Top gains and losses for the week of April 26 to May 3
SINGAPORE (EDGEPROP) - The most profitable resale deal in the week of April 26 to May 3 was that of a 3,509 sq ft, freehold five-bedroom penthouse at Nassim Park Residences.
It changed hands for a whopping $13.2 million ($3,762 psf) on April 27. The fifth-floor apartment was initially purchased in June 2008 for $10.9 million ($3,102 psf). The seller reaped a profit of $2.3 million (21%), translating to an 1.4% annualised profit over a period of almost 14 years.
The 3,509 sq ft, freehold penthouse unit at Nassim Park Residences was sold for $13.2 million on April 27 (Credit: Samuel Issac Chua/ The Edge Singapore)
Completed in 2011, the 100-unit freehold condominium is located on Nassim Road in prime District 10. Developed by a joint venture formed by UOL Group, Orix Capital and Kheng Leong Co, the property is located in Singapore’s most coveted residential address.
It is within a short walk to both Tanglin Mall and Orchard Road shopping belt, as well as the Singapore Botanic Gardens. The nearest MRT station is the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which is scheduled to be completed later this year. Other amenities in the vicinity include Camden Medical and Gleneagles Hospital and Medical Centre, as well as luxury hotels such as The St Regis Singapore, Four Seasons Hotel and the upcoming Artyzen Hotel as well as Edition Hotel.
The most profitable deal at Nassim Park Residences took place in April 2011 when a 6,954 sq ft penthouse apartment changed hands for $24 million ($3,468 psf). It was previously purchased for $18 million ($2,600 psf) in July 2008. The deal reaped a profit of $6.2 million (31.4%), translating to an annualised gain of 11.7% over nearly three years.
The second most-profitable deal of the week occurred at Rivergate, a 545-unit, freehold condominium situated at Robertson Quay, in prime District 9. Completed in 2009 and developed by CapitaLand, it is the first residential development to be accorded landmark status by URA. Other residential developments nearby are Martin Modern, Martin Place Residences and the upcoming luxury project, The Avenir, at River Valley Close.
See also: RiverGate scores new high of $2,798 psf
Great World City is a short drive away, as well as the upcoming Great World MRT Station (on the Thomson-East Coast Line) which will be completed later this year. Orchard Road and the CBD are also easily accessible by car.
The latest transaction at Rivergate was the sale of a 1,496 sq ft, three-bedroom unit for $4.1 million ($2,740 psf) on April 28. The 11th-floor unit was previously purchased for less than half the price at $1.8 million ($1,235 psf) in November 2005. A capital gain of $2.3 million (122%) was reaped from the deal, equivalent to an annualised profit of 5% over 16½ years.
The most profitable deal at Rivergate happened in September last year, with the sale of a 3,100 sq ft, four-bedroom apartment for $7.3 million ($2,348 psf). The unit had previously changed hands for $3.5 million ($1,115 psf) in June 2005, based on URA caveats. Hence, the seller made a capital gain of $3.8 million (76.5%), equivalent to an annualised profit of 4.7% over 16½ years.
On the other hand, the most unprofitable deal for the week in review was the sale of a 1,119 sq ft, two-bedder at One Shenton. The unit was sold for $1.7 million ($1,563 psf) on April 28, and had been previously purchased for $2.1 million ($1,903 psf) in February 2011. Hence, there was a loss of about $380,000 (18%), translating to an annualised loss of 1.7% over 11 years.
A two-bedder at One Shenton made a loss of about $380,000 on April 28 (Credit: Samuel Issac Chua/ The Edge Singapore)
One Shenton is a 99-year leasehold luxury residence located in the heart of the CBD in prime District 1. It was developed by City Developments and completed in 2011.