Unit at Grange Infinite sees $2.5 mil loss

/ EdgeProp
June 25, 2018 6:00 PM SGT
The sale of a 2,217 sq ft, three-bedroom unit at Grange Infinite on Grange Road saw a loss of $2.5 million. This was the highest recorded loss, according to caveats lodged for the week of June 5 to 12.
A 2,217 sq ft unit at Grange Infinite was sold at a $2.5 million loss
The eighth-floor unit in the 36-storey tower at Grange Infinite was sold for $4.55 million ($2,052 psf). It was previously purchased for $7.05 million ($3,181 psf) in late 2007, when the project was first launched for sale. The seller therefore sustained a 35.5% loss after holding the unit for 11 years.
This was the first transaction at the 68-unit, freehold Grange Infinite in 1½ years. The last transaction was in December 2016, when a 2,702 sq ft, four-bedroom unit on the 25th floor changed hands for $6.05 million ($2,239 psf). The previous owner had purchased it for $9.19 million ($3,400 psf) from ARA Asset Management’s Asia Dragon Fund in September 2009.
The fund made a bulk purchase of 53 units at Grange Infinite in March 2008 for a total of $388 million. These were the remaining units, following the project’s release of units in 2H2007 at an average price of $3,200 psf. The project was jointly developed by Chip Eng Seng and private-equity fund Citadel and completed in 2011.
With neighbouring luxury projects such as New Futura on Leonie Hill Road achieving an average price of $3,300 psf, Han Huan Mei, associate director of research at List Sotheby’s International Realty, expects prices at Grange Infinite “to regain some lost ground in the coming months”.
The biggest price gain in the week of June 5 to 12 was for the sale of a 2,626 sq ft, four-bedroom unit at Pebble Bay in Tanjong Rhu. The unit changed hands for $4.19 million ($1,595 psf), according to a caveat lodged on June 11. It was purchased in 2009 for $2.32 million ($884 psf), giving the seller an 80% capital appreciation over nine years.
The most profitable deal of the week in review was the sale of a 2,626 sq ft unit at Pebble Bay for $4.19 million (Credit: Albert Chua/The Edge Singapore)
The 510-unit Pebble Bay is a 99- year leasehold condominium that was developed by CapitaLand and completed in 1998. Launched for sale 25 years ago, the project is the first waterfront condo in the Tanjong Rhu area. Tanjong Rhu is popu lar with expatriates because its location offers convenience. There is a pedestrian link to the Sports Hub and the Stadium MRT station and it is just a 10-minute drive to Marina Bay and the CBD. One of the entrances to the upcoming Tanjong Rhu MRT station on the Thomson-East Coast line, which is slated for completion in 2023, will be situated right next to Pebble Bay.