Four-bedroom unit at The Grange sold at $2 mil profit

Four-bedroom unit at The Grange sold at $2 mil profit

By Timothy Tay / EdgeProp | October 14, 2017


A four-bedroom unit at The Grange, in prime District 10, was sold for a $2 million profit on Sept 28.

The 2,282 sq ft unit on the 13th floor was bought from the developer in 2005 for $3.4 million ($1,484 psf). After a holding period of 12 years, the unit was sold for $5.4 million ($2,388 psf), or a 61% profit.

This transaction is the most profitable at The Grange over the past three years.

In May, a three-bedroom unit on the eighth floor was sold at a $174,800 profit. It was bought for $3.57 million ($2,050 psf) and sold for $3.7 million ($2,151 psf).

There have been four transactions at The Grange so far this year, and only two have been profitable. In June, a 2,282 sq ft unit and a 2,293 sq ft unit were sold at losses of $260,000 and $688,000 respectively.

The 95-unit The Grange is 23-storey freehold condo situated on a 98,000 sq ft site. Developed by MCL Land and completed in 2008, it has a mix of three- and four-bedroom units as well as penthouses.

Three-bedroom units are sized from 1,743 to 2,076 sq ft; four-bedroom units, from 2,281 to 2,301 sq ft; and penthouses, from 4,379 to 4,433 sq ft.

At Cairnhill Plaza in District 9, a two-bedroom unit fetched a $1.5 million profit on Sept 27.

The 2,293 sq ft unit on the 21st floor was bought for $1.7 million ($741 psf) in 1995. After a holding period of more than 22 years, it was sold for $3.2 million ($1,404 psf). The owner pocketed 89% in profit, which translates into an annualised profit of 3%.

Based on the matching of URA caveat data, this is the third profitable transaction at Cairnhill Plaza this year. The most profitable sale was in August when a 2,852 sq ft unit on the ninth floor was sold at a $2.4 million profit ($1,402 psf) after a holding period of 12 years.

Situated on Cairnhill Road, the 204-unit Cairnhill Plaza is a freehold development by UOL and was completed in 1978.

The 30-storey condo comprises a mix of two- (2,292 sq ft), three- (2,819 sq ft) and four-bedroom (3,303 sq ft) units. Cairnhill Plaza is located about 400m from the Orchard Road shopping belt.

District 9 also saw a 3,412 sq ft penthouse at the freehold condo The Imperial sold at a $1.1 million profit on Sept 28.

The unit on the 13th floor was bought in 2007 for $4.3 million ($1,269 psf), and was sold for $5.5 million ($1,612 psf).

This sale marks the highest profit at The Imperial so far this year. Of the five transactions this year, only one has been unprofitable.

The second-largest profit was registered in May, when a 990 sq ft unit on the eighth floor was sold at a $954,000 profit. The two-bedroom unit was bought from the developer for $895,500 ($904 psf) in 2003, and sold for $1.9 million ($1,868 psf), which translates into a profit of 5% a year.

Developed by CapitaLand and completed in 2006, the 187-unit The Imperial is located near Fort Canning. It comprises a mix of two- (990 sq ft), three- (1,410 to 1,808 sq ft) and four-bedroom units (1,900 to 2,000 sq ft) as well as penthouses (3,400 to 3,900 sq ft).

The condo is near the upcoming Fort Canning MRT station and about 600m from the Dhoby Ghaut MRT station.

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This article appeared in the EdgeProp Pullout, Issue 801 (Oct 16, 2017)