UNDER THE HAMMER: Unit at Grange Residences going for $6.85 mil

By
/ EdgeProp Singapore
|
March 8, 2019 1:16 PM SGT
A 2,852 sq ft unit at Grange Residences, on Grange Road in prime District 10, will be put up for auction for the first time on March 27. The property is offered for mortgagee sale with a guide price of $6.85 million ($2,402 psf), says Edmund Tie & Co (ET&Co), which is handling the auction.
The 17th-floor unit will be sold with vacant possession. The previous owner purchased it for $6.8 million ($2,384 psf) in October last year, according to a caveat lodged then. “The unit offers gorgeous unblocked views of the Rochalie Drive and Chatsworth Good Class Bungalow area,” says Joy Tan, head of auction and sales at ET&Co. The living room and en suite bedrooms have views of the Embassy area, namely the China Embassy, the British High Commission and the US Embassy.
The unit offers unblocked views of the surrounding Rochalie Drive and Chatsworth Good Class Bungalow area (Credit: ET&Co)
Located at the corner of Grange Road and Tanglin Road, Grange Residences is a redevelopment of the former Marco Polo Hotel by Wheelock Properties. The freehold, 164-unit Grange Residences was completed in 2004. All the units in the three 18-storey blocks are four-bedroom apartments with sizes ranging from 2,583 sq ft to 2,852 sq ft.
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The last transaction at Grange Residences was in November 2018, when a seventh-floor, 2,583 sq ft unit was sold for $6.25 million ($2,419 psf), based on caveats lodged.
Prices are nowhere near the last peak, when a 2,852 sq ft unit on the 13th floor changed hands for $8.57 million or an all-time-high of $3,004 psf, based on a caveat lodged in September 2013.
The price of $2,402 psf is “reasonable” in the current market, says ET&Co’s Tan. Nearby, new developements on Orchard Boulevard such as 3 Orchard-By-The-Park and the upcoming Boulevard 88 are priced above $3,000 psf.
For price trends, recent transactions, other project info, check out the Grange Residences project details page
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The spacious living room of the 2,852 sq ft unit (Credit: ET&Co)
Grange Residences will also benefit from the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which will be just a two-minute walk away. “The proximity to the Orchard Boulevard MRT Station will increase the value of the property in the near future,” adds Tan.
With monthly rental rates in the range of $11,500 to $14,800, investors can also anticipate gross rental yields of 2–2.6%, she estimates. Tan therefore expects to see “healthy interest” for the unit given its prime location, freehold tenure and unit size.
For the Latest Listings near Grange Residences, Click Here