SINGAPORE (EDGEPROP) - Luxury condominium Grange Residences scored a new psf-price high when a four-bedroom unit on the 10th floor was sold for $8.58 million ($3,321 psf) on March 23. This transaction tops the list of record psf-price highs achieved during the week of March 17 to 24.
The sale on March 23 marks the first time that a unit at Grange Residences has changed hands for more than $3,300 psf. The previous record high at the condo had been the sale of another four-bedroom unit on the 17th floor that fetched $8.18 million ($3,170 psf) when it was sold on Sept 15 last year.
It is also worth noting that the resale on March 23 resulted in a $5.73 million profit for the seller, another new record at Grange Residences.
The sale of a four-bedder at Grange Residences for $8.58 milion marks the first time a resale unit there has crossed $3,300 psf. (Picture: Samuel Isaac Chua/The Edge Singapore)
Grange Residences is a freehold condo that was completed in 2004 by Wharf Estates Singapore (formerly known as Wheelock Properties). It was a redevelopment of the former Omni Marco Polo Hotel, which was owned by the developer.
The luxury condo sits at the junction of Grange Road and Tanglin Road in prime District 10. The development comprises 164 units across two 18-storey blocks and an eight-storey block. The unit mix of the development only comprises four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.
The condo’s positive attributes have helped to propel prices at Grange Residences over the last few years from an average of $2,050 psf in January 2008 to a high of $2,760 psf in January 2018. However, a tabulation of resale caveats by EdgeProp Singapore shows that prices have dipped in recent months, falling to an average price of $2,542 psf last month.
A graph of the price trend at Grannge Residences, taken from EdgeProp's analytics and research tool.
This puts Grange Residences on par with older freehold projects in the area such as St. Martin’s Apartment, which was completed in 1986, where units are going for an average of $2,333 psf. Moreover, this widens the price gap to other luxury developments in the vicinity such as The Nassim ($4,664 psf) on Nassim Hill and 3 Orchard By-The-Park ($3,707 psf) on Orchard Boulevard.
The second-highest psf-price record during the week occurred at The Shelford, a freehold condo on Shelford Road in prime District 11. On March 21, a 1,033 sq ft, two-bedroom unit on the third floor was sold for $2.4 million ($2,323 psf). The previous record had only sat at the top of the list for 18 days before it was overtaken by a 1,399 sq ft, three-bedroom unit on the third floor that fetched $3.18 million ($2,273 psf) on March 3.
A 1,033 sq ft two-bedroom unit at The Shelford fetched $2,323 psf on March 21. (Picture: Samuel Isaac Chua/The Edge Singapore)
The Shelford is a 215-unit development that was completed in 2005. Developed by CapitaLand, it comprises seven low-rise blocks with a mix of one- to four-bedroom apartments of 732 sq ft to 2,411 sq ft. The project is near the intersections of Dunearn Road and Adam Road. The Singapore Botanic Gardens, Serene Centre and Adam Road Food Centre are also near by.
There have been three resale transactions at The Shelford so far this year. Besides the sales on March 21 and March 3, there was the sale of a 1,055 sq ft, two-bedder on the fourth floor that changed hands for $2.28 million ($2,161 psf) on March 20.
At the time of publication, there was no transaction during the week in review that yielded a psf-price low at a development.
Check out the latest listings near Grange Residences, The Nassim, 3 Orchard By-The-Park, The Shelford