Four Bedder Grange Residences Reaps 465 Mil Profit
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The most profitable resale transaction from August 19 to September 2 was the sale of a four-bedroom unit at Grange Residences. The unit, which spans 2,583 sq ft, was sold for $8.5 million ($3,290 psf) on August 21. This resulted in a profit of $4.65 million (121%) for the seller, who had originally purchased the unit for $3.84 million ($1,486 psf) in 2006. The annualized profit over the 19-year period amounts to 4.2%.
This was the fourth resale at Grange Residences this year, and all four transactions have been profitable, with gains ranging from $6.5 million to $3.07 million. The most substantial profit recorded this year involved the sale of a 2,852 sq ft, four-bedroom unit on the fourth floor for $9.85 million ($3,453 psf) on June 30. The unit was originally bought for $3.35 million ($1,173 psf) in 2004, resulting in a profit of $6.5 million (194%) and an annualized profit of 5.3% over 21 years.
Grange Residences is a freehold luxury development located at Grange Road in prime District 10. Comprising three 18-storey blocks with four-bedroom units ranging from 2,486 to 2,852 sq ft, the project was completed in 2004. According to data from EdgeProp Singapore, resale prices at Grange Residences have risen from about $1,670 psf in September 2005 to $2,915 psf in September 2020, with the current average price at approximately $2,900 psf.
Haig Court also recorded a profitable resale transaction during the same period, with a 1,550 sq ft unit on the fourth floor fetching $3.3 million ($2,129 psf) on August 28. The unit was originally purchased for $926,900 ($598 psf) in 2004, resulting in a profit of $2.37 million (256%) and an annualized profit of 6.2% over 21 years. This was the most profitable resale at Haig Court this year, with all 10 transactions at the 360-unit freehold development being profitable.
Another notable resale at Haig Court this year was the sale of a 1,550 sq ft four-bedroom unit on the fifth floor for $3.18 million ($2,052 psf) on May 26. The unit was purchased for $899,000 ($580 psf) in 2004, resulting in a profit of $2.28 million (254%) and an annualized profit of 6.2% over 21 years.
Located at Haig Road in District 15, Haig Court is in close proximity to Tanjong Katong Girls’ School, Tanjong Katong Secondary School, Tanjong Katong Primary School, and the Canadian International School (Tanjong Katong Campus). It is also near two new 99-year leasehold condos, Emerald of Katong and Tembusu Grand, both located on Jalan Tembusu, as well as The Continuum and Grand Dunman, which are both new projects in the area.
The most unprofitable resale transaction during the period occurred at Marina One Residences on August 28, when a 1,539 sq ft unit was sold for $3.22 million ($2,092 psf). This resulted in a loss of $506,331 (14%) for the seller, who had purchased the unit for $3.73 million ($2,421 psf) in 2018.
According to data from EdgeProp Singapore, there have been 15 resale transactions at Marina One Residences this year, with only one profitable deal and the rest incurring losses ranging from $32,000 to $703,250. The largest loss recorded at the 1,042-unit 99-year leasehold development was a 2,250 sq ft four-bedroom unit on the 32nd floor, which was sold for $6.4 million ($2,845 psf) on May 19, resulting in a loss of $703,250 (9.9%). This is also the highest loss seen at Marina One Residences so far.
Marina One Residences is the private residential component of the Marina One integrated development in District 1, comprising 937 units. The average price at the project has decreased from about $2,475 psf in September 2020 to $2,089 psf this month. The latest private residential project in Marina Bay is the 937-unit One Marina Gardens, located at 1 Marina Gardens Link, which was launched for sale in April. The project has since moved 514 units (54%), with an average price of $2,951 psf.