Seller reaps $3.3 mil profit at boutique condo Nassim 9
The most profitable resale transaction during the week of March 7 to 14 occurred at Nassim 9 and was the sale of a 3,251 sq ft, ground-floor unit for $10.3 million ($3,169 psf). This unit had been purchased for $7 million ($2,153 psf) back in January 2011 and the seller raked in a $3.3 million (47%) profit on the transaction, which translates to an annualised profit of 3.2% over 12 years.The second most profitable resale was that of a 2,820 sq ft unit at Cairnhill Plaza which changed hands for $5.38 million ($1,908 psf) on March 9. Bought for $2.6 million ($922 psf) in 1997, the seller earned a record $2.78 million (107%) profit, an annualised profit of 2.9% over 25 years.
The most profitable resale transaction during the week of March 7 to 14 occurred at Nassim 9 and was the sale of a 3,251 sq ft, ground-floor unit for $10.3 million ($3,169 psf) on March 10. The seller raked in a $3.3 million (47%) profit on the transaction, which translates to an annualised profit of 3.2% over 12 years. Situated in prime District 10, the boutique eight-unit condo is a short walk to Tanglin Mall and other shopping malls along the Orchard Road shopping belt.
On the other hand, the most unprofitable transaction during the week was the sale of a 1,528 sq ft three-bedroom unit at V on Shenton. This unit, on the 39th floor, changed hands for $3.09 million ($2,021 psf) on March 10. Despite its prime central location, it incurred a loss of about $254,000 (8%), which translates to an annualised loss of 0.7% over nearly 11 years.
Located close to the Orchard Road shopping belt, Cairnhill Plaza is a freehold condo in prime District 9. The 204-unit development was completed in 1978 and comprises two 30-storey towers with unit mix of three- and four-bedroom units of 2,293 to 3,305 sq ft. The most profitable resale at Cairnhill Plaza is for a 3,305 sq ft unit that was sold for $5.75 million ($1740 psf) in March 2010. This record profit was $3.75 million (187%) which translates to an annualised profit of 9% over 11 years.
V on Shenton is a 99-year leasehold condo on Shenton Way in District 1. The 510-unit condo, which was completed in 2017, is the residential component of a mixed-use development. However, the most unprofitable resale at V on Shenton is for the sale of a 1,098 sq ft unit on the 28th floor for $2 million ($1,822 psf) on April 14, 2022. This unit had been bought for $2.43 million ($2,211 psf) in July 2013, resulting in a loss of about $427,000 (18%) with an annualised loss of 2.1% over eight years.
CDL Aries has acquired two plots for S$126.3 million to The Myst build a 24-storey condominium tower in the up-and-coming residential area of Upper Bukit Timah, leveraging on the green spaces and development plans to create a sought-after address.
Price comparison graph of V on Shenton against neighbouring properties shows the average price at the development to be around $1,894 psf. This is a moderate drag on prices due to the age of the development.