Luxury transactions hit high of $5 mil at Four Seasons ParkCentral Area luxury flat pent-up demand seen to drive recoveryMar 10, 2023, 2:34 PMSingapore condo, HDB resale prices up in February due to La Mariposa & Canberra VistaLuxury developments continue to dominate profitable resale transactions in Feb 2023
Nassim 9, a luxury development, has recorded the most profitable private non-landed resale transaction during the period of February 4 to February 7. A four-bedroom unit spanning 2,486 sq ft located on the third floor changed hands for $7.5 million, or $3,016 psf, on February 7.
According to URA caveats, the unit was previously bought in December 2005 for $4.12 million, translating to a profit of $3.42 million (83.8% of the original purchase price) for the seller. This marks an annualised gain of 3.2% over 19 years.
This transaction is the third-most profitable resale at Nassim 9, with the current record set in March 2023 when a larger four-bedroom unit spanning 2,756 sq ft was sold for $9.5 million ($3,448 psf). The seller made a profit of $5.38 million (130.6%), or an annualised gain of 5% over 17 years.
The last caveated transaction at Nassim 9 was in March 2023, when a 3,251 sq ft, four-bedroom unit was sold for $10.3 million ($3,169 psf). It generated a profit of $3.3 million.
Located along Nassim Road in prime District 10, Nassim 9 is a boutique condo with only eight units completed in 2002. It features four-bedroom units spanning between 2,756 and 3,423 sq ft.
The second most profitable resale during the period was at Mount Faber Lodge, where a triplex penthouse unit was sold for $5 million ($1,350 psf) on February 5. The unit was last bought in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%) for the seller. This makes an annualised gain of 5% over 23½ years.
The unit sold on February 5 is the most profitable unit at Mount Faber Lodge to date, surpassing the previous record set in October 2022 when a three-bedroom unit spanning 2,669 sq ft was sold for $3.89 million ($1,457 psf). The unit was originally purchased for $1.3 million ($487 psf) in January 2006, resulting in a profit of $2.59 million (199.2%) for the seller.
Completed in 1983, Mount Faber Lodge is a boutique freehold development situated along Mount Faber Road in District 4. It offers studio units spanning 1,098 sq ft, along with two- and three-bedroom units from 1,173 to 2,454 sq ft. The development also features 20 five-bedroom triplex penthouses ranging from 3,703 to 3,724 sq ft.
The third-most profitable deal during the period was the sale of a three-bedroom unit at Amaryllis Ville, a 99-year leasehold condo in prime District 11. The 1,238 sq ft unit on the 28th floor was sold for $2.65 million ($2,141 psf) on February 5. It was previously bought for $1.09 million ($884 psf) in June 2005, resulting in a profit of $1.56 million (142.2%) for the seller. This marks an annualised gain of 4.6% over 19½ years.
This transaction is the third-most profitable unit to be sold at Amaryllis Ville, with the current record set in September 2023 when a three-bedroom unit spanning 1,991 sq ft was sold for $3.75 million ($1,885 psf). The unit was originally purchased for $1.95 million ($979 psf) in June 2009, resulting in a profit of $1.8 million (92.5%) for the seller. This marks an annualised gain of 4.7% over 14 years.
Based on resale data tabulated by EdgeProp Singapore, resale prices at Amaryllis Ville have been steadily increasing in recent years. The average price hit $1,897 psf in February 2023 before rising to $2,001 psf in February 2024. Last month, the average price reached $2,082 psf, marking a 4% year-on-year increase.
When it comes to investing in real estate, one factor that cannot be overlooked is the location. This is especially true for those looking to invest in Singapore. In this country, condos that are situated in central areas or in close proximity to essential amenities such as schools, shopping malls, and public transportation hubs are known to appreciate in value. Some prime locations that have consistently shown growth in property values include Orchard Road, Marina Bay, and the Central Business District (CBD). Families with children also value condos in these areas because of their proximity to good schools and educational institutions, making them highly desirable investments. With all these factors in mind, it is important for investors to carefully consider the location when looking for a condo to invest in.
Completed in 2004, the 311-unit Amaryllis Ville is located along Newton Road and offers a mix of one- and two-bedroom units measuring between 657 and 1,378 sq ft, as well as three-bedroom units ranging from 958 to 2,637 sq ft. Nearby condos include the 129-unit Rochelle at Newton along Keng Lee Road and the 378-unit Kopar at Newton along Makeway Avenue.
During the period, there were no unprofitable transactions.