly developed by Kheng Leong (the private property arm of banking tycoon Wee Cho Yaw), listed property developer UOL Group and Orix Capital. It is located on Nassim Road in prime District 10 and is close to the Nassim Road Good Class Bungalow (GCB) area, one of the most exclusive enclaves in Singapore.
The 4,833 sq ft unit at Nassim Park Residences was sold for $14.7 million ($3,042 psf) on May 28. (Picture: Samuel Isaac Chua/The Edge Singapore)
The freehold development comprises 100 units in five-storey blocks with a mix of four- and five-bedroom apartments. Units range from 3,175 sq ft to 6,954 sq ft for top-floor units.
The most profitable resale transaction so far at Nassim Park Residences was the sale of a 6,954 sq ft penthouse on the fifth floor for $24.11 million ($3,468 psf) in April 2011. The unit was purchased for $18 million ($2,600 psf) in July 2008. The seller therefore made a profit of $6.19 million (35%), or an annualised profit of 11% over nearly three years.
The second most profitable transaction of the week occurred at Park Infinia at Wee Nam, where a 3,283 sq ft unit was sold for $6.5 million ($1,980 psf) on May 31. It was purchased for $3.94 million ($1,200 psf) in January 2007. Thus, the seller made a profit of $2.56 million (65%), or an annualised profit of 3.5% over nearly 14½ years.
Park Infinia at Wee Nam is a freehold condominium located on Lincoln Road in prime District 11. The 486-unit development was completed in 2008 and comprises two- to four-bedroom units of 560 sq ft to 3,315 sq ft. (See: Discover insightful data of any Singapore condominium with our condo directory)
The most recent resale transaction is the second most profitable deal recorded at the development. The most profitable deal was for a 3,240 sq ft unit that was sold for $5.1 million ($1,577 psf) in August 2017. It was purchased for $2.4 million ($741 psf) in August 2005. The seller therefore made a profit of $2.7 million (112%), or an annualised profit of 6% over 12 years.
On the other hand, the most unprofitable deal of the week occurred at The Coast at Sentosa Cove. A 3,358 sq ft unit was sold for $4.5 million ($1,340 psf) on May 28. It was purchased for $4.8 million ($1,355 psf) in May 2009. The seller therefore made a loss of $300,000 (6%), or an annualised loss of 0.5% over 12 years.
The most unprofitable deal of the week was the sale of a 3,358 sq ft unit at The Coast at Sentosa Cove for $4.5 million. (Picture: Samuel Isaac Chua/The Edge Singapore)
There have been nine resale transactions at The Coast at Sentosa Cove so far this year, and seven have resulted in unprofitable deals. The most unprofitable transaction was for a 2,616 sq ft unit that was sold for $3.54 million ($1,357 psf) on March 3. It was purchased for $4.67 million ($1,780 psf) in September 2009. The seller therefore made a loss of $1.13 million (24%), or an annualised loss of 2% over 11 years.
The second most unprofitable deal of the week occurred at Paterson Suites, where a 1,776 sq ft unit was sold for $4.24 million ($2,393 psf) on May 27. The seller purchased the unit for $4.44 million ($2,500 psf) in May 2012. This means that the owner made a loss of $190,000 (4%), or an annualised loss of 0.5% over nine years. It is also the first unprofitable resale transaction at the development so far this year.
Check out the latest listings near Nassim Park Residences, Park Infinia at Wee Nam, The Coast at Sentosa Cove, Paterson Suites
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles