Four-bedder at Grange Infinite sold at $2.4 mil loss
The most unprofitable resale transaction during the week of March 22 to 29 was the sale of a 2,573 sq ft, four-bedroom unit at Grange Infinite. The 19thfloor unit changed hands for $5.8 million ($2,255 psf) on March 22. The property had been bought for $8.24 million ($3,202 psf) in September 2007. Thus, the seller suffered a $2.44 million (30%) loss, which translates to an annualised loss of 2.4% over 14 years.
Grange Infinite is a freehold luxury condominium on Grange Road in prime District 9. It was completed in 2011. Nearby high-end residential developments include New Futura, OUE Twin Peaks, Horizon Towers, and 8 St Thomas. The condo is also close to the Orchard Road shopping belt.
Grange Infinite comprises a single 36-storey residential block with 68 apartments. It has a mix of three- and four-bedroom units of 2,088 to 2,702 sq ft. The most unprofitable resale transaction recorded for the condo was for a 2,702 sq ft unit that fetched $6.05 million ($2,239 psf) in December 2016. That unit had been bought for $9.19 million ($3,400 psf) in September 2009. Thus, the seller suffered a loss of $3.14 million (34%), which translates to an annualised loss of 5.6% over seven years.
According to EdgeProp’s Price Trends analytics tool, Grange Infinite has seen a steady decline in the average selling price of units over the past 15 years. The average price has dropped from about $3,112 psf in September 2007 to about $2,056 psf as of March 2022.
Conversely, the most profitable resale transaction during the week occurred at Palm Spring in District 10. A 1,884 sq ft, four-bedroom unit was sold for $3.99 million ($2,123 psf) on March 24. The property had been purchased for $2.55 million ($1,354 psf) in October 2007. As a result, the seller earned a profit of $1.45 million (57%), which translates to an annualised profit of 3.2% over 14½ years.
Palm Spring is a freehold condo on Ewe Boon Road in the Bukit Timah area. It was completed in 1998 and comprises
167 units featuring a mix of two- to four-bedroom units of 947 to 3,014 sq ft.
The condo enjoys proximity to popular schools such as Anglo-Chinese School (Primary), Anglo-Chinese School (Barker Road), and Singapore Chinese Girls’ School (Primary) and Singapore Chinese Girls’ School. It is also close to Newton MRT Interchange on the North-South and Downtown Lines, and the upcoming Stevens MRT Station on the Thomson-East Coast Line.
The most profitable resale transaction at Palm Spring was for a 2,659 sq ft unit that fetched $4.15 million ($1,561 psf)
in May 2019. That unit had been bought for $1.65 million ($621 psf) in April 2005. Thus, the seller earned a record profit of $2.5 million (151%), which translates to an annualised profit of 6.7% over 14 years.
The second most profitable transaction during the week was for a 1,270 sq ft unit at Hillview Green. The three-bedroom unit changed hands for $1.64 million ($1,291 psf) on March 22. The unit had been bought at $374,650 ($295 psf) in October 1998. Hence, the seller made a profit of $1.26 million (337%), or an annualised profit of 6.5% over 23½ years.
Hillview Green is a 999-year leasehold condo on Hume Avenue in District 21. It was completed in 1998 and consists of six 10-storey blocks. It has 400 two- to four-bedroom units of 797 to 1,938 sq ft.
This latest resale at Hillview Green is also the most profitable transaction at the development. It surpasses the previous record which involved a 1,593 sq ft unit that was sold for $1.67 million ($1,048 psf) in August 2018. The unit had been bought for $643,572 ($404 psf) in October 2006. As a result, the seller earned a profit of $1.03 million (160%), which translates to an annualised profit of 8.3% over 12 years.