Unit at Grange Residences reaps $4.29 mil profit

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - A unit sold at Grange Residences was the most profitable transaction recorded during the period of Sept 13 to 20. The 2,583 sq ft unit on the 17th floor was sold for $8.19 million ($3,170 psf) on Sept 15. The seller had purchased the unit for $3.9 million ($1,510 psf) in May 2005. This translates to a profit of $4.29 million or 110% price appreciation after a 17-year holding period.
Grange Residences - EDGEPROP SINGAPORE
The 2,583 sq ft unit at Grange Residences was sold for $8.19 million ($3,170 psf) on Sept 15 (Picture: Samuel Isaac Chua/The Edge Singapore)
Grange Residences is a freehold development located at the corner of Grange Road and Tanglin Road in District 10. It was developed by the former Wheelock Properties (now Wharf Estates Singapore) and completed in 2004. The condominium comprises three residential blocks that are 18 storeys high, housing a total of 164 units. The units are all four-bedroom unit types ranging from 2,486 to 2,852 sq ft.
There have been five other transactions at Grange Residences to date this year, all of which have been profitable for their respective sellers. The units were sold at between $7.1 million ($2,748 psf) and $8.16 million ($3,159 psf), with the sellers netting profits ranging from $1.75 million to $4.48 million.
The second most profitable transaction for the week was for a unit at Casa Cairnhill. The seller reaped a profit of $2.28 million (246%) when their 1,539 sq ft unit on the 14th floor fetched $3.2 million, or $2,079 psf. The unit was purchased for $925,000 ($601 psf) in March 1998. Hence, the seller netted a 246% gain over 24½ years.
The unit transacted on Sept 15 is the first to change hands at Casa Cairnhill since November 2020. It also marks a new all-time high in terms of psf price transacted at the development, based on caveats lodged.
Casa Cairnhill is a freehold condominium located along Peck Hay Road, off Clemenceau Avenue North in District 9. It was completed in 1991 and has a total of 72 units, with sizes ranging from 1,539 to 3,283 sq ft.
The condominium is close to malls along the Orchard Road shopping belt including Paragon Shopping Centre, Scotts Square and Orchard Plaza. It is also within walking distance of Newton MRT Interchange Station on the North-South and Downtown Lines.
On the flip side, the most unprofitable transaction for the period in review occurred at The Peak @ Cairnhill I, located just behind Casa Cairnhill, along Cairnhill Circle. A one-bedroom unit measuring 678 sq ft on the fifth floor was sold for $1.4 million, or $2,064 psf, on Sept 13. The seller had bought the unit for $1.72 million ($2,538 psf) in November 2016, meaning they netted a loss of $321,000 (19%). This works out to an annualised loss of 3.5% over the holding period of nearly six years.
The Peak @ Cairnhill I - EDGEPROP SINGAPORE
A one-bedroom unit at The Peak @ Cairnhill I was sold for $1.4 million, or $2,064 psf, on Sept 13, netting a loss of $321,000 (19%) (Picture: Edmund Tie)
Only one other unit at The Peak @ Cairnhill I has changed hands so far this year. The sale, which took place in May, also saw the unit transacted below its purchase price. The 527 sq ft unit on the 11th floor was sold for $11.55 million ($2,190 psf), with the seller netting a loss of $37,000.
The Peak @ Cairnhill I is a freehold 52-unit condominium that was completed in 2014. It was developed by a joint venture between TEE Land and TG Development, which also developed the 60-unit The Peak @ Cairnhill II, located next door. Units at The Peak @ Cairnhill I range from one-bedders starting from 527 sq ft to a two-bedroom penthouse spanning 2,002 sq ft.

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