The Nassim tops weekly condo resale gains with $4.2 mil profit

The week’s most profitable condo resale transaction came from The Nassim, a freehold condo in District 10, for the period of July 14 to 21.

A 3,122 sq ft, three-bedroom unit on the third floor changed hands for $14 million ($4,485 psf) on July 15. The owner netted a profit of $4.2 million (42.9%), having bought the unit for $9.8 million in July 2016. On an annualised basis, it works out to 3.6% over a 10-year holding period.

This ranks as The Nassim’s second most profitable transaction to date. The development’s biggest gain to date stands at $6 million, logged in May 2022 when a 4,069 sq ft four-bedder was sold for $20 million.

Read also: Seller at Marine Parade condo Haig Court scores $2.3 mil profit

Perched on Nassim Hill, The Nassim is a low-rise boutique condo completed in 2015. It features 55 units across eight blocks. These come in three- and four-bedroom units sized from 1,927 to 6,598 sq ft, alongside 9,000 sq ft, five-bedroom Pavillion Houses on the ground floor and 9,300 sq ft duplex penthouses with a rooftop pool.

Napier MRT Station is eight minutes away by foot. Nearby amenities are located at Tanglin Mall and Tanglin Place, both a two-minute walk away.

Next, over in District 9, The Claymore condo logged the week’s second most profitable resale.

On July 17, a 2,680 sq ft, three-bedroom unit on the 14th floor fetched $8.22 million, reflecting a profit of $4.02 million, or 3.4% when annualised over nearly 20 years. It had been purchased in August 2006 for $4.2 million.

The all-time record at The Claymore, however, belongs to a 2020 resale of a five-bedroom unit, which generated a $9 million profit. It was initially purchased for $8 million in 2002 before being sold for $17 million, EdgeProp Research data shows.

Over the last two years, there have been five other resale transactions at The Claymore, and all were profitable. Those units ranged from 2,680 to 3,348 sq ft, scoring profits of between $2.3 million and $6.37 million.

Completed in 1985, the freehold 146-unit condo has three- to four-bedroom units and duplex penthouses, measuring from 2,680 to 4,919 sq ft. Located along Claymore Road, it is a seven-minute walk to the Orchard shopping belt.

Read also: Record $5.4 mil profit from four-bedder at The Peak condo in District 5

Meanwhile, the steepest loss during the period in review involved a residential unit at The M, a 99-year leasehold mixed-use development along Middle Road in the Downtown Core.

The seller of a 441 sq ft one-bedder suffered a loss of $131,400 (11.3%), after it was sold for about $1.03 million ($2,329 psf) on July 17.

It works out to an annualised loss of 1.9% over a holding period of about 6½ years. The unit had been purchased from the developer for about $1.16 million in 2020.

This is now the largest resale loss at The M, exceeding the previous record of $120,900 from a deal earlier this year. In March, a 420 sq ft studio apartment changed hands for $908,000. The seller had bought it from the developer for around $1.03 million in 2020.

Excluding those two unprofitable deals, The M has seen six other caveated resale transactions this year. One of them was also in the red — a 635 sq ft two-bedder posted a loss of $30,000 after it was sold for $1.65 million in January. That unit was purchased for $1.68 million from the developer in 2021.

The residential component of The M comprises three 20-storey towers and a six-storey tower, situated atop a row of commercial units. The 522 condo units range from studios to three-bedroom dual-key layouts, spanning 409 to 904 sq ft.

Read also: Sale of four-bedder at Leonie Gardens condo rakes in profit of $2.93 mil

Bugis MRT Interchange, a six-minute walk away, is connected to malls such as Bugis Junction and Bugis+.