Archive for category: Misc

The luxury condominium Grange Residences scored a new psf-price high when a four-bedroom unit on the 10th floor was sold for $8.58 million ($3,321 psf) on March 23. This transaction tops the list of record psf-price highs achieved during the week of March 17 to 24, showing that the potential of the condo was greater than what had already been established.

It was the first time that a unit at Grange Residences was sold for more than $3,300 psf, with the previous record set by the sale of another four-bedroom unit on the 17th floor for $8.18 million ($3,170 psf) on Sept 15 last year.

Located at the junction of Grange Road and Tanglin Road in prime District 10, Grange Residences is a freehold condo completed in 2004 by Wharf Estates Singapore (formerly known as Wheelock Properties). Featuring 164 units across two 18-storey blocks and an eight-storey block, the development only comprises four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.

Positive attributes of the project have driven prices, which have increased from an average of $2,050 psf in January 2008 to a high of $2,760 psf in January 2018. However, resale caveats by EdgeProp Singapore show that prices have dipped in recent months, with an average of $2,542 psf recorded last month.

This puts Grange Residences on par with older freehold projects in the area such as St. Martin’s Apartment, completed in 1986, where units are going for an average of $2,333 psf. It also widens the price gap to other luxury developments in the vicinity such as The Nassim ($4,664 psf) on Nassim Hill and 3 Orchard By-The-Park ($3,707 psf) on Orchard Boulevard.

The second-highest psf-price record during the week occurred at The Shelford, a freehold condo on Shelford Road located in prime District 11. On March 21, a 1,033 sq ft two-bedroom unit on the third floor was sold for $2.4 million ($2,323 psf), taking the previous record set 18 days earlier by a 1,399 sq ft, three-bedroom unit on the third floor for $3.18 million ($2,273 psf).

CDL Aries acquires two plots at Upper Bukit Timah for S$126.3 million, with The Myst plans to develop a 24-storey condominium taking advantage of nearby green spaces and other developments.

Built by CapitaLand in 2005, The Shelford features seven low-rise blocks offering a mix of one- to four-bedroom apartments of 732 sq ft to 2,411 sq ft. It is near the intersections of Dunearn Road and Adam Road and amenities such as the Singapore Botanic Gardens, Serene Centre and Adam Road Food Centre.

This year, there have been three resale transactions at The Shelford, with the sales on March 21 and March 3 complemented by the sale of a 1,055 sq ft two-bedder on the fourth floor for $2.28 million ($2,161 psf) on March 20.

At the time of writing, no transaction during the week in review resulted in a psf-price low at a development. The seller of the four-bedroom unit on the 10th floor at Grange Residences made a profit of $5.73 million.

These record psf-price highs demonstrate the demand for well-appointed properties that are located in desirable areas near amenities and other conveniences. Despite the dip in prices at Grange Residences, it continues to be a prime option for luxury buyers in Singapore.