Four-bedder at Grange Residences sold for $5.58 mil profit
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The sale of a four-bedroom apartment at Grange Residences was the most profitable resale transaction recorded during the week of May 30 to June 6. The 2,669 sq ft unit sold for $8.88 million ($3,327 psf) on May 31. The seller had purchased the unit from the developer for $3.3 million ($1,235 psf) in April 2004. This means the seller made a profit of $5.58 million, or a 169% capital gain over a holding period of more than 19 years.
This is the second most profitable resale transaction that has taken place at the development and marks a new psf-price high for Grange Residences. The most profitable transaction occurred two months earlier when a 2,583 sq ft unit fetched $8.58 million ($3,321 psf) on March 23. The seller had bought the unit for $2.85 million ($1,102 psf) in February 2004, meaning they made a gain of $5.73 million (201%) over a holding period of about 19 years.
The 2,669 sq ft unit at Grange Residences changed hands for $8.88 million on May 31 (Picture: The Edge Singapore)
Located along Grange Road in District 10, Grange Residences is 164-unit development by Wharf Estates Singapore (formerly Wheelock Properties). Completed in 2004, the condo comprises three residential blocks that are 18 storeys high. All the units are four-bedders of between 2,486 sq ft and 2,852 sq ft.
The second most profitable resale transaction during the week in review occurred at The Blossomvale, a condo along Dunearn Road in District 21. The three-bedder measuring 1,367 sq ft changed hands for $2.95 million ($2,158 psf) on May 31. The seller, who had purchased the unit in January 2007 for $898,000 ($657 psf), made a gain of $2.05 million (229%) after holding the unit for nearly 16½ years. This is the most profitable resale transaction registered at The Blossomvale to date. The previous record was the sale of a 1,399 sq ft unit last December. The unit fetched $2.8 million ($2,001 psf), with the seller making $1.98 million (241%) after holding it for nearly 19 years.
The Blossomvale is a 999-year leasehold development by Wing Tai Holdings that was completed in 1998. Comprising 220 residences housed in a single block, units are made up of a mix of two to four-bedroom apartments from 840 sq ft to 1,948 sq ft. It is a three-minute walk to King Albert Park MRT Station on the Downtown Line.
Meanwhile, the most unprofitable transaction during the week in review took place at Reflections at Keppel Bay. A three-bedroom, 1,539 sq ft unit sold for $2.5 million ($1,624 psf) on May 31. The seller had purchased the unit for $2.89 million ($1,880 psf) in May 2007, hence, they saw a loss of $393,439 (14%) across a holding period of just over 16 years.
The seller of a unit at Reflections at Keppel Bay made a loss of about $393,000 after the 1,539 sq ft unit sold for $2.5 million on May 31 (Picture: Samuel Isaac Chua/The Edge Singapore)
Reflections at Keppel Bay is a 1,129-unit waterfront luxury development in prime District 9 by Keppel Land. The 99-year leasehold development has six residential towers of between 24 and 41 storeys and 11 low-rise villa apartment blocks.
The condo has seen a high volume of resale transactions in the past year, several of which have occurred below their respective purchase prices. Data compiled by EdgeProp Research shows that Reflections at Keppel Bay has seen 15 unprofitable transactions to date this year based on caveats that have been lodged. The units, measuring between 893 sq ft and 3,391 sq ft, were sold at losses from $4,200 to $1.6 million.
Check out the latest listings near Grange Residences, The Blossomvale, Reflections at Keppel Bay, King Albert Park MRT Station
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