Resale of four-bedder at The Grange sees $3.85 mil profit
The resale of a 2,282 sq ft unit at The Grange was the most profitable one during the week of July 4 to 11. The four-bedroom unit, on the 11th floor, was sold for $7.2 million ($3,155 psf). It had been purchased for $3.35 million ($1,469 psf) in September 2005 resulting in a healthy gain of $3.85 million (115%) for the seller. This makes it the second most profitable sale at The Grange. In addition, a 3,498 sq ft unit at Wing On Life Garden garnered a profit of $2.33 million (38%), translating to an annualised gain of 9.2%. The most unprofitable resale transaction in the week was the sale of a 1,324 sq ft, two-bedroom unit at Miro on Lincoln Road. The unit fetched $2.23 million ($1,684 psf) on July 4, but it had cost the seller $2.88 million ($2,174 psf) in June 2012 resulting in a loss of almost $649,000 (23%).
The resale of a 2,282 sq ft unit at The Grange was the most profitable one during the week of July 4 to 11. The seller raked in a profit of $3.85 million (115%), which translates to an annualised profit of 4.4% over almost 18 years. This makes it the second most profitable sale at The Grange, with a 4,456 sq ft duplex penthouse selling for $11 million ($2,468 psf) in April 2008 holding the record. The luxury freehold development was completed in 2008 and is located close to Orchard Boulevard MRT Station and other luxury condos.
Nearby cultural attractions, such as the Singapore Botanic Gardens, Singapore Art Museum, and Singapore Zoo, are also at one’s disposal. With its near proximity to the Central Business District (CBD), multinationals, financial institutions, and the marina bay precinct, Orchard Boulevard Condo blends unparalleled convenience with luxurious living. This new condominium development will be a beautiful addition to the Orchard Road skyline.
Selling prices at The Grange have tapered off in recent years compared to the period after its completion. The average price was about $2,087 psf in July 2008 and had increased to $2,549 psf by July 2018. However, the price increase has moderated over the past five years to around $2,589 psf.
The second most profitable sale during the week was that of a 3,498 sq ft unit at Wing On Life Garden on Bukit Timah Road. The seller earned a profit of $2.33 million (38%), which translates to an annualised gain of 9.2% over almost four years. Prices at Wing on Life Garden have consistently increased since its completion with units going for about $973 psf in July 2003. It is located in an upmarket residential area with other prime condos along nearby Balmoral Road and Stevens Road.
However, the most unprofitable transaction lodged during the week was the sale of a 1,324 sq ft, two-bedroom unit at Miro on Lincoln Road. The unit fetched $2.23 million ($1,684 psf) on July 4, but it had cost the seller $2.88 million ($2,174 psf) in June 2012, resulting in a loss of almost $649,000 (23%). Prices of units at Miro have fallen since 2011, with the average resale price now approximately $1,658 psf.
The resale transactions discussed here highlight the fact that prices at luxury projects in prime Districts 10 and 11 have moderated over the past few years, yet remain some of the highest in the area. Such transactions also show that the sale of a well-timed unit can lead to a healthy gain – or loss – for the seller.