Four Bedder Grange Residences Reaps 465 Mil Profit

The most profitable resale transaction at Grange Residences, a luxury freehold condo on Grange Road in prime District 10, was recorded over the period from Aug 19 to Sept 2. The sale of a four-bedroom unit for $8.5 million ($3,290 psf) on Aug 21 yielded a profit of $4.65 million (121%) for the seller. This marks the fourth profitable resale at the development so far this year, with gains ranging from $6.5 million to $3.07 million.The second most profitable resale during the period was recorded at Haig Court, a freehold development on Haig Road in District 15. A four-bedroom unit on the fourth floor was sold for $3.3 million ($2,129 psf) on Aug 28, earning the seller a profit of $2.37 million (256%). This is also the most profitable transaction at Haig Court so far this year, with all 10 resale deals at the development being profitable.The most unprofitable deal during the period was recorded at Marina One Residences, a 99-year leasehold development on Marina Way in District 1. The seller of a 1,539 sq ft unit on Aug 28 incurred a loss of $506,331 (14%) as it was sold for $3.22 million ($2,092 psf). This is also the biggest loss seen at the development in 2021. Overall, there have been 15 resale transactions at Marina One Residences this year, with only one profitable deal and the rest suffering losses ranging from $32,000 to $703,250.Based on EdgeProp Singapore’s analysis of resale caveats, the average price at Grange Residences has increased from around $1,670 psf in 2005 to $2,915 psf in September 2020. Today, the average price is approximately $2,900 psf. Meanwhile, the average price at Haig Court is $2,080 psf, while Tembusu Grand and Emerald of Katong, both of which are new 99-year leasehold developments in the vicinity, command average prices of $2,413 psf and $2,640 psf respectively. On the other hand, prices at Marina One Residences have fallen from around $2,475 psf in September 2020 to $2,089 psf in September 2021. The newest private residential project in Marina Bay is One Marina Gardens, a 937-unit 99-year leasehold development that was launched for sale in April. 514 units (54%) have been sold so far, at an average price of $2,951 psf.

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