The Nassim unit tops Q2 resale gains, with seller reaping S$6m profit after 4 years

by Albert02

The Nassim unit tops Q2 resale gains, with seller reaping S$6m profit after 4 years

The Nassim unit tops Q2 resale gains, with seller reaping S$6m profit after 4 years. A TRANSACTION for a 4,069 square foot (sq ft) unit at The Nassim was the most profitable deal by quantum in the resale market in the second quarter, with the seller pocketing S$6 million in profit in just over four years.

According to statistics compiled by real estate firm Cushman & Wakefield for The Business Times, the unit at the freehold condominium in premium District 10 purchased for roughly S$14 million (S$3,440 per sq ft) in February 2018 was sold in May this year for S$20 million (S$4,915 psf). This equates to an annualized profit of 8.7%. Based on the purchase price, the profit was calculated to be 43% in percentage terms.

Cushman & Wakefield investigated caveats for private, non-landed residences with a past purchase history between January 2012 and June 2022, with transactions occurring in Q2 2022. It then ranked the top five profit-making and loss-making deals in terms of percentage and dollar amount. Transaction costs and taxes, such as buyer and seller stamp duties, were not included in the analysis.

According to the data, the five largest money-making transactions by quantum in the resale market in Q2 were all freehold units in the Core Central Region, owing to the CCR’s significantly higher prices and transacted unit sizes. Wong Xian Yang, head of research at Cushman & Wakefield, stated, “The CCR market remains attractive for high-net-worth investors willing to spend considerable sums of capital in the market.”

The five most profitable transactions, on the other hand, were either in the Rest of Central Region or Outside the Central Region (OCR), with sellers pocketing gains ranging from 62% to 70%. The most profitable deal in terms of percentage was for a 2,626 sq ft unit in 999-year leasehold D’Banyan in Sembawang, where the seller made a handsome profit of 70%. The apartment was purchased in September 2016 for almost S$1.24 million (S$471 psf) and sold for S$2.1 million (S$800 psf) in June. The seller realized an annualised profit of 9.6 percent after nearly 6 years of holding.

Wong stated that RCR and OCR prices have benefited from a shift in demand toward more inexpensive city fringe and mass market properties as a result of the property cooling measures and loan limitations. Furthermore, the appeal of houses in the RCR and OCR has grown as infrastructure and facilities have improved accessibility and convenience.

“Rising new-launch prices in the RCR and OCR would also have good spillover implications for the resale market,” Wong noted. RCR and OCR new-launch median prices for non-landed dwellings of 800 to 1,100 sq ft have increased by 56.3 percent and 84.3 percent, respectively, from 2012 to H1 2022.”

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Source:
https://www.businesstimes.com.sg/real-estate/the-nassim-unit-tops-q2-resale-gains-with-seller-reaping-s6m-profit-after-4-years



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