Four Bedroom Unit Nassim 9 Sold 342 Mil Profit
Bungalow at Nassim Road going for $58 mil to $64.8 milEx-Goldman banker’s Nassim Road bungalow up for sale at $44 mil
The luxurious development of Nassim 9 has recently achieved a significant milestone with the most profitable private non-landed resale transaction recorded from Feb 4 to Feb 7. This transaction involved a 2,486 sq ft four-bedroom unit on the third floor, which was sold for a whopping $7.5 million, or $3,016 per square foot on Feb 7.
Based on the URA caveats, the seller had previously purchased the unit for $4.12 million, which means they made a profit of $3.42 million, or 83.8% of their initial purchase price. This equates to an annualised gain of 3.2% over a period of 19 years. The transaction has now become the third-most profitable resale at Nassim 9. The current record was set in March 2023 when a larger four-bedroom unit of 2,756 sq ft was sold for $9.5 million, or $3,448 per square foot. This unit was purchased for $4.12 million in December 2005, and the seller made a profit of $5.38 million, which is a considerable amount of 130.6% or an annualised gain of 5% over 17 years.
Prior to this transaction, the last sale at Nassim 9 was recorded in March 2023 when a four-bedroom unit of 3,251 sq ft was sold for $10.3 million, or $3,169 per square foot. This resulted in a profit of $3.3 million for the seller.
The Lynden Woods project not only boasts luxurious amenities, but also unparalleled accessibility to Singapore’s road infrastructure. With its prime location, it offers convenient proximity to both the Ayer Rajah Expressway (AYE) and the Pan-Island Expressway (PIE). These major expressways provide direct routes to key destinations such as the CBD, Jurong East, and other areas, making it a breeze for residents who prefer to drive. This exceptional convenience greatly improves mobility, reducing travel time and granting effortless access to various retail, commercial, and recreational hubs throughout the island.
Nassim 9 is a boutique condo situated on Nassim Road in prime District 10, with only eight units. The development was completed in 2002 and offers four-bedroom units ranging from 2,756 to 3,423 sq ft.
Another profitable transaction during the review period happened at Mount Faber Lodge, a freehold development. A triplex penthouse was sold for $5 million, or $1,350 per square foot on Feb 5. This unit was last sold in August 2001 for $1.6 million; hence the seller made a profit of $3.4 million, a whopping 212.5%, or an annualised gain of 5% over a period of 23.5 years.
The recent sale at Mount Faber Lodge has surpassed the previous record set by a three-bedroom unit of 2,669 sq ft on the third floor, which was sold for $3.89 million, or $1,457 per square foot in October 2022. The unit was purchased for $1.3 million, and the seller made a profit of $2.59 million, or 199.2%.
Mount Faber Lodge is a boutique freehold development that was completed in 1983. It is located along Mount Faber Road in District 4, and it offers studio units of 1,098 sq ft, two- and three-bedroom units from 1,173 to 2,454 sq ft. The development also boasts of 20 five-bedroom triplex penthouses ranging from 3,703 to 3,724 sq ft.
The third-most profitable deal that occurred during this period was the sale of a three-bedroom unit at Amaryllis Ville, a 99-year leasehold condo in prime District 11. The unit, measuring 1,238 sq ft on the 28th floor, was sold for $2.65 million, or $2,141 per square foot on Feb 5. The unit was last sold in June 2005 for $1.09 million, and the seller made a profit of $1.56 million, or 142.2%, which is an annualised gain of 4.6% over 19.5 years.
The recent sale at Amaryllis Ville is the third-most profitable unit to be sold. The record belongs to a three-bedroom unit measuring 1,991 sq ft on the 17th floor, which was sold for $3.75 million, or $1,885 per square foot in September 2023. The seller had originally acquired this unit in June 2009 for $1.95 million, and hence they made a profit of $1.8 million, or 92.5%, which is equivalent to an annualized gain of 4.7% over a period of 14 years.
According to the resale data compiled by EdgeProp Singapore, resale prices at Amaryllis Ville have been on a steady rise in recent years. In February 2023, the average price reached $1,897 per square foot, and it further increased to $2,001 per square foot in February 2024. Last month, the average price reached $2,082 per square foot, which translates to a 4% year-on-year increase.
Amaryllis Ville is situated on Newton Road and offers a total of 311 units. It was completed in 2004 and offers a mix of one- and two-bedroom units ranging from 657 to 1,378 sq ft and three-bedroom units from 958 to 2,637 sq ft. The development also features 84 five-bedroom triplex penthouses ranging from 3,703 to 3,724 sq ft.
No unprofitable transactions were recorded during this review period.