Unit at 72 Grange makes $3.15 mil loss

The top loss during the week was a transaction at 72 Grange, while the top gain occurred at The Sea View.

SINGAPORE (EDGEPROP) - The sale of a 3,627 sq ft unit at 72 Grange was the most unprofitable transaction during the week of Aug 17 to 24. The unit was sold for $6.59 million ($1,819 psf) on Aug 18 and had been purchased for $9.74 million ($2,688 psf) in September 2011. The seller therefore made a loss of $3.15 million (32%), or an annualised loss of 3.8% over nearly 10 years.

Completed in 1995, 72 Grange is a freehold condominium located on Grange Road in prime District 10. It consists of a single eight-storey block housing 18 apartments, and it is close to the Orchard Road shopping belt as well as the River Valley area.

The latest transaction has surpassed the previous record loss incurred at the development. In April 1996, a 4,295 sq ft unit was sold for $2.15 million ($501 psf), but had been purchased for $4.1 million ($955 psf) in October 1995. This means that the seller made a $1.95 million (47%) loss on the sale, which is an annualised loss of 73% in less than six months.

There have been four resale transactions at 72 Grange so far this year. The other deals have however been profitable, with profits ranging from $2.62 million to $3.42 million. The most lucrative transaction was the sale of a 3,875 sq ft unit for $6.8 million ($1,755 psf) on April 27. It was purchased for $3.37 million ($872 psf) in November 2005. This means that the seller earned a profit of $3.42 million (101%), or an annualised profit of 4.6% over 16 years.

On the other hand, the most profitable deal during the week was the sale of a 1,518 sq ft unit at The Sea View. The three-bedroom unit was sold for $2.73 million ($1,799 psf) on Aug 20, but had been purchased for $1 million ($661 psf) in August 2005. The seller therefore made a profit of $1.73 million (172%), or an annualised profit of 6.4% over 16 years.

Located in District 15, The Sea View was completed in 2008. The freehold development comprises 546 units. It is a seven-minute walk to the upcoming Marine Parade MRT Station on the Thomson-East Coast Line, which is slated for completion in 2023. Being located along Amber Road, the development is close to the amenities at Parkway Parade, Katong and East Coast Park.

The most profitable transaction at The Sea View so far this year involved a 2,809 sq ft, three-bedroom unit that was sold for $5 million (1,780 psf) on April 8. It was purchased for $2.51 million ($897 psf) in October 2005. This means that the seller earned a profit of $2.47 million (98%), or an annualised profit of 4.5% over 15 years.

The second top gain made over the week was for a 2,077 sq ft unit at Freesia Woods. The three-bedroom unit was sold for $2.97 million ($1,434 psf) on Aug 17. It was purchased for $1.3 million ($630 psf) in May 2006. This means that the seller earned a profit of $1.67 million (128%), or an annualised profit of 5.6% over 15 years.

Freesia Woods is a freehold condominium located on Sunset Way in District 21. The development was completed in 2004 with a total of 129 units. The latest transaction is also the most profitable resale at the development so far this year. The previous record was for the sale of another 2,077 sq ft, three-bedroom unit that fetched $2.53 million ($1,222 psf) in July 2013. It was purchased for $1.26 million ($610 psf) in December 2005. This means that the seller earned a profit of $1.27 million (100%), or an annualised profit of 9.6% over seven years.

Check out the latest listings near 72 Grange, The Sea View, Freesia Woods, Marine Parade MRT Station