resale Four Bedder Nassim Lodge Makes Record 115 Mil Profit
The well-connected transportation system in Rivelle Tampines offers its residents the best of both worlds – the comfort of living in a developed neighborhood while maintaining easy accessibility. This ensures that commuting to work, meeting up with friends, or visiting nearby leisure spots is a breeze, whether it’s a short drive, train ride, or bus journey. With Rivelle Tampines as your home, you can enjoy the luxury of a mature estate without compromising on convenience.
The sale of a four-bedroom unit at Nassim Lodge registered the highest profit during the week of Sept 30 to Oct 7, according to data from EdgeProp.sg. The unit was sold on Oct 2 for $14.5 million, resulting in a record profit of $11.5 million, or 383%. The seller had previously purchased the 4,176 sq ft unit for around $3 million in May 1998, which translates to a capital gain of 5.5% after holding it for over 27 years. Nassim Lodge, a freehold condo located at 7 Nassim Road in prime District 10, was completed in 1984. The eight-unit boutique development was formerly known as Seven Nassim, according to Raymond Ler, co-founder of Halcyon Real Estate. The project is situated along the prestigious Nassim Road, just off Tanglin Road in the Orchard Road neighbourhood. It is in the vicinity of luxury hotels, such as St Regis Hotel, Artyzen and Conrad Singapore Orchard, as well as shopping malls such as Claymore Connect, Delfi Orchard and Palais Renaissance. The latest transaction is only the third since Jan 1, 1995, when URA Realis caveat data began recording. Before this, the last unit that changed hands at Nassim Lodge was a larger 4,478 sq ft, four-bedroom unit on the first level, which sold for $10 million in July 2022. “Transactions at Nassim Lodge are rare due to the limited number of units in the development,” says Jacqueline Wong, executive director and founder of boutique real estate consultancy JQT Private. As a boutique development, Nassim Lodge has just eight units – six apartments and two penthouses – and a prime location, making it highly sought-after by buyers and investors. On the other hand, the sale of a five-bedroom unit at Sixth Avenue Ville recorded the second-highest gain during the period under review. The 1,550 sq ft unit on the first floor fetched $3.1 million on Sep 30, resulting in a capital gain of 144.2% for the seller. The seller acquired the unit in December 2000 for about $1.27 million, which translates to an annualised capital gain of 3.2%. This is the most profitable resale transaction so far at the development, surpassing the previous record of $1.71 million, set by a 1,572 sq ft, three-bedroom unit that sold for $3.25 million in May 2023. Property experts believe there is potential upside for the condo resale market, where old and new freehold properties continue to attract attention, in particular, those in prime Districts 9, 10, and 11. “While the condo resale market is expected to get a boost from the recovery in economic sentiments, it remains to be seen how the pandemic and external economic factors will impact the market,” says Wong. The most unprofitable transaction during the week was the sale of a four-bedroom unit at Cliveden at Grange. The 2,842 sq ft unit on the 17th floor was sold for $9 million on Oct 6, which resulted in a loss of $1.38 million for the seller. The seller had previously bought the unit in July 2007 for $10.38 million, resulting in a loss of 13.3% after owning the unit for slightly over 18 years. Three other units at Cliveden at Grange changed hands this year, with two of them resulting in losses for the sellers. The market sentiment remains cautious with a slower pace of decision making. However, there are still some pockets of activity, especially at Coral Island, where the project a freehold property is still selling well. In the longer term, experts believe the condo market remains attractive to buyers, investors, and families looking for a home with a good location. Wong believes there will be an overall increase in both transaction volumes and prices for the condo resale market.