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, where a 3,251 sq ft, ground-floor unit was sold for $10.3 million ($3,169 psf). The unit had been purchased for $7 million ($2,153 psf) in January 2011, netting the seller a $3.3 million (47%) profit which translates to an annualised profit of 3.2% over 12 years. Meanwhile, the most unprofitable resale during the week was a 1,528 sq ft three-bedroom unit at V on Shenton that suffered an 8% loss amounting to an annualised loss of 0.7% over nearly 11 years.The second most profitable resale during the week was at Cairnhill Plaza, where a 2,820 sq ft unit was sold for $5.38 million ($1,908 psf). The unit had been bought for $2.6 million ($922 psf) in 1997, and the seller earned a $2.78 million (107%) profit with an annualised profit of 2.9% over 25 years. That is also the longest period a unit at Cairnhill Plaza has ever been held by an owner. Conversely, the most unprofitable resale at V on Shenton involves a 1,098 sq ft unit that was sold for $2 million ($1,822 psf) in 2022; compared to when it was bought for $2.43 million ($2,211 psf) in 2013, the seller suffered a record 18% loss amounting to an annualised loss of 2.1% over eight years.

Tengah EC GLS Tender is a land tender launched by the Singapore Land Authority for a new eco-friendly executive condominium development featuring wind turbine, solar heating, and water conservancy centre. Most of the housing units are exclusive to Singaporean married couple, and is expected to be completed by the Tengah EC end of 2021.

At Nassim 9 during the week of March 7 to 14, the most profitable resale transaction was the sale of a 3,251 sq ft, ground-floor unit for $10.3 million ($3,169 psf). This unit had been bought for $7 million ($2,153 psf) in January 2011, resulting in an impressive 47% profit for the seller, which translates to an annualised profit of 3.2% over 12 years. Located in the exclusive Nassim Road residential enclave and a short walk to Tanglin Mall and other shopping malls along Orchard Road, Nassim 9 is a boutique eight-unit condo comprised of four-bedroom units of 2,756 to 3,423 sq ft.

The second most profitable resale during the week happened at Cairnhill Plaza, and involved a 2,820 sq ft unit that fetched $5.38 million ($1,908 psf) on March 9. This unit had been bought for $2.6 million ($922 psf) in 1997, giving the seller a $2.78 million (107%) profit with an annualised rate of 2.9% over 25 years. Cairnhill Plaza is a freehold condo on Cairnhill Road in prime District 9, with a unit mix of three- and four-bedroom units of 2,293 to 3,305 sq ft. It is close to a range of prominent shopping malls and hotels, and the average price at the development is $1,894 psf.

On the other hand, the most unprofitable transaction during the week of March 7 to 14 was the sale of a 1,528 sq ft three-bedroom unit at V on Shenton. This unit, on the 39th floor, was sold for $3.09 million ($2,021 psf) on March 10, compared to when it was bought for $3.34 million ($2,187 psf) in April 2012. This resulted in a loss of about $254,000 (8%) for the seller, equating to an annualised loss of 0.7% over nearly 11 years. V on Shenton is a 99-year leasehold condo on Shenton Way in District 1, comprising 510 units with the residential tower completed in 2017.

In conclusion, despite its prime location and closeness to popular shopping malls and hotels, the age of a development can have a significant impact on its profitability. This was seen at Cairnhill Plaza, where older units sold at lower prices than V on Shenton; meanwhile, Nassim 9 has been able to buck the trend, fetching prices similar to V on Shenton due to its location, despite also being an older development.