SINGAPORE (EDGEPROP) - A 2,293 sq ft, four-bedroom unit at The Grange – in prime District 10 – will be put on the block by Colliers International on Feb 27. The freehold property will be sold in a sheriff’s sale. This means the property has been repossessed by the High Court, who has appointed Colliers to auction it. The proceeds will likely go towards satisfying the owners’ debts. According to Colliers, the indicative price will only be disclosed on the day of the auction to ensure a fair and transparent auction.
Steven Tan, senior director of capital markets at Colliers International, says: “The subject property is a sheriff’s sale and the sale is subject to High Court approval, unlike an owner’s sale, where the seller usually hopes to sell the property at as high a price as possible. In this instance, as it is a sheriff’s sale, it is likely that the price is competitive.”
The four-bedroom unit will be sold with vacant possession at the auction. (Picture: Colliers International)
Located between Grange Road and Orchard Boulevard, the freehold condominium is within a luxury residential enclave. Nearby developments include 3 Orchard-By-The-Park, Cuscaden Reserve and One Tree Hill Collection, a freehold residential concept with six maisonettes and seven apartments.
Tan says the residential apartments around the Orchard Boulevard vicinity are highly sought after because of their proximity to the Orchard Road shopping belt and easy access via public transport. It is also considered a prestigious location with five-star hotels and specialist medical facilities located nearby, he adds.
The Grange was completed in 2008 and is close to Orchard MRT Station on the NorthSouth Line. It is also accessible via Orchard Boulevard, Tanglin Road and the Central Expressway. The property is also beside the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast MRT Line, which is expected to be completed next year.
The Grange is a freehold condo in prime District 10, and was completed in 2008. (Picture: The Edge Singapore)
The 95-unit condo has a mix of three- and four-bedroom units from 2,281 sq ft to 2,301 sq ft, as well as penthouses from 4,379 sq ft to 4,433 sq ft.
The unit for sale was purchased for $3.76 million ($1,642 psf) in November 2005. Similar-sized units have changed hands for $5.4 million to $6 million, based on transactions lodged last year. This translates to a psf price of about $2,355 to $2,605.
According to Colliers, the indicative price for the subject unit will be within the price range established by these past transactions. This means the unit could be priced in the region of $5.5 million to $6 million.
Colliers’ Tan explains: “Property stock in this area is rarely available. Usually, vendors in this vicinity are well-to-do and prices are quite firm.” He expects the unit to appeal to high-net-worth individuals including foreigners, and investors who intend to lease the unit to C-suite level executives.
The property auction market could see more properties repossessed and being offered in mortgagee sale given the more downbeat economic outlook. “We would expect more properties will go under the hammer as some owners may fall into hardship and be unable to service the mortgage for their property,” Tan adds.
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