Grange Residences unit sees $4.2 mil profit
By Angela Teo
/ EdgeProp |
On Jan 10, a 2,852 sq ft, four-bedroom unit at Grange Residences changed hands for $8 million ($2,805 psf). The matching of URA caveat data as at Jan 23 shows that the transaction of the 17th-floor unit saw a profit of $4.2 million (107%), or 5% a year over 13.9 years.
A Singaporean bought the unit, according to URA caveat data. The seller bought it in March 2004 for about $3.86 million ($1,354 psf) from developer Wheelock Properties, following the completion of the property.
The matching of URA caveat data reveals this to be the highest profit achieved at Grange Residences since January 2010, when a 2,852 sq ft, four-bedroom unit on the 11th floor was sold for a profit of $4.23 million (131%). That unit was bought for $3.22 million ($1,129 psf) in February 2004 and sold for $7.45 million ($2,612 psf).
A 2,852 sq ft, four-bedroom unit at Grange Residences fetched a profit of $4.2 million (107%) on Jan 10. Find the most affordable listing in the project here (Credit: Samuel Isaac Chua/The Edge Singapore)
Located opposite Tanglin Mall, the 164-unit Grange Residences comprises only four-bedroom units of 2,583 to 2,852 sq ft. The freehold luxury condominium with two 18-storey blocks and one eight-storey block is a redevelopment of the former Marco Polo Hotel, according to Wheelock Properties.
Elsewhere, on Nathan Road, off River Valley Road, a 3,175 sq ft unit at Regency Park changed hands for $5.4 million ($1,701 psf). The transaction resulted in a profit of $2.2 million (69%), as the seller bought the unit in February 2009 for $3.2 million ($1,008 psf), according to URA caveat data. The profit worked out to be 6% a year over 8.9 years.
There were nine profitable transactions and one unprofitable transaction at Regency Park in 2017, the matching of URA caveat data shows. Profits for the nine transactions ranged from $70,000 (14%) for a 3,175 sq ft unit on the 10th floor to $3.15 million (105%) for a 3,649 sq unit on the 13th floor.
(Credit: The Edge Singapore)
The 10th-floor unit was bought for $5.08 million ($1,600 psf) in April 2010 and sold for $5.15 million ($1,622 psf) in October 2017. Meanwhile, the 13th-floor unit was bought for $3 million ($822 psf) in November 2000 and changed hands in November 2017 for $6.15 million ($1,685 psf).
The $530,000 (8%) loss at Regency Park involved the sale of a 3,649 sq ft unit on the 15th floor. The unit was purchased in July 2012 for $6.88 million ($1,885 psf) and sold for $6.35 million ($1,740 psf) in September 2017.
Located near the Chatsworth Park Good Class Bungalow area, the 292-unit Regency Park was completed in 1990.
This article appeared in EdgeProp Pullout, Issue 815 (Jan 29, 2018).
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