SINGAPORE (EDGEPROP) - The most profitable resale transaction in the week of March 7-14 took place at 9 Nassim, where a 3,251 sq ft ground floor unit was sold on March 10 for S$10.3 million (S$3,169 per sq ft). The unit was purchased in January 2011 for S$7 million (S$2,153 per square foot). The seller therefore made a profit of S$3.3 million (47%) from this transaction, which equates to an annualised yield of 3.2% over 12 years.
Nassim 9 is a boutique style 8-unit condominium located on Nassim Road, a prime location in District 10. Completed in 2002, this four-storey development consists of four-bedroom units ranging from 2,756 to 3,423 square feet.
Located in the exclusive Nassim Road residential area, the development is within walking distance to Tanglin Shopping Centre and other shopping malls along Orchard Road. The luxury residential developments that surround Nassim 9 include Nassim Park Residences, Nassim Jade, Tanglin Residences, 19 Nassim and Les Maisons Nassim.
According to URA's real estate deeds, the most lucrative resale of Nassim 9 took place on 1 March. It was a 2,756 sq ft unit on the third floor which was sold for S$9.5 million (S$3,448 per sq ft). This unit was purchased in December 2005 for S$4.12 million (S$1,495 per square foot). As a result, the seller made a profit of S$5.38 million (130%), which is a 17-year record annualised yield of 5%.
The second most profitable resale deal of the week was the 2,820 sq ft unit at Cairnhill Plaza that changed hands on March 9 at S$1,908 per sq ft for S$5.38 million. The unit was last listed in 1997 for S$2.6 million, or S$922 per square foot. This represents a profit of S$2.78 million (107%) for the seller, which equates to an annualised profit margin of 2.9% over 25 years. This is also the longest holding period for a Cairnhill Plaza unit by an owner.
However, the most profitable resale transaction recorded at Cairnhill Plaza was the sale of a 3,305 sq ft unit at S$1,740 per sq ft in 2010. The unit was purchased in 1999 at S$605 per square foot for a purchase price of S$2 million. The seller made a record profit of S$3.75 million (187%), which equates to an annualised profit margin of 9% over 11 years.
Cairnhill Plaza is a freehold condominium located on Cairnhill Road in Golden District 9, Singapore. The 204-unit development, comprising two 30-storey towers, includes three- and four-bedroom units ranging from 2,293 to 3,305 square feet. The entire development was completed in 1978 and is approximately 45 years old.
The condominium is located close to the Orchard Road shopping area and is in close proximity to several well-known shopping centres and hotels such as The Paragon, Ngee Ann City, Ion Orchard, Marriott Tang Plaza Hotel, the newly opened Pullman Singapore Orchard and the Hilton Singapore Orchard. Orchard.
Although Cairnhill Plaza is in a prime location, the age of the development has been a drag on property prices. According to the disclaimer, the average price of the development is around S$1,894 per square foot.
Conversely, the least profitable transaction last week was the sale of a 1,528 sq ft three-bedroom unit at V on Shenton. Located on the 39th floor, the condominium was sold on March 10 for S$3.09 million (S$2,021 per square foot). It was purchased in April 2012 for S$3.34 million (S$2,187 per square foot). As a result, the seller suffered a loss of approximately S$254,000 (8%), which represents an annualised loss of 0.7% over a period of almost 11 years.
V on Shenton is a 99-year leasehold condominium located in Shenton Way, the first postal district in Singapore, in the financial district of central Singapore. This 510-unit condominium is the residential portion of a mixed-use development comprising a 54-storey residential tower and a 23-storey office tower. The entire development was completed in 2017.
Commercial developments in the vicinity of V on Shenton include OUE Downtown, CapitaSky, SGX Centre, Asia Square Tower 1 & 2 and the upcoming IOI Central Boulevard Towers. The Lung Kong MRT station is also located at the base of the V on Shenton building.
To date, there have been five resale transactions at V on Shenton this year, ranging from a 484 sq ft unit on the 25th floor that changed hands on January 16 at S$2,143 psf to a 1,755 sq ft unit on the 50th floor that was sold on March 1 at S$2,314 psf.
The least profitable resale transaction in V on Shenton was the sale of a 1,098 sq ft unit on the 28th floor at S$1,822 per sq ft on 14 April 2022 for S$2 million. The unit was purchased in July 2013 for S$2,211 per square foot at a purchase price of S$2.43 million. As a result, the seller suffered a record loss of approximately S$427,000 (18%), which equates to an annualised loss rate of 2.1% over 8 years.
