A four bedroom home in Grange Residences was the most profitable resale sale that was recorded from May 30 through June 6. The 2,669 square foot apartment was sold at $8.88 million ($3,327 per square foot) the day before May 31. The seller purchased the property by the developer at $3.3 million ($1,235 per square foot) on April 24, 2004. This would mean that the seller made the seller a profit in the amount of $5.58 million, which is an of 169% profit over the course of a hold duration of over 19 years.
It is the second most profitable resale sale which has occurred at the development. It also sets a new high for the psf-price at Grange Residences. The most profitable sale took place just two months ago when a 2,583 sq. ft unit sold for $8.58 million ($3,321 per square foot) on the 23rd of March. The seller bought the unit at $2.85 million ($1,102 per sq ft) in February 2004 that is a gain in the amount of $5.73 millions (201%) over a period of around 19 years.
The development is located on Grange Road in District 10, Grange Residences is a 164-unit development developed from Wharf Estates Singapore (formerly Wheelock Properties). It was completed in the year 2004. The condo is composed of three blocks that are 18 floors high. The units are all four-bedders with a total area of between 2,486 sq feet and 2,852 sq feet.
The second highest-profitable sale transaction in the week under review took place on The Blossomvale, a condo situated along Dunearn Road in District 21. The three-bedder that covers 1,367 square feet sold in the amount of $2.95 million ($2,158 per square foot) at the end of May. The buyer, who bought it in the month of January for $8898,000 ($657 per square foot) and made a profit that was $2.05 millions (229%) after holding the unit for more than 15 1/2 years. This is the highest-profit deal for resales by The Blossomvale to the date. Previous records were selling of 1,399 sq. ft unit in December last year. The unit sold for $2.8 million ($2,001 per sq ft) The buyer earning $1.98 million (241%) after holding it for almost 19 years.
Blossomvale is an 999-year leasehold development of Wing Tai Holdings that was completed in 1998. It is comprised of 220 homes within a single building, apartments are two to four-bedroom units ranging that range from 840 sq ft up to 1,948 square feet. It’s a walk of three minutes towards King Albert Park MRT Station located on the Downtown Line.
In the meantime, the least profitable transaction of the week in the review occurred within Reflections in Keppel Bay. Three-bedroom, 1,539 sq area unit was bought at $2.5 million ($1,624 per square foot) on May 31. The seller bought the property for $2.89 million ($1,880 per square foot) at the end of May 2007 which resulted in the loss in the amount of $393,439 (14%) across a tenure of just 16 years.
Reflections Keppel Bay The Reflections development is a waterfront luxury development of 1,129 units in District 9’s prime location by Keppel Land. The 99-year leasehold project has six residential towers ranging from the heights of 24 and 41 stories as well as 11 villas with low rise blocks.
The condo has experienced an abundance of resales transactions over the last year, and a number of them were completed below the respective prices of purchase. The data compiled from EdgeProp Research shows that Reflections at Keppel Bay has seen 15 unsuccessful transactions so far this year, based upon caveats filed. The units, ranging from 893 sq feet and 3,391 sq feet, were sold at loss ranging from $4200 up to $1.6 million.