Seller at Grange Residences scores $5.32 mil profit on resale
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Grange Residences led the list of profitable resale transactions over the period from Oct 21 to 28. The sale of a four-bedroom unit at Grange Residences was the most profitable resale transaction of the week when the seller of the 2,583 sq ft unit on the seventh floor changed hands for $8.2 million, or $3,174 psf, on Oct 21. The unit was bought for about $2.88 million ($1,116 psf) in June 2004. As a result, the seller made a profit of $5.32 million (184.4%), which translates to an annualised gain of 5% over nearly 21½ years.
Grange Residences also recorded the second-highest gain of the week with the sale of a slightly larger 2,669 sq ft unit. The four-bedroom unit on the second floor was sold for $8.5 million ($3,184 psf) on Oct 24. The seller had bought the unit in September 2005 for about $3.7 million ($1,386 psf). As a result, they made a gain of around $4.8 million after holding the unit for just over 20 years, translating to a capital gain of 129.7%.
The seller of a 2,583 sq ft unit at Grange Residences made a profit of $5.32 million when it changed hands for $8.2 million on Oct 21 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The transaction on Oct 21 marks the seventh most profitable deal to date at Grange Residences. It falls about $1.19 million short of the development’s record gain of $6.5 million, which was established with the sale of a 2,852 sq ft, four-bedroom unit for $9.85 million ($3,453 psf) on June 30. The seller, who had previously purchased the unit for around $3.35 million ($1,173 psf), reaped an annualised gain of 5.3% over more than 21 years.
Grange Residences is a freehold condo situated at the junction of Grange Road and Tanglin Road in prime District 10. Completed in 2004, the luxury condo was the redevelopment of the former Omni Marco Polo Hotel.
The 164-unit condo comprises two 18-storey residential blocks and an eight-storey block, offering a mix of four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.
Meanwhile, the sale of a four-bedroom unit at Ardmore Park rounded up the top three most profitable transactions during the period under review. The 2,885 sq ft unit on the 13th floor transacted for around $12.5 million ($4,333 psf) on Oct 21. The seller had previously purchased the unit for $8.6 million ($2,981 psf) in June 2015, thus reaping a gain of $3.9 million (45.4%) after owning the unit for more than 10 years.
Ardmore Park is a freehold luxury condo situated within the Ardmore-Draycott residential enclave in prime District 10. The 330-unit development features three 30-storey residential towers, offering a mix of four-bedroom units measuring 2,885 sq ft, and six 8,740 sq ft duplex penthouses.
A 2,885 sq ft unit at Ardmore Park transacted for around $12.5 million ($4,333 psf) on Oct 21, reaping a gain of $3.9 million (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Based on a compilation of caveats by EdgeProp Singapore, Ardmore Park commands one of the highest resale prices in that neighbourhood, with most resale units fetching approximately $4,187 psf.
Nearby developments, including Nouvel 18 on Anderson Road and One Draycott at Draycott Park, have recorded average resale prices of approximately $3,087 psf and $2,527 psf, respectively.
In contrast, the sale of a 2,024 sq ft unit at The Coast at Sentosa Cove was the least profitable transaction during the period in review. The seller of the three-bedroom unit incurred the biggest loss of $528,264 when it transacted for $2.82 million ($1,394 psf) on Oct 27. The unit had been previously bought for $3.35 million ($1,655 psf) in February 2012, resulting in an annualised loss of 1.2% after holding the unit for almost 14 years.
The second least profitable transaction of the week took place just six days earlier, on Oct 21, when a similar 2,024 sq ft unit was sold for $3.25 million ($1,606 psf). The seller had bought the unit for around $3.62 million ($1,789 psf), resulting in a loss of $370,392 (10.2%), or an annualised loss of 0.9% after holding it for 12½ years.
A three-bedrom at The Coast at Sentosa Cove changed hands for $2.82 million ($1,394 psf) on Oct 27, incurring a loss of $528,264 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The Coast at Sentosa Cove is a 99-year leasehold condo on Ocean Drive, fronting the longest coastal stretch in Sentosa Cove. Completed in 2009, the 249-unit development offers a mix of three- and four-bedroom units ranging from 1,916 to 3,122 sq ft, as well as three- and five-bedroom penthouses spanning 3,477 to 4,855 sq ft.
Based on lodged caveats, the record loss at the development belongs to the sale of a five-bedroom penthouse unit, which sold for $5.3 million ($1,109 psf) in October 2020. The seller, who bought the eighth-floor unit for $11.47 million in August 2007, incurred a loss of around $6.17 million after holding the unit for over 13 years.
The development has recorded six other transactions this year to date, all of which were unprofitable. The losses ranged from $369,280 from the sale of a 2,024 sq ft, three-bedroom unit on Oct 7, to $1.37 million, which came from the sale of a similar 2,204 sq ft unit on March 20.
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