Unit at Grange Residences makes $2.7 mil profit

timothy.tay@edgeprop.sg

On Oct 5, a four-bedroom unit at Grange Residences in prime District 10 was sold for $6.8 million ($2,384 psf). The 2,852 sq ft unit on the 17th floor was purchased from the developer for $4.07 million ($1,430 psf) in 2004. After holding on to the unit for 14 years, the seller pocketed a $2.7 million profit (67%), or an annualised profit of 3.6%, from the sale. This is also the most profitable sale recorded during the week in review from Oct 2 to 9.

According to URA caveats, the most profitable unit sold at the freehold development so far this year was a similar-sized unit on the same floor, which turned in a profit of $4.14 million (107%) when it was sold in January. The unit was also bought in 2004 for $3.86 million ($1,354 psf), and it fetched $8 million ($2,805 psf) when it was sold 14 years later. This translates into an annualised profit of 5.4%.


A 2,852 sq ft unit on the 17th floor at Grange Residences was sold for $6.8 million ($2,384 psf) (Pictures: Samuel Issac Chua/The Edge Singapore)


Located on Grange Road, Grange Residences comprises 164 four-bedroom units of 2,600 to 2,853 sq ft, and was completed in 2004. There have been three profitable transactions at the development over the past two years. The third profitable sale occurred in January last year when a 14th-floor unit changed hands at a $1.3 million profit.

The second most profitable sale during the week in review occurred at the freehold condo De Royale, off Balestier Road in District 12. The owner of a 3,240 sq ft, four-bedroom unit on the 35th floor sold it for $2.9 million ($895 psf) on Oct 9, after purchasing it for $1.3 million ($442 psf) in 2005. The seller pocketed a $1.6 million profit (123%), or an annualised profit of 6% over a 13½-year holding period. This is also the most profitable transaction ever at the 204-unit condo, which was completed in 2006.


At De Royale in Balestier, the seller of a four-bedroom unit pocketed a $1.6 mil profit on Oct 9


There have been 11 transactions at De Royale in the past two years and all have made a profit, ranging from $50,000 to $1.6 million. The second most profitable transaction ever recorded at the condo was the sale of a 3,046 sq ft unit in May last year. The unit was purchased for $1.54 million ($506 psf) in 2006, and later sold for $2.7 million ($886 psf). The sale thus made its seller a profit of $1.16 million (75%), or an annualised profit of 5% over a 10½-year holding period.

Also on Grange Road in District 10, at boutique condo Parkview Eclat, a three-bedroom unit on the 12th floor was sold on Oct 8 for $8.8 million ($3,039 psf). The 2,895 sq ft unit was purchased for $9.78 million ($3,378 psf) in 2007 when the development was launched. The seller thus incurred a loss of $980,000 (10%), or an annualised loss of 0.9% over an 11-year holding period.


For the past four years, all transactions at Parkview Eclat have been unprofitable


For the past four years, all transactions at the 35-unit condo have been unprofitable, with losses ranging from $980,000 to $3.24 million. The most unprofitable sale ever was that of a 3,251 sq ft unit on the sixth floor, which was purchased for $11.44 million ($3,518 psf) in 2007. It was sold for $8.2 million ($2,523 psf) in July 2015. Thus, the seller incurred a $3.24 million (28%) loss, or an annualised loss of 4% over an eightyear holding period.



See Also: