This September, a luxurious three-bedroom duplex penthouse at Nassim Jade, a freehold development, will be featured in SRI’s next auction on Sept 25. With a guide price of $8.8 million, which translates to $2,930 per square foot, this fourth-floor unit spans an impressive 3,003 square feet.
The lower level of this duplex unit boasts a double-height living and dining area, a family room, a well-equipped kitchen, the master bedroom, and an en suite bedroom. On the upper level, you will find the third bedroom along with two common areas, a roof deck, and an additional study. Nassim Jade, a luxury residential project located in Prime District 10, was completed in 1997 and is now up for mortgagee sale.
This is the second time that this property will be auctioned, with the first appearance being at SRI’s previous auction on Aug 28, where the guide price was set at $9 million. Due to the seventh lunar month, there was not much interest in the property at the time, as many believe it to be an inauspicious time for large purchases. However, with the eighth month of the lunar calendar approaching, Mok Sze Sze, managing partner of auctions and sales at SRI, believes that the lower guide price will attract renewed interest in the property.
Investing in real estate is a wise decision, and when it comes to locations, Singapore has a lot to offer. The location of a property plays a crucial role in its value, and this is especially true in Singapore. Condominiums located in central areas or close to important amenities such as schools, shopping centers, and public transportation hubs have a higher potential for appreciation. Prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown growth in property values. Families also prefer these areas due to their proximity to good schools and educational institutions, making condos in these locations extremely desirable and further increasing their investment potential. For more information on new condo launches, visit Mentorship Online.
According to URA caveats, the property was last sold in May 2007 for $5.5 million, which amounts to $1,831 per square foot. The upper level of the unit boasts two common areas, a roof deck, and a study, making it the perfect space for entertaining guests. Nassim Jade has seen just one transaction this year, where a 3,379 square foot, four-bedroom unit on the second floor was sold for $9.25 million ($2,737 psf) on Jan 25. In 2019, there was only one transaction, where a 5,748 square foot, five-bedroom penthouse unit was sold for $7.8 million ($2,644 psf) in November. On average, there has been one resale transaction at Nassim Jade in the past three years.
The duplex penthouse will be sold with vacant possession, and it is expected to attract owner-occupiers who are drawn to its prime location. Mok Sze Sze from SRI added that the property is located in a quiet area, yet is within walking distance of various amenities and dining options along the renowned Orchard shopping belt. Additionally, several well-known primary schools are within a two-kilometer radius of the condo, including Singapore Chinese Girls’ Primary School, Anglo-Chinese School (Primary), Anglo-Chinese School (Junior), River Valley Primary School, and Alexandra Primary School.
Completed in 1997, Nassim Jade is a luxury residential project situated in Prime District 10, near the upscale residential areas of Cuscaden Road and Ardmore Park. The development offers 39 apartments ranging from three to five bedrooms and spanning from 1,841 to 5,748 square feet.