Resale of four-bedder at The Grange sees $3.85 mil profit

/ EdgeProp Singapore |

July 21, 2023 9:00 AM SGT

The 2,282 sq ft unit at The Grange fetched $7.2 million ($3,155 psf) on July 10.

SINGAPORE (EDGEPROP) - The sale of a 2,282 sq ft unit at The Grange was the most profitable resale transaction over the week of July 4 to 11. The four-bedroom unit, on the 11th floor, was sold for $7.2 million ($3,155 psf) on July 10. The unit had been purchased for $3.35 million ($1,469 psf) in September 2005. As a result, the seller raked in a profit of $3.85 million (115%), which translates to an annualised profit of 4.4% over almost 18 years.

Based on URA caveats, this also makes it the second most profitable sale at The Grange. The transaction that holds the record is for a 4,456 sq ft, duplex penthouse sold for $11 million ($2,468 psf) in April 2008. The unit had previously fetched $6.8 million ($1,526 psf) in September 2005. This resulted in a profit of $4.2 million (61%), which translates to an annualised profit of 20% over around 2½ years.

The Grange is a 95-unit condo on Grange Garden in prime District 10. The luxury freehold development was completed in 2008. Located off Grange Road, the condo is next to Orchard Boulevard MRT Station on the Thomson-East Coast Line.

The 2,282 sq ft unit at The Grange fetched $7.2 million ($3,155 psf) on July 10. (Picture: The Edge Singapore)

It is close to the landed housing enclave along One Tree Hill, as well as the Good Class Bungalows on Chatsworth Park. Prominent luxury condos such as 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, Boulevard 88, and Four Seasons Park can be found nearby on Orchard Boulevard.

Based on a tabulation of resale caveats by EdgeProp Singapore, selling prices at The Grange have tapered off in recent years compared to the period after its completion. The average price at the development 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 about $$2,589 psf this month.

Yet, The Grange still commands one of the highest average selling prices in the area. It is outmatched by a handful of other luxury projects such as neighbouring Parkview Eclat ($3,264 psf) on Grange Road and Cliveden at Grange ($3,026 psf) on Grange Road. Recently launched projects such as 3 Orchard By-The-Park ($3,754 psf) and Park Nova ($4,521 psf) command the highest psf prices in the neighbourhood.

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 unit changed hands for $8.43 million ($2,410 psf) on July 10. It had been purchased for $6.1 million ($1,744 psf) in November 2019. Thus, the seller earned a profit of $2.33 million (38%), which translates to an annualised gain of 9.2% over almost four years.

Wing On Life Garden is a freehold condo in the Tanglin area in prime District 10. The condo has 81 units and was completed in 1982. Its central location in Bukit Timah puts it in proximity to schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), St Joseph’s Institution, and Catholic Junior College.

Wing On Life Garden - EDGEPROP SINGAPORE

The sale of a 3,498 sq ft unit at Wing On Life Garden led to a $2.33 million profit for the seller. (Picture: Samuel Isaac Chua/The Edge Singapore)

The condo is also within an upmarket residential area with other prime condos along nearby Balmoral Road and Stevens Road. Some of the neighbouring condos include Honolulu Tower and the upcoming Perfect Ten on Bukit Timah Road.

Prices at Wing on Life Garden have consistently recorded strong increases since its completion. Units were going for about $973 psf in July 2003, and had risen to $1,430 psf a decade later in July 2013. According to resale caveats, the average price stands at about $2,266 psf this month.

The most profitable resale at Wing On Life Garden is for a 3,305 sq ft unit that was transacted for $5.9 million ($1,785 psf) in October 2019. It had previously fetched $3.1 million (938 psf) in August 2006. Thus, the seller raked in a record profit of $2.8 million (139%), which translates to an annualised gain of 9.3% in 13 years.

On the other hand, 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. Thus, the seller saw a loss of almost $649,000 (23%), which translates to an annualised loss of 2.3% over 11 years.

Miro is a boutique freehold condo in the Novena area in prime District 11. The 85-unit development features a mix of one- to four-bedroom units that range from 990 to 2,917 sq ft.

The sale of a two-bedroom unit at Miro resulted in a loss of almost $649,000 for the seller. (Picture: The Edge Singapore)

The most unprofitable resale at Miro is the sale of a 1,324 sq ft unit on the 31st floor for $2.1 million ($1,586 psf) in November 2020. The unit was purchased for $3.08 million ($2,330 psf) in August 2011. This resulted in a loss of about $985,000 (32%), which translates to an annualised loss of 4% over eight years.

Prices of units at Miro have fallen since prices peaked at $1,778 psf in December 2011. Based on caveats, the average resale price is now approximately $1,658 psf. This is low compared to most of the surrounding freehold condos such as Newton 18, which sees an average price of about $2,318 psf, and Newton Edge on Makeway Avenue with an average price of $1,851 psf.

Check out the latest listings near The Grange, Wing On Life Garden, Miro, 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, Boulevard 88, Four Seasons Park, Parkview Eclat, Cliveden at Grange, Honolulu Tower, Perfect Ten, Newton 18, Newton Edge, Orchard Boulevard MRT Station, Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), St Joseph’s Institution, Catholic Junior College

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