Cliveden at Grange unit sold at $2.8 mil loss

By EdgeProp / EdgeProp | August 5, 2018 9:00 PM SGT
 - EDGEPROP SINGAPORE
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.
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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”.
 - EDGEPROP SINGAPORE
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 2006 for $2.03 million ($1,452 psf) when the project was launched and sold for $3.57 million ($2,550 psf). The seller made a 76% gross profit of $1.54 million over a holding period of 11.6 years.
The second most profitable deal involved a 2,250 sq ft, four-bedroom unit at Residences @ Evelyn in District 11, which is a six-minute walk to Newton MRT station. The unit that changed hands reaped a 51% profit of $1.42 million for the seller. Purchased for $2.78 million ($1,242 psf) in 2006, the unit was sold for $4.2 million ($1,867 psf) on July 20.
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The third most profitable deal involved a 2,260 sq ft unit at The Ansley, in District 11, a 10-minute walk from Novena MRT station. According to a caveat lodged on July 18, the unit was purchased for $1.6 million ($708 psf) in 2006 and sold for $3 million, translating into a profit of 88% over a 12-year holding period.
 - EDGEPROP SINGAPORE