Cliveden at Grange unit sold at $2.8 mil loss

By EdgeProp / EdgeProp | August 5, 2018 9:00 PM SGT
Three resales at the luxury condo Cliveden at Grange incurred losses in recent years (Credit: Samuel Isaac Chua/The Edge Singapore)
The seller of a unit at Cliveden at Grange incurred the top loss for the week of July 17 to 24. The 2,842 sq ft, four-bedroom unit on the third level of one of the four 24-storey blocks in the luxury freehold condo was sold for $6.5 million ($2,287 psf), according to a caveat lodged on July 18. Cliveden at Grange is on Grange Road in prime District 10.
The seller purchased the unit for $9.34 million ($3,281 psf), according to an SISV-Realink caveat lodged in August 2007, when the project was launched. He sustained a loss of 30.4% over 11 years — the highest in the development so far, according to caveats lodged.
Two other units at Cliveden at Grange were also sold at a loss. A 2,153 sq ft, three-bedroom unit on the fifth floor fetched $4.5 million ($2,090 psf) in October 2016. It was purchased for $7.07 million ($3,286 psf), according to a caveat lodged in July 2007.
Prior to that, a 2,153 sq ft, three-bedroom unit on the 15th floor of the same block was sold at $5.5 million ($2,555 psf), according to a caveat lodged in November 2015. The unit was purchased for $8.08 million ($3,752 psf) in August 2007.
Dominic Lee, PropNex Realty’s head of luxury team, says most of the buyers at Cliveden at Grange are high-net-worth individuals, with a majority being foreigners. He adds that there are few units on the market and that the recent transactions were “rare, one-off deals”.
The top gain of $1.54 million was reaped by the seller of a three-bedroom unit at The Cosmopolitan, which was sold for $3.57 million recently (Credit: Samuel Isaac Chua/The Edge Singapore)
Meanwhile, six transactions raked in more than $1 million in gross profit for their sellers for the week in review. The top gain was made by the seller of a 1,399 sq ft, three-bedroom unit at The Cosmopolitan on Kim Seng Road, in prime District 9. The unit was purchased in...