Four-bedder at Nassim 9 sold for $4.4 mil profit
The most unprofitable transaction documented for the week was the sale of a unit at Reflections at Keppel Bay, found along Keppel Bay View in District 4. On Oct 31, a unit measuring 2,379 sq ft on the 27th level obtained $4.3 million ($1,808 psf). The seller had actually purchased the unit for $5.4 million ($2,278 psf) in May 2007. Therefore, they accumulated a decrease of 20.6% or $1.1 million over a 15 1/2-year holding period.
The Oceanfront @ Sentosa Cove is a 99-year leasehold, ultra-luxury apartment in the Sentosa Cove enclave in District 4. Located on an island, the sea-facing condo was built by a joint venture between City Developments and also TID (a collaboration between Hong Leong Holdings plus Mitsui Fudosan) and completed in 2010. The project includes five towers varying from 13 to 15 storeys tall, and a total amount of 264 units. Unit sizes start from 1,216 sq ft for a two-bedroom apartment, rising to 8,095 sq ft for the largest penthouse.
The sale of a 3,423 sq ft unit at Nassim 9, an estate development on Nassim Road in prime District 10, was the most successful transaction reported during the week of Oct 25 to Nov 1. The four-bedroom unit, that transformed hands for $11.2 million ($3,272 psf) on Oct 27, had recently been purchased by the vendor for $6.8 million ($1,987 psf) in October 2009, translating to an acquire of $4.4 million, or 64.7%, over the 13-year retaining period.
The apartment was one of numerous secondhand units to be sold underneath their acquisition costs in the last 2 years, according to details put together by the EdgeProp Investigation tool. The most unprofitable sale at the property development took place in July 2020, when a 3,854 sq ft unit was realized $5.85 million ($1,518 psf), with the vendor sustaining a loss of $4.8 million.
Reflections at Keppel Bay is a 1,129-unit waterfront luxury property development by Keppel Land. The 99-year leasehold development, with six non commercial towers as well as 11 accommodation apartment blocks, was completed in 2011.
The second-most rewarding deal for the week occurred at The Oceanfront @ Sentosa Cove. A paired penthouse measuring 5,985 sq ft on the 15th floor was sold for $14.3 million ($2,389 psf) on Oct 28. The vendor had actually bought the unit for $11.5 million ($1,922 psf) in June 2009, which means they generated a $2.8 million (24.3%) revenue on the transaction after holding the real estate for 13 1/2 years.
Nassim 9, a store high-end project finished in 2002, has just 8 units property in a four-storey building. It is located within walking distance of Orchard Boulevard MRT Terminal (on the Thomson-East Coast Line), which is due to start on Nov 13. The Botanic Gardens, Tanglin Mall and The Forum are additionally in just strolling proximity.
The unit retailed on Oct 27 clocked the highest rate negotiated at the property development on both psf and outright bases. Prior to this, the most latest transaction at Nassim 9 happened in April 2012 when a 3,143 sq ft unit was cost $8.8 million ($2,800 psf), which at the same time regarded the recent psf- and absolute-price highs for the apartment.