Resale Four Bedder Grange Residences Nets 58 Mil Profit
Four-bedder at the Interlace sold at $4.2 mil profitThe Iveria sells lucky 8th and 9th-floor unitsRuby Contractors offers ‘A World Of Possibilities’Urban Treasures’ latest phase offers serene city-fringe livingTranslating a brand into a lifestyle Five-bedroom unit at Leedon Residence sold at $3.3 mil profit
The top profitable transaction this week was the sale of a four-bedroom unit at Grange Residences. The 2,852 sq ft unit on the 13th floor was sold for $9.74 million, making it a highly profitable transaction at a price of $3,414 per square foot (psf) on July 3. The unit had been purchased for $3.94 million ($1,382 psf) in October 2004, resulting in a profit of approximately $5.8 million (147%). The seller earned an annualised gain of 4.5% over nearly 21 years. This is the second most profitable resale transaction at Grange Residences to date. The highest gain was recorded from the sale of a similar four-bedroom unit on the fourth floor for $9.85 million ($3,453 psf) on June 30. The seller had purchased the apartment for around $3.35 million ($1,173 psf) in June 2004, realizing a profit of $6.5 million or an annualized gain of 5.3% over more than 21 years.
Grange Residences, located along Grange Road in District 10, is a 164-unit development comprising three residential blocks spanning 18 storeys. Completed in 2004, the development by Wharf Estates Singapore (formerly Wheelock Properties) only offers four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft. This transaction is the latest in a string of profitable resales this year at Grange Residences, with two other units being sold for substantial gains since the start of 2021.
The second most profitable condo resale of the week was the sale of a 2,777 sq ft four-bedroom unit at Boulevard 88. The apartment was sold for $13 million ($4,681 psf) on July 4. The seller had purchased the unit in June 2019 for approximately $9.92 million ($3,573 psf), raking in a gain of $3.08 million (31%) after six years of ownership. This marks the fourth most profitable transaction at Boulevard 88 to date. The most profitable transaction at the development was the sale of a 2,799 sq ft, four-bedroom apartment for around $14 million in April 2023. The seller had purchased the 18th floor unit for $10.13 million in March 2019, earning a profit of $3.87 million after owning the unit for over four years.
Boulevard 88 is a freehold development located along Orchard Boulevard in prime District 10. Completed in 2023, the 154-unit condo comprises a mix of two- to four-bedroom apartments ranging from 1,313 sq ft to 6,049 sq ft. Some of the nearby lifestyle hubs include Wheelock Place, Far East Shopping Centre, Ion Orchard, and Shaw House.
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In contrast, the least profitable transaction during the week in review involved a three-bedroom unit at Reflections at Keppel Bay. The 1,733 sq ft unit was sold on July 3 for $2.8 million ($1,616 psf). This unit had previously been purchased for $4.18 million ($2,412 psf) in August 2013, resulting in a loss of $1.38 million (33%) for the seller. This translates to an annualized loss of 3.3% over nearly 12 years. The record loss at the development is from the sale of a 7,050 sq ft duplex penthouse on the 40th floor, which was sold for around $11 million in September 2021. The unit had previously fetched $17.98 million ($2,550 psf) in May 2007, resulting in a record loss of $6.95 million or an annualized loss of 3.4% over more than 14 years.
Completed in 2011, Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in prime District 9. The 99-year leasehold development comprises six residential towers ranging from 24 to 41 storeys and 11 low-rise villa apartment blocks. Units include one- to four-bedroom apartments ranging from 732 sq ft to 2,874 sq ft, and penthouses ranging from 3,488 sq ft to 12,900 sq ft. The development has seen 40 resale transactions this year, 18 of which were unprofitable.