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Grange 1866 hits new high of $3,390 psf

/ EdgeProp Singapore |

June 23, 2023 8:30 AM SGT

SINGAPORE (EDGEPROP) - Upcoming freehold development Grange 1866 topped the list of condos that saw a new psf-price high between June 2 and 9 with the sale of a 764 sq ft unit for $2.59 million, or $3,390 psf, on June 7. The two-bedroom unit on the 12th floor was sold by the developer and this is the first time a unit transacted at Grange 1866 has crossed above $3,300 psf. It beats the previous high of $3,145 psf registered on Jan 19 when an 829 sq ft unit fetched $2.61 million.

The new psf-price high at Grange 1866 was achieved with the sale of a 764 sq ft unit for $2.59 million on June 7 (Picture: Heeton Holdings)

Located on Grange Road in prime District 10, Grange 1866 is a 60-unit condo developed by Grange 1866 Pte Ltd. The project features a single block of 16 storeys located on a 20,322 sq ft, freehold site. Units comprise one- and two-bedroom apartments between 527 and 1,012 sq ft. The condo is expected to be completed by the end of 2025. To date, the project has seen 13 units sold at an average price of $2,862 psf, based on caveats lodged with URA.

Royal Hallmark, located on Haig Lane in District 15, also hit a new psf-price high during the period in review. This comes with the sale of a three-bedroom apartment measuring 797 sq ft by the developer for $1.82 million ($2,289 psf) on June 2, surpassing the previous high of $2,237 psf set last December when a 797 sq ft unit was sold for $1.78 million.

The project is a redevelopment of 10 terraced houses and a bungalow on a 25,054 sq ft, freehold site at the corner of Haig Road and Haig Lane. The developer of Royal Hallmark is a consortium made up of companies linked to Terence Goon, group CEO and managing director of furnishing company Nobel Design; Patrick Kho, group managing director of Lian Huat Group; and David Ong and Von Lee of 2E Capital.

Royal Hallmark hit a new psf-price high after a 797 sq ft unit was sold by the developer for $1.82 million ($2,289 psf) on June 2 (Picture: Developer's website)

The five-storey development has a total of 32 units, made up of three-bedders from 797 sq ft and four-bedders from 1,130 sq ft. There are also two 5-bedroom, duplex penthouses each measuring 2,077 sq ft.

Royal Hallmark was launched for sale in February 2022 and is targeted to be completed by 2025. Based on caveats lodged, 27 (84%) of the units have been sold to date at an average price of $1,961 psf.

The Hermitage is another condo that hit a new psf-price high during the week, when an 818 sq ft unit on the fourth floor changed hands for $1.72 million, or $2,096 psf, on June 5. The seller, who had purchased the unit in May 2016 for $1.28 million ($1,565 psf), made a $435,000 profit, or a 34% capital gain, on the transaction.

This is the first resale transaction at the development since last September when an 850 sq ft unit fetched $1.75 million or $2,058 psf, which marked the highest psf price at the time.

The Hermitage is a 32-unit freehold boutique development on Sarkies Road, off Bukit Timah Road in District 10, and was completed in 1999. The 10-storey development houses two-bedders from 732 to 936 sq ft. There are also two duplex penthouses measuring 1,862 and 2,067 sq ft respectively. Both penthouses are two-bedders.

The Hermitage has seen a limited number of resale transactions in the last year, with the unit sold last September being the sole resale transaction for all of 2022. Prior to that, the last unit to change hands was in November 2021, when a 775 sq ft unit fetched $1.55 million ($2,000 psf). It marked the first time the development hit the $2,000 psf threshold.

No new psf-price lows were recorded during the period in review.

Check out the latest listings near Grange 1866, Royal Hallmark, The Hermitage

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