Resale Four Bedder Grange Residences Nets 58 Mil Profit

The sale of a four-bedroom unit at Grange Residences on July 3 was the most profitable resale transaction during the week of July 1 to 8. The 2,852 sq ft unit on the 13th floor sold for $9.74 million, or $3,414 per square foot (psf). This marks a profit of around $5.8 million (147%) for the seller, who had previously purchased the unit for $3.94 million ($1,382 psf) in October 2004. This translates to an annualised gain of 4.5% over almost 21 years.This transaction marks the second most profitable resale at Grange Residences, with the highest gain recorded from the sale of a similar four-bedroom unit on the fourth floor for $9.85 million ($3,453 psf) on June 30. The seller had purchased the unit for around $3.35 million ($1,173 psf) in June 2004, resulting in a profit of $6.5 million or an annualised gain of 5.3% over more than 21 years. Grange Residences, located along Grange Road in District 10, is a freehold development completed in 2004 that offers only four-bedroom units of between 2,486 sq ft and 2,852 sq ft. AdvertisementThere have been three resale transactions at the development this year, all of which have been profitable. On Feb 26, another 2,852 sq ft unit sold for $9.72 million ($3,408 psf), yielding the seller a profit of $3.07 million after buying it for $6.65 million ($2,331 psf) in August 2009.The second most profitable condo resale of the week was the sale of a 2,777 sq ft four-bedroom unit at Boulevard 88. The apartment was sold for $13 million ($4,681 psf) on July 4. Purchased in June 2019 for approximately $9.92 million ($3,573 psf), the seller raked in a profit of $3.08 million (31%) after six years of ownership.This marks the fourth most profitable transaction at Boulevard 88 to date. The most profitable transaction at the development came from the sale of a 2,799 sq ft, four-bedroom apartment that changed hands for around $14 million in April 2021. The seller had purchased the 18th floor unit for $10.13 million in March 2019, realising a profit of $3.87 million after owning the unit for over four years. Boulevard 88, located along Orchard Boulevard in prime District 10, is a freehold development completed in 2023 that comprises 154 units ranging from two- to four-bedroom apartments of 1,313 sq ft to 6,049 sq ft. Nearby lifestyle hubs include Wheelock Place, Far East Shopping Centre, Ion Orchard and Shaw House. On the other hand, the least profitable transaction during this period was the sale of a 1,733 sq ft three-bedroom unit at Reflections at Keppel Bay for $2.8 million ($1,616 psf) on July 3. The unit had been previously purchased for $4.18 million ($2,412 psf) in August 2013, resulting in a loss of $1.38 million (33%) for the seller, or an annualised loss of 3.3% over nearly 12 years. The record loss at the development came from the sale of a 7,050 sq ft duplex penthouse on the 40th floor, which was sold for around $11 million in September 2021. The unit had previously fetched $17.98 million ($2,550 psf) in May 2007, resulting in a loss of $6.95 million or an annualised loss of 3.4% over more than 14 years. Reflections at Keppel Bay is a 99-year leasehold development by Keppel Land in prime District 9 that comprises six residential towers housing between 24 and 41 storeys, as well as 11 low-rise villa apartment blocks. Completed in 2011, the 1,129-unit waterfront luxury development offers a mix of one- to four-bedroom apartments of between 732 sq ft and 2,874 sq ft, as well as penthouses of 3,488 sq ft to 12,900 sq ft. To date, Reflections at Keppel Bay has seen 40 resale transactions this year, 18 of which have been unprofitable, including the July 3 transaction. The units, measuring between 1,055 sq ft and 3,283 sq ft, were sold at losses of between $13,600 and around $1.37 million.

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