SINGAPORE (Mar 12): The sale of a three-bedroom unit at luxury condominium Beaufort at Nassim on Feb 22, which caused the seller to incur a $1.46 million (23%) loss, was the latest and largest in a string of unprofitable deals at the freehold development. It was also the most unprofitable transaction in the week of Feb 20 to 27, based on the matching of caveat data as at March 6.

The seller bought the 2,002 sq ft unit on the second floor in 2007 for $6.36 million ($3,178 psf), but sold it for $4.9 million ($2,447 psf). There have been no profitable transactions at the 30-unit condo over nine years, with losses ranging from $320,000 to $1.46 million. The condo was completed in 2008 and all the units that have changed hands so far were bought in 2007.

Beaufort at Nassim is on Nassim Road in prime District 10. Situated in Singapore’s diplomatic enclave, it is near the Japanese and Philippine embassies. The condo is close to the Orchard Road shopping belt and nearby shopping malls include Tanglin Shopping Centre and Tanglin Mall.

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