Seller at Grange Residences reaps $6 mil profit on resale
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The most profitable resale during the week of Sept 2 to 9 took place at Grange Residences when the seller of a 2,852 sq ft unit on the 15th floor made a profit of $6 million (143%). The four-bedroom unit previously purchased for $4.2 million ($1,472 psf) in 2005, was sold for $10.2 million ($3,576 psf), based on a caveat lodged on Sept 8. The profit of $6 million translates to an annualised gain of 4.5% over 20 years.
This latest transaction supercedes an earlier deal in July. It was for another 2,852 sq ft, four-bedroom unit that changed hands for $9.74 million ($3,414 psf) on July 3. It was previously acquired for $3.94 million ($1,382 psf) in 2004, recording a $5.8 million gain.
Grange Residences is a freehold luxury development on Grange Road in prime District 10. Nearby luxury condos include developments along Orchard Boulevard, such as 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, and Upperhouse at Orchard Boulevard, which launched in July.
A 2,852 sq ft unit at Grange Residences was sold for $10.2 million ($3,576 psf) on Sept 8. (Picture: Samuel Isaac Chua/The Edge Singapore)
Completed in 2004, the 164-unit Grange Residences consists of three 18-storey blocks with four-bedroom units of 2,486 to 2,852 sq ft. Based on a compilation of caveats by EdgeProp Singapore, the average price at the condo is about $3,430 psf.
Meanwhile, the sale of a four-bedroom penthouse at The Shelford was the second most profitable resale during the week. The 2,174 sq ft duplex fetched $4.94 million ($2,271 psf) when it was sold on Sept 4. The unit was acquired for $1.44 million ($664 psf) in 2002. Thus, the seller earned a profit of $3.5 million (242%), which translates to an annualised profit of 5.4% over 23 years.
The latest deal nearly surpassed the record profit of $3.59 million at The Shelford. That sale involved a 2,411 sq ft duplex penthouse that transacted for $5.1 million ($2,115 psf) in September 2023, after it was acquired for $1.55 million ($644 psf) in 2002. That sale resulted in the seller making an annualised profit of 5.9% over 21 years.
The latest transaction at The Shelford is the first resale deal lodged at the freehold condo this year. Last year, the development recorded five resales that ranged from $1.43 million ($1,845 psf) for a 775 sq ft unit to $3.08 million ($2,601 psf) for a 1,184 sq ft unit. This includes a 1,604 sq ft penthouse that changed hands for $3.49 million ($2,176 psf) on Aug 13, 2024.
The seller of a duplex penthouse at The Shelford made a profit of $3.5 million when the unit was sold on Sept 4. (Picture: Samuel Isaac Chua/The Edge Singapore)
Caveats compiled by EdgeProp Singapore indicated that The Shelford has recorded steady price growth from about $923 psf in Sept 2005 to $1,709 psf in Sept 2015. Prices would continue to climb to reach an average of $2,601 psf to date.
The Shelford is a freehold condo on Shelford Road in prime District 11. Located in Bukit Timah, the development is close to Nanyang Primary School, Raffles Girls Primary School, and Singapore Chinese Girls Primary School. Completed in 2005, the 215-unit project comprises seven five-storey residential blocks, with a mix of one- to four-bedroom apartments of 732 sq ft to 2,411 sq ft.
Conversely, the sale of a four-bedroom unit at Turquoise was the most unprofitable resale during the week. The 2,400 sq ft unit on the fourth floor changed hands for $3.3 million ($1,374 psf) when it was sold on Sept 8. Previously, the unit had fetched $6.22 million ($2,593 psf) back in2007. As a result, the seller incurred a loss of $2.93 million (47%) on the deal which translates to an annualised loss of 3.5% over nearly 18 years.
Losses continue to mount at Turquoise, with the latest sale at the Sentosa Cove condo posting a $2.92 million loss. (Picture: Samuel Isaac Chua/The Edge Singapore)
According to lodged caveats, this is the 25th consecutive resale transaction at Turquoise where sellers have walked away with a loss. This losing streak spans nearly a decade starting from November 2015.
There have been three resale transactions at Turquoise so far this year. The other sales involved a 2,088 sq ft three-bedder on the third floor that was sold for $3.1 million ($1,485 psf) on Aug 5, where the seller suffered a loss of $2.35 million. Likewise, a 2,497 sq ft four-bedroom unit on the fifth floor fetched $3.5 million ($1,402 psf) when it was sold on June 26, with the seller incurring a $3.12 million loss on the sale.
Turquoise is one of 10 luxury condos in the exclusive Sentosa Cove waterfront residential enclave. While some condos have sea-facing views, others boast of views of the marina. At Turquoise, units overlook the waterway and come with private berth for boats.
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