According to the latest property news from EdgeProp Singapore (last updated on December 2020), a five-bedroom penthouse unit raked in a total of $6.05 million in profit, earning the title of the most profitable real estate deal during the week of November 24 to December 1. Learn more below which condominium resales made this week’s top gains and losses in the property market.
Top gain: Nassim Jade in District 10
This week, the most profitable deal was the sale of a 5,038 sq ft, five-bedroom penthouse unit. It changed hands on November 27 for a whopping $11.7 million or $2,323 psf. The seller initially purchased the unit for $5.5 million or $1,122 psf. Thus, the seller earned a whopping $6.05 million, or a profit of 107%. When annualized, this translated to a profit yield of 4.9% over its 15-year holding period.
Nassim Jade is a freehold luxury condominium located on the prestigious Nassim Road in District 10. Nassim Road is the most exclusive and expensive residential area in Singapore, home to many of the island’s wealthiest families. The condominium is also notably close to the shopping and entertainment belt of Orchard Road and the luxury residential enclaves on Ardmore Park and Cuscaden Road. Nassim Jade’s prestigious location makes it a valuable property investment for many home buyers.
The development was completed in 1997 and consisted of only 39 condo units ranging from 1,841 sq ft to 3,455 sq ft.
This transaction has been recorded as the most profitable resale in Nassim Jade’s history. The record was previously held by a 2,153 sq ft condo unit, which changed hands for a total of $5.1 million, or $2,369 psf, in October 2011. The seller originally purchased the unit in April 2003 for $2.5 million, or $1,161 psf. This translated to an annualized profit of 8.7% over its 8-year holding period.
Top gain: Ridgewood in District 10
Ridgewood’s two transactions turned out to be the next two most profitable resales during the week. First, a 1,873 sq ft unit was resold for $2.6 million, or $1,396 psf, on November 26. The seller initially bought the condo unit in August 2002 for $934,627 or $499 psf. This meant that the seller walked away with a 162% profit of $1.62 million when sold. This translates to a yearly yield of 5.4% over 18 years when annualized.
The next resale was for a 2,002 sq ft unit, and it fetched a total of $2.85 million, or $1,424 psf, on November 30. The condo unit was previously purchased in Septembein1999 for a lower price of $1.29 million or $643 psf. When it was resold more than two decades later, the seller was able to earn a 121% profit of $1.56 million or an annualized profit of 3.8% over a 21-year holding period.
Ridgewood is a 999-year leasehold development situated on Mount Sinai Rise in District 10. The residential project was built in 1981 and consisted of 461 condo units ranging from 721 sq ft to 3,799 sq ft.
Top loss: The Oceanfront @ Sentosa Cove
On the other side of the spectrum, the top loss during the week was for the resale of a condo unit located at The Oceanfront @ Sentosa Cove. The 3,025 sq ft of the three-bedroom unit changed hands on November 25 for $5.66 million or $1,871 psf. The seller previously bought it for a lower price of $7.86 million, or $2,600 psf, in August 2007. Unfortunately, the seller incurred a 28% loss of $2.21 million. This translated to a 2.4% yearly loss over 14 years when annualized.
The 99-year leasehold development is located in Sentosa Cove, a luxury residential enclave on Sentosa Island. It was completed in 2010 and consisted of 264 condo units in total.
This transaction is only one of the many unprofitable resales this year. However, this November 25 resale was recorded as the biggest profit loss that ever took place at the enclave. The second to the highest loss can be traced back to a resale on July 27. A 1,711 sq ft unit was resold for only $2.7 million, or $1,578 psf, even though it was initially purchased for $3.7 million, or $2,164 psf, in October 2007. This meant that the seller incurred a 27% loss of 1 million.
Are you looking for a condo for sale or rent in Nassim Jade? Get in touch with a property agent now, or contact us for available units for sale or rent.