DEAL WATCH: Unit at Orange Grove Residences selling below 2007 launch price

A 2,390 sq ft, four-bedroom unit at Orange Grove Residences is listed for sale on TheEdgeProperty.com at $4.5 million, or $1,883 psf. The last time a 2,390 sq ft unit at Orange Grove Residences changed hands was four years ago. That was when two units located on the second and third floors were sold for $4.78 million ($2,000 psf) and $4.8 million ($2,009 psf) in August and November 2012 respectively, based on caveats lodged then.

The 60-unit, freehold luxury condominium located on Orange Grove Road was completed in 2009. Almost all the units in the five- storey boutique project, including the unit up for sale, enjoy a pool view.

If the unit is sold at the asking price of $1,883 psf, it would still rank in the bottom 11% of all transactions done, based on psf price. When Orange Grove Residences was first launched at the height of the property boom in 2007, units were sold at an average price of $2,097 psf. The highest price achieved at the project was for a 3,143 sq ft penthouse that fetched $7.39 million ($2,350 psf) in July 2007.

At today’s selling prices, this is an opportune time for house hunters to purchase a unit

Since the total debt servicing ratio (TDSR) loan framework kicked in at end-June 2013, transaction prices at Orange Grove Residences have fallen to an average of $1,757 psf. Only seven units have been sold since then, according to caveats lodged. This is because some owners have been reluctant to reduce their asking prices and prefer to withdraw their units from the market.

This may be an opportune time for house hunters to purchase a home.

Developed by established listed developer Ho Bee Land, Orange Grove Residences is just a short drive from the Orchard Road shopping belt. Schools in the vicinity include EtonHouse International Pre-School Claymore, Singapore Chinese Girls’ School, Raffles Girls’ School and Anglo-Chinese School (Barker Road).

According to URA data, there were six rental contracts for four-bedroom units at Orange Grove Residences this year, and they averaged $8,800 a month.

For more information, call marketing agent Daisy Tan at 8571 7327.