Resale unit at Nassim 9 sold for $5.7 mil profitThe luxury residential market has been showing signs of recovery in recent months, with the sale of a 2,486 sq ft unit at Nassim 9 being the most profitable private non-landed resale transaction recorded between Feb 4 and Feb 7. Located on the third floor, the four-bedroom unit was sold for $7.5 million, or $3,016 per square foot, on Feb 7.Upon checking URA caveats, it was discovered that the seller had initially purchased the unit for $4.12 million or $1,641 per square foot in December 2005. This translates to a profit of $3.42 million, or 83.8% of their original purchase price. The annualised gain over 19 years comes to 3.2%.Nassim 9 has seen a previous sale of a four-bedroom unit spanning 2,756 sq ft for $9.5 million or $3,448 per square foot in March 2023. This is currently the record for the highest price achieved at Nassim 9. The unit was originally purchased for $4.12 million or $1,495 per square foot in December 2005. The seller made a profit of $5.38 million which is equivalent to an annualised gain of 5% over 17 years.The last caveated transaction at Nassim 9 was in March 2023 when a 3,251 sq ft four-bedroom unit was sold for $10.3 million or $3,169 per square foot. This resulted in a profit of $3.3 million.Mount Faber Lodge, a boutique freehold development located along Mount Faber Road in District 4, saw the sale of a triplex penthouse unit for $5 million ($1,350 per square foot) on Feb 5. The last transaction for this unit was in August 2001 when it was sold for $1.6 million, resulting in a profit of $3.4 million or an annualised gain of 5% over 23.5 years. This is the most profitable unit transacted at Mount Faber Lodge to date.A record was previously held by a three-bedroom unit spanning 2,669 sq ft on the third floor that was sold for $3.89 million ($1,457 per square foot) in October 2022. It was initially purchased for $1.3 million or $487 per square foot in January 2006. This translated to a profit of $2.59 million, or 199.2%, for the seller. The development was completed in 1983 and consists of a mix of studio, two and three-bedroom units from 1,098 to 3,724 sq ft. The 311-unit Amaryllis Ville, a 99-year leasehold condo in prime District 11, saw the sale of a three-bedroom unit that was last sold in June 2005 for $1.09 million or $884 per square foot. Feb 5 saw the sale of the same unit for $2.65 million or $2,141 per square foot, resulting in a profit of $1.56 million or an annualised gain of 4.6% over 19.5 years.Nassim 9 has seen a steady increase in resale prices over the years, with the average price hitting $1,897 per square foot in February 2023 before rising to $2,001 in February 2024. Last month, the average price rose to $2,082 per square foot, marking a 4% year-on-year increase.There were no unprofitable transactions recorded during the period in review.
When considering investing in a condo in Singapore, it is important to take into account the government’s property cooling measures. In order to maintain a stable real estate market and discourage speculative buying, the Singaporean government has implemented various measures over the years. One such measure is the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and those buying multiple properties. While these measures may affect the short-term profitability of condo investments, they also contribute to the long-term stability of the market, making it a more secure environment for investment.