Condo prices in District 10 rise 15% to new high this yearSponsored post04 Mar 2024
In the period of Feb 4 to Feb 7, the luxury development Nassim 9 recorded the most lucrative private non-landed resale transaction. The sale involved a four-bedroom unit spanning 2,486 sq ft situated on the third floor, which was sold for a whopping $7.5 million, or $3,016 psf, on Feb 7.
According to data from URA caveats, the seller had previously purchased the unit in December 2005 for $4.12 million ($1,641 psf). This means that they made a profit of $3.42 million, which translates to 83.8% of their original purchase price. This also translates to an annualised gain of 3.2% over a span of 19 years.
The transaction is also the third most profitable resale transaction at Nassim 9 so far. The current record was 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 unit was purchased for $4.12 million ($1,495 psf) in December 2005, and the seller made a profit of $5.38 million, or 130.6%, representing an annualised gain of 5% over a span of 17 years.
Prior to the unit sold on Feb 7, the last transaction at Nassim 9 was recorded in March 2023, where a four-bedroom unit spanning 3,251 sq ft was sold for $10.3 million ($3,169 psf). This translates to a profit of $3.3 million for the seller.
Nassim 9 is a boutique condo located along Nassim Road in the prime District 10. The development has only eight units, all of which have four bedrooms and span between 2,756 and 3,423 sq ft. It was completed in 2002.
The most profitable transaction during this period occurred at Mount Faber Lodge, a freehold development, where a triplex penthouse unit was sold for $5 million ($1,350 psf) on Feb 5. The unit was last sold in August 2001, for $1.6 million, giving the seller a profit of $3.4 million, or 212.5%, which translates to an annualised gain of 5% over a span of 23.5 years.
This sale is also the most profitable unit transacted at Mount Faber Lodge to date. The previous record was held by a three-bedroom unit spanning 2,669 sq ft, sold for $3.89 million ($1,457 psf) in October 2022. The unit was purchased for $1.3 million ($487 psf) in January 2006, and the seller made a profit of $2.59 million, or 199.2%.
Mount Faber Lodge was completed in 1983 and has 84 units, consisting of studio units spanning 1,098 sq ft, two- and three-bedroom units from 1,173 to 2,454 sq ft, and 20 five-bedroom triplex penthouses from 3,703 to 3,724 sq ft.
The third most profitable resale transaction during this period was at Amaryllis Ville, a 99-year leasehold condo in the prime District 11. The 1,238 sq ft, three-bedroom unit on the 28th floor was sold for $2.65 million ($2,141 psf) on Feb 5. The unit was last sold in June 2005, for $1.09 million, giving the seller a profit of $1.56 million, or 142.2%. This translates to an annualised gain of 4.6% over a span of 19.5 years.
The most profitable unit sold at Amaryllis Ville to date was 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 for $1.95 million ($979 psf) in June 2009, giving the seller a profit of $1.8 million, or 92.5%. This also translates to an annualised gain of 4.7% over a span of 14 years.
Based on resale data from EdgeProp Singapore, resale prices at Amaryllis Ville have been consistently increasing in recent years. In February 2023, the average price hit $1,897 psf, which rose to $2,001 psf in February 2024. In February 2024, the average price hit $2,082 psf, representing a 4% year-on-year increase.
When contemplating an investment in a condominium, it is essential to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, rental yields for condos can vary significantly depending on factors such as location, property condition, and market demand. In areas with high rental demand, such as those near business districts or educational institutions, the rental yields tend to be more lucrative. Conducting thorough market research and seeking advice from real estate agents can provide valuable insights into the rental potential of a specific condo. For instance, checking out New Condo Launches can offer further insights into potential rental yields.
Amaryllis Ville was completed in 2004 and has 311 units, consisting of one- and two-bedroom units spanning 657 to 1,378 sq ft, and three-bedroom units from 958 to 2,637 sq ft. There are also 20 five-bedroom triplex penthouses from 3,703 to 3,724 sq ft. Nearby condominiums include the 129-unit Rochelle at Newton along Keng Lee Road and the 378-unit Kopar at Newton along Makeway Avenue.
There were no unprofitable transactions recorded during this period. Looking to rent or buy a luxury condo? Check out the latest listings for Nassim 9 and other condominium properties nearby.