Resale of four-bedder at The Grange sees $3.85 mil profit

At The Grange condo, an incredible $3.85 million in profit was earned by the seller of a 2,282 sq ft unit. It was bought for $3.35 million in September 2005 and sold for $7.2 million in July 2020, translating into an annualised return of 4.4%. At Wing On Life Garden, another prime condo located in District 10, a 3,498 sq ft unit was sold for a profit of $2.33 million, giving the seller an annualised return of some 9.2%. Most unprofitable was the sale of a 1,324 sq ft unit at Miro, which resulted in a loss of almost $649,000 for the seller, with an annualised loss of 2.3%.

The Grange in prime District 10 was the site of the most profitable resale transaction over the week of July 4 to 11. A 2,282 sq ft, four-bedroom unit on its 11th floor was sold for a staggering $7.2 million ($3,155 psf). This figure was $3.85 million (115%) more than what the seller had originally paid for it – $3.35 million ($1,469 psf) – back in September 2005. This translates to an annualised profit of 4.4% over a period of almost 18 years.

At The Grange, this transaction was the second most profitable sale the area has seen. The record holder still is a duplex penthouse at 4,456 sq ft sold for $11 million ($2,468 psf) in April 2008. The seller earned a whopping $4.2 million (61%), amassing an annualised profit of 20% within a span of 2½ years.

Before buying a Singapore Condo, it’s important to do your due diligence and find out the factors that can affect its value. Factors like its location, views and expected renovations and future developments in the neighbourhood should be taken into account. Familiarise yourself with the current real estate market before taking the plunge and investing in real estate. Doing so will help prevent you from making any costly mistakes that you may later regret.

The Grange is a luxurious freehold condo with 95 units completed in 2008. It is well-placed next to Orchard Boulevard MRT Station on the Thomson-East Coast Line, and close to landed housing enclave One Tree Hill as well as the prestigious Good Class Bungalows on Chatsworth Park. Additionally, neighbourhoods like 3 Orchard By-The-Park, Cuscaden Reserve, Park Nova, Boulevard 88, and Four Seasons Park are also nearby.

In the recent years, prices at The Grange have tapered off slightly. Its average price was approximately $2,087 psf in July 2008, and this had increased to $2,549 psf by July 2018. This being said, The Grange is still one of the priciest areas in the neighbouhood, outperformed only by other posh condos like Parkview Eclat ($3,264 psf) and Cliveden at Grange ($3,026 psf), and new launches like 3 Orchard By-The-Park ($3,754 psf) and Park Nova ($4,521 psf).

The second most profitable sale during the week was that of a 3,498 sq ft unit at Wing On Life Garden on Bukit Timah Road. It was sold for $8.43 million ($2,410 psf) on July 10, after being purchased for $6.1 million ($1,744 psf) in November 2019. Consequently, the seller gained a profit of $2.33 million (38%), which translates to an annualised gain of 9.2% over roughly four years.

Wing On Life Garden is a 81-unit freehold condo completed in 1982. It is in Tanglin area and surrounded by prestigious schools such as Singapore Chinese Girls’ School, Anglo-Chinese School (Barker Road), St Joseph’s Institution, and Catholic Junior College. Neighbouring Balmoral Road and Stevens Road are also home to other prime condos like Honolulu Tower and the upcoming Perfect Ten on Bukit Timah Road.

Since its completion, prices at Wing on Life Garden have seen a steady increase. Units were going for about $973 psf in July 2003, and had risen to $1,430 psf a decade later. According to resale caveats, the average price stands at about $2,266 psf this month.

The most profitable resale at Wing On Life Garden is for a 3,305 sq ft unit that was transacted for $5.9 million ($1,785 psf) in October 2019. It had previously fetched $3.1 million (938 psf) in August 2006, resulting in a record profit of $2.8 million (139%) for the seller – an incredible annualised gain of 9.3% in 13 years.

On the other hand, the least profitable transaction lodged during the week was the sale of a 1,324 sq ft, two-bedroom unit at Miro on Lincoln Road. The unit changed hands for $2.23 million ($1,684 psf) on July 4, but had cost the seller $2.88 million ($2,174 psf) in June 2012. Thus, the seller suffered a loss of almost $649,000 (23%), making it an annualised setback of 2.3% over 11 years.

Miro is a 85-unit boutique freehold condo in the Novena area in prime District 11. It features a mix of one- to four-bedroom units of sizes ranging from 990 to 2,917 sq ft. The most unprofitable resale at Miro to date is the sale of a 1,324 sq ft unit on the 31st floor for $2.1 million ($1,586 psf) in November 2020. The unit had cost the buyer $3.08 million ($2,330 psf) in August 2011, resulting in a loss of about $985,000 (32%), with an annualised loss of 4% over eight years.

Prices of Miro’s units have fallen since their peak at $1,778 psf in December 2011. Now, they stand at an average of approximately $1,658 psf and are still lower than several of the area’s other freehold condos such as Newton 18 (average resale price of $2,318 psf) and Newton Edge on Makeway Avenue (average price of $1,851 psf).

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