Four Bedder Grange Residences Reaps 465 Mil Profit
One Shenton penthouse hits new high of $3,708 psf
The sale of a four-bedroom unit at Grange Residences was recently recorded as the most profitable resale transaction in the period of Aug 19 to Sept 2. The seller of the spacious 2,583 sq ft unit earned a staggering profit of $4.65 million (121%) when it was sold for $8.5 million ($3,290 psf) on Aug 21. This unit was initially purchased for $3.84 million ($1,486 psf) back in 2006, resulting in an impressive annualised profit of 4.2% over a span of 19 years.
This marks the fourth resale at Grange Residences this year, with all four transactions recording profitable gains ranging from $6.5 million to $3.07 million. The highest profit seen at the condominium so far this year was for a 2,852 sq ft, four-bedroom unit on the fourth floor, which was sold for $9.85 million ($3,453 psf) on June 30. The original purchase price for this unit was $3.35 million ($1,173 psf) in 2004, resulting in a remarkable profit of $6.5 million (194%) and an annualised profit of 5.3% over a period of 21 years.
Located in the prime district of 10, Grange Residences is a freehold luxury development on Grange Road. Completed in 2004, the exclusive development boasts a total of 164 units spanning across three 18-storey blocks, each offering spacious four-bedroom units ranging from 2,486 to 2,852 sq ft. According to data from EdgeProp Singapore, the resale prices at Grange Residences have steadily increased from around $1,670 psf in September 2005 to $2,915 psf in September 2020. The current average price at the development stands at approximately $2,900 psf.
In addition to Grange Residences, the second most profitable resale transaction during the period of Aug 19 to Sept 2 was recorded at Haig Court. The 1,550 sq ft unit located on the fourth floor fetched a substantial price of $3.3 million ($2,129 psf) on Aug 28. This marked an impressive profit of $2.37 million (256%) for the seller who had originally bought the unit for $926,900 ($598 psf) back in 2004. This translates to an annualised profit of 6.2% over a span of 21 years.
This resale transaction also sets the record for the most profitable resale at Haig Court so far this year, with the condominium recording a total of 10 profitable resale transactions. The highest profit seen at the development this year was for another four-bedroom unit on the fifth floor, which was sold for $3.18 million ($2,052 psf) on May 26. The initial purchase price for this unit was $899,000 ($580 psf) in 2004, resulting in a profit of $2.28 million (254%) and an annualised profit of 6.2% over a span of 21 years.
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Haig Court, a freehold development completed in 2004, is located on Haig Road in District 15. The project consists of 360 units and is in close proximity to four schools — Tanjong Katong Girls’ School, Tanjong Katong Secondary School, Tanjong Katong Primary School, and Canadian International School (Tanjong Katong Campus). The average price at Haig Court, based on data from EdgeProp Singapore, is $2,080 psf. In comparison, the two new 99-year leasehold developments in the vicinity, Emerald of Katong and Tembusu Grand, command a higher average price of $2,413 psf and $2,640 psf respectively.
On the other hand, the most unprofitable transaction during the period of Aug 19 to Sept 2 was recorded at Marina One Residences, where the seller of a 1,539 sq ft unit incurred a loss of $506,331 (14%) when it was sold for $3.22 million ($2,092 psf) on Aug 28. This unit was initially purchased for $3.73 million ($2,421 psf) in 2018. According to caveats, there have been a total of 15 resale transactions at Marina One Residences so far this year, with only one transaction recording a profit. The remaining transactions saw losses ranging from $32,000 to $703,250. The highest loss seen at the development this year was for a 2,250 sq ft four-bedroom unit on the 32nd floor, which was sold for $6.4 million ($2,845 psf) on May 19, resulting in a loss of $703,250 (9.9%).
Marina One Residences is a 1,042-unit 99-year leasehold development situated on Marina Way in District 1. The condominium is the residential component of the Marina One integrated development, which was completed in 2017. The prices at Marina One Residences have dropped from around $2,475 psf in September 2020 to $2,089 psf this month. One Marina Gardens, the newest private residential project in Marina Bay, has an average price of $2,951 psf and has seen high demand since its launch in April this year.
