En bloc beneficiaries stir resale market in prime districts

By EdgeProp Singapore | February 25, 2019 9:00 AM SGT
From caveats lodged, the last unit sold at The Grange on Grange Garden was in December 2017, when a 2,282 sq ft, four-bedroom unit on the 16th floor fetched $5.98 million ($2,621 psf). However, Jason Tan, executive director of JTResi, recently brokered the sale of a 1,765 sq ft, three-bedroom unit on the 19th floor of the 23-storey tower for $4.55 million ($2,578 psf).
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The Grange is a 95-unit condo development that was completed in 2008 (Credit: The Edge Singapore)
The price of $2,578 psf is the highest achieved for a three-bedroom unit at The Grange since the last peak of the property market in mid-2007, when such units were changing hands in subsales at prices between $2,600 and $2,750 psf, according to caveats lodged then.
The buyer is said to be an Indonesian Chinese turned Singapore citizen who purchased the unit for his own use. He was looking for a replacement home as he has benefitted from the successful completion of the en bloc sale of Tulip Garden, a 162-unit residential development, for $906.9 million. Each unit owner received their payout of $4.3 million to $7.6 million apiece just a few days before Chinese New Year.
The three-bedroom unit at The Grange was well-maintained, although still in its “original condition”, says Tan. The Grange is a 95-unit development with twin 23-storey blocks located on a 98,000 sq ft, freehold site. Developed by MCL Land, the project was completed in 2008.
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A three-bedroom unit at The Grange has recently been sold for $4.55 million ($2,578 psf) (Credit: JTResi)
Despite its age, The Grange is very well-maintained, Tan adds. Located just off Grange Road, the condo is within a short distance from the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast line. Neighbouring developments include Orchard Bel-Air on Orchard Boulevard and Parkview Eclat on Grange Road. Across the road are the Good Class Bungalows on Chatsworth Avenue and Rochalie Drive.
The Grange contains three- and four-bedroom units as well as penthouses. The three-bedroom...