​​resale Four Bedder Nassim Lodge Makes Record 115 Mil Profit

The transaction in which a four-bedroom unit at Nassim Lodge was resold during the week of 30th September to 7th October proved to be the most profitable resale transaction during this week. The seller of this spacious unit measuring 4,176 square feet was able to walk away with an impressive profit of $11.5 million (which translates to a remarkable 383%) after the unit was successfully sold for $14.5 million ($3,472 psf) on 2nd October.This grand unit was acquired by the seller for approximately $3 million ($799 psf) back in May 1998. This meant that the buyer earned an annualized profit of 5.5% after staying in the unit for nearly 27 years.Nassim Lodge, which was completed in 1984, is a well-known freehold condo located on 7 Nassim Road situated in the high-end District 10. According to Raymond Ler, who is the co-founder of Halcyon Real Estate, this boutique development which consists of eight units was previously known as Seven Nassim.Before this transaction, there were two other transactions recorded since the start of 1995 (when URA Realis caveat data was initiated).This latest transaction at Nassim Lodge is only the third transaction to have taken place at the development since the implementation of URA Realis caveat data in 1995. Prior to this, the last unit to have changed hands last time was a larger four-bedroom unit measuring 4,478 square feet located on the first level which was sold for $10 million ($2,233 psf) in July 2022.”Transactions of this nature are scarce because of the rarity of owning a unit in this boutique development,” says Jacqueline Wong, who is the executive director as well as founder of JQT Private – a boutique real estate consultancy. “This development is made up of only eight units which include six apartments and two penthouses and this coupled with its attractive location make it highly sought after.”A considerably large unit at Sixth Avenue Ville was able to record the second most rewarding gain during the same period under review. This unit is approximately 1,550 square feet and is situated on the first floor. It was able to fetch an impressive sum of $3.1 million ($2,000 psf) on 30th September. The seller of this unit had acquired it back in December 2000 for a price of slightly above $1.27 million ($819 psf). This means that the seller was able to profit handsomely by around $1.83 million after possessing the unit for 25-long years. This translates to a capital gain of over 144.2% for the seller.This latest transaction also happens to be the most profitable recorded resale transaction at Sixth Avenue Ville to date. It takes the crown of the previous title-holder which was sold for around $3.25 million ($2,287 psf) back in May 2023. The seller of this unit, who had bought it in May 1999 for $1.54 million ($978 psf), was able to earn an annualized gain of 3.2% after staying in the unit for 24 years. Another unit measuring 1,550 square feet, which is located on the first level at Sixth Avenue Ville, was purchased for roughly $1.63 million and resold for $2.88 million ($2,267 psf) on 3rd February 2021.The median selling price of Sixth Avenue Ville was valued at $2,068 psf in May 2023. To date, there have only been three resale transactions at the development out of which two were profitable. The sale of a similar unit in 2022 had resulted in an impressive gain of $.71 million. This made the seller the most unprofitable transaction during the same week when a four-bedroom unit situated on the 7th level, Cliveden At Grange, was sold for approximately $9 million ($3,167 psf) on 6th October. The unit had been previously purchase in July 2022 for slightly above $10.38 million ($3,653 psf), this meant that the seller incurred a loss of $1.38 million (c.13.3%) after staying in the unit for over 18 years.Furthermore, there were three resale transactions which took place at Cliveden At Grange this year, two of which resulted in losses being incurred. The seller of another similar-sized unit which is located on the 4th level had incurred a loss of $2.04 million when the unit was sold for $7.8 million ($2,745 psf) on 21st March 2023. This was followed by a loss of around $3.06 million when a spacious unit measuring 2,153 square feet and equipped with three bedrooms was sold for $4.8 million ($2,230 psf) on 6th January 2023.Cliveden At Grange is a freehold condo which is situated on Grange Road in the prime District 10. This project was completed back in 2011 and it comprises a total of 110 residential units which are spread over four residential blocks. It offers a combination of three- to five-bedroom units which measure approximately 2,153 square feet to 6,028 square feet respectively.

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