Property investment sales in S’pore down 28.5% in 2023: RCA data
Nassim 9, an exclusive luxury development, achieved a record-breaking transaction during the period from Feb 4 to Feb 7. A 2,486 sq ft four-bedroom unit on the third floor was sold for $7.5 million, which translates to a price of $3,016 per square foot. This transaction has been the most profitable resale transaction recorded at Nassim 9, located at Nassim Road, District 10.
According to records from the Urban Redevelopment Authority (URA), the seller bought the same unit in December 2005 for a price of $4.12 million ($1,641 psf). This means that they raked in a profit of $3.42 million, which is equivalent to 83.8% of their initial purchase price. Based on an analysis of the profit gained, it translates to an annual gain of 3.2% over the period of 19 years.
The recent transaction at Nassim 9 has been noted to be the third most profitable resale at this luxury development. The current record was made in March 2023, when a larger 2,756 sq ft four-bedroom unit was sold for an amount of $9.5 million, or $3,448 psf. This unit was purchased for $4.12 million, which was equivalent to $1,495 psf in December 2005. The seller made a profit of $5.38 million, which is equivalent to 130.6%. This translates to an annual gain of 5% over a period of 17 years.
Prior to the recent sale, the last transaction at Nassim 9 took place in March 2023. It involved a 3,251 sq ft four-bedroom unit, which was sold for an amount of $10.3 million. The seller made a profit of $3.3 million.
Nassim 9, housing only eight units, is a boutique condominium situated along Nassim Road in the prime District 10. It was completed in 2002, and comprises of four-storey buildings with four-bedroom units spanning from 2,756 to 3,423 sq ft.
Mount Faber Lodge, a boutique development, has been in the news as the second most profitable development during the period from Feb 4 to Feb 7. A triplex penthouse unit was sold for $5 million, which translates to a price of $1,350 psf, on Feb 5. The seller had purchased the unit in August 2001 for $1.6 million. This means that the seller made a profit of $3.4 million, or 212.5% of their initial purchase price. Based on an analysis of the gain, it translates to an annual gain of 5% over a period of 23.5 years.
This sale at Mount Faber Lodge has been the most profitable transaction recorded at this freehold development. The previous record was set by a three-bedroom unit, with an area of 2,669 sq ft, which was sold for $3.89 million ($1,457 psf) in October 2022. The unit was purchased for $1.3 million, which was equivalent to $487 psf in January 2006. This sale meant that the seller made a profit of $2.59 million, which is equivalent to 199.2%. It translates to an annual gain of 4.7% over a period of 14 years.
Mount Faber Lodge was completed in 1983, and comprises of 84 studio units with an area of 1,098 sq ft, two- and three-bedroom units ranging from 1,173 to 2,454 sq ft, and 20 five-bedroom triplex penthouses with an area of 3,703 to 3,724 sq ft.
The third most profitable deal was recorded at Amaryllis Ville, a 99-year leasehold development located at prime District 11. A three-bedroom unit on the 28th floor was sold for $2.65 million ($2,141 psf) on Feb 5. It had been sold in June 2005 for $1.09 million ($884 psf). This means that the seller made a profit of $1.56 million, which translates to 142.2% of the initial purchase price. Based on an analysis of the gain, it translates to an annual gain of 4.6% over 19.5 years.
The Condo market in Singapore offers a plethora of advantages for investors, and one of the most prominent among them is the potential for capital appreciation. Thanks to its strategic position as a global business hub and robust economic foundation, Singapore consistently attracts a high demand for real estate. In fact, property prices in this city-state have displayed a consistent upward trend, with condos in prime locations experiencing significant growth. For those who enter the market at the right time and hold onto their properties for the long term, substantial capital gains can be expected.
This sale has been ranked as the third most profitable transaction at Amaryllis Ville. The highest profit was recorded in September 2023, when a 1,991 sq ft three-bedroom unit on the 17th floor was sold for $3.75 million ($1,885 psf). It was bought at a price of $1.95 million ($979 psf) in June 2009. This means that the seller made a profit of $1.8 million, equivalent to 92.5%. Based on an analysis of the gain, it translates to an annual gain of 4.7% over a period of 14 years.
According to statistics compiled by EdgeProp Singapore, resale prices at Amaryllis Ville has been on the rise. The average price rose to $1,897 psf in February 2023, and further rose to $2,001 psf in February 2024. In the last month, the average price rose to $2,082 psf, and represented a 4% gain year-on-year.
Amaryllis Ville houses a total of 311 units, and is surrounded by a mix of 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 has a total of 20 five-bedroom triplex penthouses between 3,703 and 3,724 sq ft. Rochelle at Newton, comprising of 129 units, is situated along Keng Lee Road, while Kopar at Newton, comprising of 378 units, is situated along Makeway Avenue. There were no transactions recorded during the period in review.