Seller of Grange Residences unit reaps $3.9 mil profit
By Charlene Chin / EdgeProp Singapore | February 26, 2021 6:00 AM SGT
SINGAPORE (EDGEPROP) - The seller of a unit at Grange Residences, along Grange Road, made the top gain of $3.9 million during the week of Feb 9 to 16. The 2,852 sq ft unit on the eighth floor was bought for $3.48 million ($1,221 psf) in May 2004 and sold for $7.38 million ($2,587 psf) on Feb 16. The seller therefore made a 112% profit, or an annualised profit of 5% over nearly 17 years.
Located in District 10, Grange Residences was completed in 2004, and comprises 164 units. The freehold development is a two-minute walk from the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line.
The second top gain made over the week — a 110% profit of $2.67 million — was at Camelot By-The-Water, along Tanjong Rhu Road. The 3,035 sq ft unit on the 12th floor was purchased for $2.42 million ($796 psf) in October 2000 and sold for $5.09 million ($1,676 psf) on Feb 10. This means that the seller made an annualised profit of 4% over 20 years.
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Camelot By-The-Water is in District 15. It comprises 99 units on a 99-year leasehold, and was completed in 2000. The development is a five-minute walk from the upcoming Tanjong Rhu MRT Station on the Thomson-East Coast Line.
A unit sold at Signature Park, along Toh Tuck Road in District 21, made the third largest gain over the week, netting a 100% profit of $1.21 million for the seller. The 1,701 sq ft unit on the ninth floor was bought in October 1995 for $1.21 million ($711 psf), and sold for $2.42 million ($1,423 psf) on Feb 16. The seller therefore made an annualised profit of 3% over 25 years.
Signature Park comprises 928 freehold units, and was completed in 1998. It is a 13-minute walk from Beauty World MRT Station on the Downtown Line.
However, the greatest loss incurred over the week in review was from the resale of a 2,756 sq ft unit at Reignwood Hamilton Scotts in District 9. Having sold the property for $7.08 million ($2,569 psf) on Feb 10, the seller suffered a 17% loss of $1.42 million. The unit was purchased in June 2015 for $8.5 million ($3,085 psf). Over a holding period of nearly six years, this translates into an annualised loss of 3%.
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Reignwood Hamilton Scotts, along Scotts Road, comprises 56 freehold units, and was completed in 2012. It is a three-minute walk from Newton MRT Interchange Station on the Downtown and North-South Lines.
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