SINGAPORE (EDGEPROP) - The most profitable resale transaction during the week of Feb 16 to 23 occurred at the Grange Residences in prime District 10. A 2,852 sq ft, four-bedroom unit there was sold for $7.38 million ($2,587 psf) on Feb 16. The eighth-floor unit had previously fetched $3.48 million ($1,221 psf) in May 2004. This means that the seller made a profit of about $3.9 million (112%) on the sale, translating to an annualised profit of 5% over almost 17 years.
Grange Residences is a freehold condominium on Grange Road. The development is close to luxury residential developments such as 3 Orchard By-The-Park, Cuscaden Reserve and 19 Nassim. The condo is also opposite Tanglin Mall and Camden Medical Centre, and will be next to Orchard Boulevard MRT Station on the Thomson-East Coast Line. The station is expected to open later this year.
The four-bedroom unit at Grange Residences fetched $7.38 million when it was sold on Feb 16. (Picture: Samuel Isaac Chua/The Edge Singapore)
Grange Residences, which was completed in 2004, comprises three residential blocks that are 18 storeys high. There are 164 units that are all four-bedroom unit types ranging from 2,486 to 2,852 sq ft.
There have been two resale transactions at Grange Residences so far this year. An earlier resale occurred on Jan 22 when a 2,852 sq ft unit on the 11th floor was sold for $7.69 million ($2,699 psf). Over the past five years, the most profitable resale transaction at Grange Residences was that of another 2,852 sq ft unit on the 17th floor. It changed hands for $7.99 million ($2,805 psf) in October 2018. The seller made a profit of $4.14 million (107%), which translates to an annualised profit of 5% over nearly 14 years.
The second most profitable sale during the week in review occurred at Regency Park. A 3,649 sq ft, four-bedroom unit there fetched $6.8 million ($1,864 psf) on Feb 16. The unit had been purchased for $4.29 million ($1,178 psf) back in November 2006. Thus, the seller made a profit of $2.5 million (58%) on the sale. This translates to an annualised profit of 3% over more than 14 years.
Regency Park is a freehold condo on Nathan Road in prime District 10. The development is close to the Good Class Bungalow area at Chatsworth Park and the River Valley residential estate. The 292-unit development was completed in 1987, and comprises three-bedroom units of 2,250 to 3,175 sq ft, and four-bedroom units of 3,649 sq ft.
The week’s resale transaction is the first at Regency Park so far this year. The development recorded four resale transactions in 2020, with profits ranging from $2.5 million for a 2,250 sq ft unit to $3.58 million for a 3,649 sq ft unit.
The most profitable resale transaction at Regency Park was that a 3,649 sq ft unit that changed hands for $7.35 million ($2,014 psf) in April 2011. The unit had been purchased for $2.85 million ($781 psf) in July 2003. Thus, the seller earned a profit of $4.5 million (157%) and an annualised profit of 13% over almost eight years.
The most unprofitable resale transaction during the week occurred at Reflections at Keppel Bay. A 1,722 sq ft unit was sold for $2.75 million ($1,600 psf) on Feb 22; the property had been purchased for $4.07 million ($2,367 psf) in September 2008. As a result, the seller made a $1.32 million (32%) loss on the sale of the property. This translates to an annualised loss of 3% over 12½ years.
There have been at least six resale transactions at Reflections at Keppel Bay so far this year. Based on the matching of resale transactions with caveats, all of these transactions have resulted in losses. The losses have ranged from $345,663 for a 1,399 sq ft unit, to $2.34 million for a 3,380 sq ft unit.