Unit at Grange Residences makes $2.7 mil profit

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October 19, 2018 8:00 PM SGT
On Oct 5, a four-bedroom unit at Grange Residences in prime District 10 was sold for $6.8 million ($2,384 psf). The 2,852 sq ft unit on the 17th floor was purchased from the developer for $4.07 million ($1,430 psf) in 2004. After holding on to the unit for 14 years, the seller pocketed a $2.7 million profit (67%), or an annualised profit of 3.6%, from the sale. This is also the most profitable sale recorded during the week in review from Oct 2 to 9.
According to URA caveats, the most profitable unit sold at the freehold development so far this year was a similar-sized unit on the same floor, which turned in a profit of $4.14 million (107%) when it was sold in January. The unit was also bought in 2004 for $3.86 million ($1,354 psf), and it fetched $8 million ($2,805 psf) when it was sold 14 years later. This translates into an annualised profit of 5.4%.
A 2,852 sq ft unit on the 17th floor at Grange Residences was sold for $6.8 million ($2,384 psf) (Pictures: Samuel Issac Chua/The Edge Singapore)
Located on Grange Road, Grange Residences comprises 164 four-bedroom units of 2,600 to 2,853 sq ft, and was completed in 2004. There have been three profitable transactions at the development over the past two years. The third profitable sale occurred in January last year when a 14th-floor unit changed hands at a $1.3 million profit.
The second most profitable sale during the week in review occurred at the freehold condo De Royale, off Balestier Road in District 12. The owner of a 3,240 sq ft, four-bedroom unit on the 35th floor sold it for $2.9 million ($895 psf) on Oct 9, after purchasing it for $1.3 million ($442 psf) in 2005. The seller pocketed a $1.6 million profit (123%), or an annualised profit of 6% over a 13½-year holding period. This is also the most profitable transaction ever at the 204-unit condo, which was completed in 2006.
At De Royale in Balestier, the seller of a four-bedroom unit pocketed a $1.6 mil profit on Oct 9