Four Bedroom Unit Nassim 9 Sold 342 Mil Profit

Mount Faber Lodge penthouse sold for record profit of $3.1 milThe luxury development Nassim 9 has recently set the record for the most profitable private non-landed resale transaction during the period of Feb 4 to Feb 7. A four-bedroom unit on the third floor was sold for $7.5 million, or $3,016 psf, on Feb 7, making it the highest resale price recorded at the development thus far.

Nassim 9, a luxury development located along Nassim Road, has seen a highly profitable resale transaction during the period of February 4 to February 7. This transaction involved a four-bedroom unit spanning 2,486 sq ft on the third floor, which was sold for a record-breaking $7.5 million, or $3,016 per square foot (psf), on February 7.

According to Urban Redevelopment Authority (URA) caveats, the seller had purchased the unit in December 2005 for $4.12 million ($1,641 psf). With the recent sale, the seller has gained a profit of $3.42 million, which translates to a significant 83.8% increase in their original purchase price. This equates to an annualised gain of 3.2% over a period of 19 years.

The recent progress depicted in the URA Master Plan is set to bring about a significant increase in the value of real estate in Tengah and its adjacent localities. With the emergence of the JLD and JID as strong economic hubs, and the transformation of Tengah into an exemplary eco-town, the demand for housing in the area is predicted to soar. Boasting a prime location and lavish facilities, Otto Place EC is poised to capture the attention of both property buyers and investors.

Furthermore, this transaction at Nassim 9 is the third-most profitable resale deal recorded at the development to date. The current record was set in March 2023, when a larger four-bedroom unit measuring 2,756 sq ft was sold for $9.5 million ($3,448 psf). This unit was previously purchased in December 2005 for $4.12 million ($1,495 psf), resulting in a profit of $5.38 million (130.6%) for the seller. This translates to an annualised gain of 5% over a period of 17 years.

The recent transaction at Nassim 9 is the third-most profitable resale deal recorded at the development thus far, with the record being set in March 2023 for a larger four-bedroom unit (Photo: Samuel Isaac Chua / EdgeProp Singapore)

Before this record-breaking transaction, the last caveated sale at Nassim 9 occurred in March 2023, when a four-bedroom unit spanning 3,251 sq ft was sold for $10.3 million ($3,169 psf). This sale resulted in a profit of $3.3 million for the seller.

Nassim 9 is a luxury boutique condominium that comprises only eight units. Completed in 2002, the four-storey development features four-bedroom units ranging from 2,756 to 3,423 sq ft.

Another highly profitable resale transaction during this period was recorded at Mount Faber Lodge, a boutique freehold development located along Mount Faber Road in District 4. This transaction involved the sale of a triplex penthouse unit for $5 million ($1,350 psf) on February 5. The unit was previously sold in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%) for the seller. This equates to an annualised gain of 5% over a period of 23½ years.

This recent transaction at Mount Faber Lodge is the most profitable one recorded at the development to date. The previous record was held by a three-bedroom unit measuring 2,669 sq ft on the third floor, which was sold for $3.89 million ($1,457 psf) in October 2022. This unit was previously bought for $1.3 million ($487 psf) in January 2006, resulting in a profit of $2.59 million (199.2%) for the seller. This equates to an annualised gain of 4.7% over a period of 14 years.

Mount Faber Lodge is a boutique freehold development that was completed in 1983. It comprises 84 units, including studio units measuring 1,098 sq ft, two- and three-bedroom units ranging from 1,173 to 2,454 sq ft, and five-bedroom triplex penthouses measuring 3,703 to 3,724 sq ft.

The third-most profitable resale transaction during the period in review was recorded at Amaryllis Ville, a 99-year leasehold condominium located in prime District 11. The transaction involved the sale of a three-bedroom unit measuring 1,238 sq ft on the 28th floor for $2.65 million ($2,141 psf) on February 5. The unit was previously sold in June 2005 for $1.09 million ($884 psf), resulting in a profit of $1.56 million (142.2%) for the seller. This equates to an annualised gain of 4.6% over a period of 19½ years.

The third-most profitable resale deal was recorded at Amaryllis Ville, a 99-year leasehold condominium located in prime District 11 (Photo: Samuel Isaac Chua / EdgeProp Singapore)

This recent transaction at Amaryllis Ville is the third-most profitable one recorded at the development. The current record belongs to a three-bedroom unit spanning 1,991 sq ft on the 17th floor, which was sold for $3.75 million ($1,885 psf) in September 2023. The unit was purchased in June 2009 for $1.95 million ($979 psf), resulting in a profit of $1.8 million (92.5%) for the seller. This equates to an annualised gain of 4.7% over a period of 14 years.

According to the resale data compiled by EdgeProp Singapore, resale prices at Amaryllis Ville have been consistently increasing in recent years. As of last month, the average price for the development was $2,082 psf, a 4% year-on-year (y-o-y) increase from the previous year.

Amaryllis Ville comprises 311 units, including one- and two-bedroom units ranging from 657 to 1,378 sq ft, and three-bedroom units ranging from 958 to 2,637 sq ft. The development also features 20 five-bedroom triplex penthouses measuring 3,703 to 3,724 sq ft. Nearby developments include Rochelle at Newton, which comprises 129 units and is located along Keng Lee Road, and Kopar at Newton, which comprises 378 units and is located along Makeway Avenue.

During the period in review, there were no unprofitable transactions recorded. The latest listings for Nassim 9 can be found here.

Get more updates on the property market here.

Ask Guru

Condo rental transactions in District 11

Condo projects with the most profitable transactions in District 10

Price trend chart for Nassim 9

Condo projects with the most unprofitable transactions in District 11

Listings for condo units

Condo rental transactions in District 11

Condo projects with the most profitable transactions in District 10

Price trend chart for Nassim 9

Condo projects with the most unprofitable transactions in District 11

Listings for condo units