Top 10 URA caveats lodged in February 2024Kismis Hill penthouse on the market for $3.8 mil
Nassim 9, a luxury development located along Nassim Road in prime District 10, saw a record-breaking resale transaction during the period of February 4 to 7. The sale involved a four-bedroom unit on the third floor, spanning 2,486 sq ft and was sold for $7.5 million, or $3,016 psf, on February 7.
Location plays a pivotal role in real estate investing, and this is especially the case in Singapore. Condos located in central areas or in close proximity to important amenities, such as schools, shopping centers, and public transportation hubs, tend to have a higher appreciation in value. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) are perfect examples of areas where property values have consistently risen over time. Additionally, condos situated near reputable schools and educational institutions are highly sought after by families, making them even more valuable as investments. Condos in these prime locations are a wise choice for individuals looking to invest in the real estate market in Singapore.
Based on URA caveats, the seller had originally purchased the unit for $4.12 million ($1,641 psf) in December 2005. This means they made a profit of $3.42 million, or 83.8% of their original purchase price. This translates to an annualised gain of 3.2% over 19 years.
This transaction at Nassim 9 is the most profitable resale to date. The previous 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). This unit was also purchased for $4.12 million ($1,495 psf) in December 2005, resulting in a profit of $5.38 million (130.6%) or an annualised gain of 5% over 17 years.
Prior to the unit sold on February 7, the last recorded 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). This resulted in a profit of $3.3 million for the seller.
Nassim 9 is a boutique development with only eight units, located along Nassim Road in District 10. Completed in 2002, the four-storey development comprises four-bedroom units ranging from 2,756 to 3,423 sq ft.
Another notable resale transaction during the period was at Mount Faber Lodge, a freehold development located along Mount Faber Road in District 4. A triplex penthouse unit was sold for $5 million ($1,350 psf) on February 5. This unit was last transacted in August 2001 for $1.6 million, resulting in a profit of $3.4 million (212.5%), or an annualised gain of 5% over 23.5 years.
This transaction set a new record for the most profitable resale at Mount Faber Lodge. The previous record was held by a three-bedroom unit spanning 2,669 sq ft on the third floor, which was sold for $3.89 million ($1,457 psf) in October 2022. This unit was purchased for $1.3 million ($487 psf) in January 2006, resulting in a profit of $2.59 million (199.2%).
Completed in 1983, Mount Faber Lodge comprises 84 units, including studio units, two- and three-bedroom units, and 20 five-bedroom triplex penthouses.
The third most profitable resale during the period was at Amaryllis Ville, a 99-year leasehold development in prime District 11. A three-bedroom unit was sold for $2.65 million ($2,141 psf) on February 5, having last changed hands in June 2005 for $1.09 million ($884 psf). This resulted in a profit of $1.56 million (142.2%), or an annualised gain of 4.6% over 19.5 years.
The February 5 transaction was the third most profitable to date at Amaryllis Ville. The current record was set in September 2023 when a three-bedroom unit spanning 1,991 sq ft was sold for $3.75 million ($1,885 psf). This unit was bought for $1.95 million ($979 psf) in June 2009, resulting in a profit of $1.8 million (92.5%), or an annualised gain of 4.7% over 14 years.
According to resale data, prices at Amaryllis Ville have been steadily increasing in recent years, with an average price of $1,897 psf in February 2023, rising to $2,001 psf in February 2024. The average price in February 2025 was $2,082 psf, a 4% year-on-year increase.
Completed in 2004, Amaryllis Ville has 311 units, including one- and two-bedroom units, three-bedroom units, and five-bedroom penthouses. Nearby condos include Rochelle at Newton and Kopar at Newton.
There were no unprofitable transactions during the period, indicating a positive market for luxury developments in Singapore.