Two Goodwood Grand strata bungalows sold for $6.95 mil each
Interest in the Balmoral area has increased, especially following the recent en bloc sale of Sloane Court Hotel, notes Edwin Tham, an agent with ERA Realty, who is marketing units at Volari condominium across the road. Sloane Court Hotel was sold for $80.5 million in August to a joint venture between Tiong Seng Holdings and Ocean Sky International. The historic Tudor-style hotel will soon make way for a 12-storey condo with about 80 units.
A freehold, high-end condo, the 85-unit Volari by City Developments was completed in 2012 and is a redevelopment of the former Garden Hotel. Adjacent to Volari is the newly completed Goodwood Grand, a beneficiary of the recent en bloc sale of Sloane Court Hotel.
Goodwood Grand itself is a product of a redevelopment of an en bloc purchase of the former Balmoral Condominium in 2011. It was acquired for $141 million by a consortium comprising Tong Eng Group, the Ng family of Clarus Corp and Tiong Seng Holdings.
Two strata bungalows at Goodwood Grand were sold earlier this month, bringing the total sales to four out of eight strata bungalows in the development
The 73-unit Goodwood Grand has 65 condo units in seven 13-storey blocks as well as eight strata bungalows. The condo comprises a mix of two- to four-bedroom units measuring 775 to 3,111 sq ft. The eight strata bungalows are sized from 5,167 to 5,479 sq ft.
Goodwood Grand saw a spike in the number of transactions after its completion in June and was 85% sold as at end-September. Recent transactions include two strata bungalows in October, both measuring 5,231 sq ft each and sold for $6.95 million ($1,329 psf) apiece, according to caveats lodged with URA Realis. The buyers are believed to be Singaporeans who purchased for investment.
This brings the total tally of strata bungalows sold at Goodwood Grand to four. The biggest of the strata bungalows has a built-up area of 5,479 sq ft and was sold for $7 million ($1,278 psf) in June 2014. The smallest has a built-up area of 5,167 sq ft and was sold for $6.63 million ($1,283 psf), according to a caveat lodged in July 2015.
This article appeared in EdgeProp Pullout, Issue 802 (Oct 23, 2017).
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