Four-bedder at Nassim Park Residences sold for $7.26 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGPROP) - The sale of a four-bedroom unit at Nassim Park Residences was the most profitable condo resale transaction during the week of March 21 to 28. The 4,822 sq ft unit on the first floor changed hands for $22 million ($4,562 psf) on March 27. It was purchased by the seller for $14.74 million ($3,056 psf) in June 2008 from the developer. This means they reaped a profit of $7.26 million or 49.3% over a holding period of nearly 15 years.
This is the most profitable resale transaction recorded at Nassim Park Residences. It beats the previous high established in February when a 4,284 sq ft unit was sold for $20.5 million. The sale marked a new psf-price high for the development at $4,785 psf. The unit, which was acquired in September 2009 for $14 million ($3,268 psf), netted the seller a gain of $6.5 million over 14 years.
The 4,822 sq ft unit at Nassim Park Residences was sold for $22 million ($4,562 psf) on March 27 (Picture: Samuel Isaac Chua/The Edge Singapore)
Nassim Park Residences is a freehold luxury development by UOL Group, Kheng Leong Co and Tokyo-based investment firm Orix Corp. Located along Nassim Road, the development was completed in 2011. The 100-unit condo has four-bedders and penthouses between 3,175 and 8,073 sq ft.
The sale of a four-bedroom unit at Grange Residences was the second most profitable transaction during the period in review. The 2,583 sq ft unit fetched $8.58 million ($3,321 psf) on March 23. The seller, who had purchased the apartment from the developer for $2.85 million ($1,102 psf) in February 2004, raked in a gain of $5.73 million or 201% over a period of about 19 years.
This is the first unit to change hands at Grange Residences this year and marks a new psf-price high for the development. It beats the previous high recorded in September 2022, which was also when the last transaction at Grange Residences took place. A 2,583 sq ft, four-bedroom unit fetched $8.188 million ($3,170 psf), netting the seller a gain of $4.29 million. The seller bought the unit in May 2005 for $3.9 million ($1,510 psf). Hence, they made a 110% profit over 17 years.
The seller of a unit at Grange Residences made a gain of $5.73 million when the four-bedder fetched $8.58 million ($3,321 psf) on March 23 (Picture: Samuel Isaac Chua/The Edge Singapore)
Grange Residences is a freehold development located at the corner of Grange Road and Tanglin Road in District 10. It was developed by the former Wheelock Properties (now Wharf Estates Singapore) and completed in 2004. The condo comprises three residential blocks that are 18 storeys high, housing a total of 164 units. The units are all four-bedroom unit types ranging from 2,486 to 2,852 sq ft.
Meanwhile, the most unprofitable transaction recorded during the week in review was the sale of a 1,916 sq ft, three-bedroom unit at Helios Residences. The ninth-floor unit fetched $4.85 million ($2,531 psf) on March 23. It was previously acquired from the developer in August 2007 for $5.93 million ($3,097 psf), which means the seller suffered a loss of about $1.08 million (18.3%) over a holding period of nearly 16 years.
This is the second transaction to date this year at Helios Residences. The first transaction occurred on March 6, when a 1,916 sq ft, three-bedroom apartment was sold for $4.45 million ($2,323 psf). The seller, who had acquired the property for $5.1 million ($2,661 psf) in July 2007, saw a loss of about $649,000.
A three-bedder at Helios Residences changed hands for $4.85 million ($2,531 psf) on March 23, netting the seller a $1.08 million loss (Picture: Samuel Isaac Chua/The Edge Singapore)
Helios Residences is a 140-unit freehold development by Wing Tai Holdings that was completed in 2011. Located along Cairnhill Circle in prime District 9, it is close to the Orchard Road shopping belt and Newton area. The development comprises two and three-bedroom units of 1,281 to 2,002 sq ft. There are also penthouse units from 3,993 to 4,629 sq ft.
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