Four Bedder Grange Residences Reaps 465 Mil Profit
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The recent sale of a four-bedroom unit at Grange Residences has been touted as the most profitable resale transaction in the period between August 19 to September 2. The seller of this 2,583 sq ft luxury unit managed to earn a staggering $4.65 million (or 121% profit) when the unit was sold for $8.5 million (translating to $3,290 psf) on August 21. This is a significant increase from its purchase price of $3.84 million ($1,486 psf) back in 2006, giving the seller an annualised profit of 4.2% over a span of 19 years.
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This transaction marks the fourth resale at Grange Residences this year, all of which have been profitable with gains ranging from $6.5 million to $3.07 million. The most significant profit made in 2020 so far is for a four-bedroom unit on the fourth floor, which changed hands for $9.85 million ($3,453 psf) on June 30. The unit was purchased for $3.35 million ($1,173 psf) in 2004, earning the seller a profit of $6.5 million (or 194%) and an annualised profit of 5.3% over 21 years.
Grange Residences is a freehold luxury development situated on Grange Road, one of the most prestigious addresses in prime District 10. Completed in 2004, the 164-unit development boasts 18-storey blocks with four-bedroom units ranging from 2,486 to 2,852 sq ft. Based on a compilation of resale caveats by EdgeProp Singapore, the resale price has increased from approximately $1,670 psf in September 2005 to $2,915 psf in September 2020, with an average price today of around $2,900 psf.
The second most profitable resale transaction during this period was for a four-bedroom unit at Haig Court, which fetched $3.3 million ($2,129 psf) on August 28. The unit was initially purchased for $926,900 ($598 psf) in 2004, giving the seller a profit of $2.37 million (or 256%) and an annualised profit of 6.2% over 21 years. This is currently the most profitable resale at Haig Court this year, with all 10 resale transactions recorded being profitable.
The second-highest profit made this year at Haig Court was for another four-bedroom unit on the fifth floor, which sold 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 (or 254%) and an annualised profit of 6.2% over 21 years. Completed in 2004, the 360-unit Haig Court is a popular freehold development on Haig Road in District 15. Its close proximity to four schools – Tanjong Katong Girls’ School, Tanjong Katong Secondary School, Tanjong Katong Primary School, and Canadian International School (Tanjong Katong Campus) – makes it a highly sought-after location. According to caveats compiled by EdgeProp Singapore, the average price at Haig Court is $2,080 psf.
Notably, the most unprofitable transaction during this period was for a 1,539 sq ft unit at Marina One Residences that was sold for $3.22 million ($2,092 psf) on August 28. The seller suffered a loss of $506,331 (or 14%) as the unit was bought for $3.73 million ($2,421 psf) in 2018. Out of the 15 resale transactions at Marina One Residences so far this year, only one was profitable, with the rest incurring losses ranging from $32,000 to $703,250.
The most significant loss faced at Marina One Residences this year was for a 2,250 sq ft four-bedroom unit on the 32nd floor, which sold for $6.4 million ($2,845 psf) on May 19, causing the seller to incur a loss of $703,250 (or 9.9%). The unit was purchased for $7.1 million ($3,157 psf) in 2017. Marina One Residences is a 99-year leasehold development that forms part of the Marina One integrated development, with 1,042 units completed in 2017. Its prices have seen a decline from about $2,475 psf in September 2020 to $2,089 psf this month.
The newest private residential project located in Marina Bay is One Marina Gardens, a 937-unit condo launched for sale in April. Since its launch, 514 units (or 54%) have been sold, with an average price of $2,951 psf. The development’s closest competitors are the 846-unit Emerald of Katong and the 638-unit Tembusu Grand, both situated on Jalan Tembusu and launched in April 2020, commanding average prices of $2,413 psf and $2,640 psf respectively. Other new projects in the area include The Continuum – a freehold 816-unit project on Thiam Siew Avenue – and Grand Dunman, a 99-year leasehold 1,008-unit project on Dunman Road.