A 2,454 sq ft, four-bedroom unit was sold at Mount Faber Lodge for $5 million in FebruaryA 2,454 sq ft, four-bedroom unit was sold at Mount Faber Lodge for $5 million in FebruarySunset Lodge at Clementi Park changed hands for $1.4 million, making the seller a profit of $1.1 million. (Photo: EdgeProp Singapore)
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The recent sale of a sprawling 2,486 sq ft four-bedroom unit on the third floor of luxury development Nassim 9 has garnered attention as the most profitable private non-landed resale transaction during the period of February 4 to February 7. The unit was sold for an impressive $7.5 million or $3,016 per square foot on February 7.
According to data from the Urban Redevelopment Authority (URA), the previous owner had purchased the unit for $4.12 million ($1,641 psf) back in December 2005. This means that they made a substantial profit of $3.42 million or 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over a period of 19 years.
This recent transaction marks the third-highest profitable resale at Nassim 9 to date. The current record was set in March 2023 when a larger four-bedroom unit spanning 2,756 sq ft was sold for $9.5 million or $3,448 psf. The previous owner had bought the unit for $4.12 million (1,495 psf) in December 2005. This means that they made an impressive profit of $5.38 million (130.6%) or an annualised gain of 5% over a period of 17 years.
Prior to the sale on February 7, the last recorded transaction at Nassim 9 was in March 2023, when a 3,251 sq ft four-bedroom unit was sold for $10.3 million ($3,169 psf). This resulted in a profit of $3.3 million for the previous owner.
Located on Nassim Road in Prime District 10, Nassim 9 is a boutique condominium with only eight units. Completed in 2002, the four-storey development comprises four-bedroom units ranging from 2,756 sq ft to 3,423 sq ft.
Another profitable transaction during the same period was at Mount Faber Lodge, a boutique freehold development located on Mount Faber Road in District 4. This time, a triplex penthouse unit was sold for $5 million or $1,350 psf on February 5. The previous owner had bought the unit for $1.6 million in August 2001. This translates to a profit of $3.4 million or 212.5%, with an annualised gain of 5% over a period of 23 and a half years.
The recent sale at Mount Faber Lodge marks the most profitable transaction to date. The previous record was held by a three-bedroom unit spanning 2,669 sq ft on the third floor, which was sold for $3.89 million ($1,457 psf) in October 2022. The previous owner had purchased the unit for $1.3 million ($487 psf) in January 2006. This resulted in a profit of $2.59 million (199.2%), with an annualised gain of 4.7% over 14 years.
Investing in real estate is a strategic decision, and location plays a crucial role in its success. This is particularly true in Singapore, where the value of condos can be greatly influenced by their location. The proximity to key amenities like schools, shopping malls, and public transportation hubs can significantly impact the appreciation of a property. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are known to have consistent growth in property values. Families also find condos in these areas highly desirable due to the convenience of being close to good schools and educational institutions, making them even more attractive as an investment option. With condos strategically located in these prime areas, investors can expect a high potential for profitable returns.
Completed in 1983, Mount Faber Lodge comprises 84 units ranging from studio units at 1,098 sq ft to five-bedroom triplex penthouses at 3,703 sq ft to 3,724 sq ft. The development has been steadily increasing in value with its rolling 12-month average price reaching $2,082 psf, a 4% year-on-year increase.
The third most profitable transaction during the period was at Amaryllis Ville, a 99-year leasehold condominium in Prime District 11. The sale involved a three-bedroom unit on the 28th floor, which was sold for $2.65 million ($2,141 psf) on February 5. The previous owner had bought the unit for $1.09 million in June 2005, resulting in a profit of $1.56 million (142.2%). This translates to an annualised gain of 4.6% over a period of 19 and a half years.
The recent sale marks the third most profitable transaction at Amaryllis Ville. The current record belongs to a three-bedroom unit on the 17th floor, which was sold for $3.75 million ($1,885 psf) in September 2023. The previous owner had purchased the unit for $1.95 million ($979 psf) in June 2009. This resulted in a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over a period of 14 years.
Based on resale data from EdgeProp Singapore, prices at Amaryllis Ville have been on the rise with the average price reaching $2,082 psf in February 2024, a 4% year-on-year increase. The development comprises one- and two-bedroom units ranging from 657 sq ft to 1,378 sq ft, and three-bedroom units ranging from 958 sq ft to 2,637 sq ft. Nearby condominiums include Rochelle at Newton and Kopar at Newton.
Overall, there were no unprofitable transactions during the period in review, showcasing the strong demand for luxury properties in Singapore. Interested buyers can check out the latest listings for Nassim 9 and other condominium properties in the area.