New pricing record for Grange Residences is $3,321 per square foot

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The Myst condo for sale

The luxury condominium Grange Residences achieved a record PSF-price record when a 4-bedroom apartment at the 10th level was purchased to a buyer for $8.58 million ($3,321 per square foot) on the 23rd of March. This sale is at the top of the record-setting psf price highests that were achieved in the period from March 17-24.

The Myst condo for sale offers a perfect range of amenities, connectivity, and comfort. Thanks to its convenient location, residents are just minutes away from major amenities such as shopping malls, schools, restaurants, and hospitals.

The sale of the 23rd of March is the first time the unit at Grange Residences was sold for more than $3300 psf. The previous record at Grange Residences was sale of a fourth bedroom property located on the 17th floor. It was worth $8.18 million ($3,170 per square foot) in the sale that took place on September 15 last year.

It’s worth noting that the sale on March 23 yielded an $5.73 million revenue for the buyer. This is a record-breaking performance at Grange Residences.

Grange Residences is a freehold condominium that was built during 2004 and was developed through Wharf Estates Singapore (formerly known as Wheelock Properties). It was a redevelopment project of the old Omni Marco Polo Hotel, which was owned by the developer.

The luxurious condo is located at the intersection between Grange Road and Tanglin Road in the District 10’s most sought-after area. The development comprises 164 units over two 18-storey blocks, and the block is eight stories. The unit mix in the development consists of four-bedroom units that range between 2,486 sq ft and 2,852 sq feet.

The positive aspects of the condo have helped propel the prices of Grange Residences in the past couple of years from the average price of $1,050 per square foot in January 2008, to the highest of $2,760 per square foot in January of 2018. A study of resale-related caveats provided of EdgeProp Singapore shows that prices have been slashed during the past few months dipping to an average of $2,542 per square foot last month.

This makes Grange Residences on par with older freehold developments in the region, such as St. Martin’s Apartment, that was built in 1986 in which units were sold at an average of $2,333 per square foot. Furthermore, this expands the gap between prices to other luxurious developments in the area like Nassim Nassim ($4,664 per square foot) located on Nassim Hill as well as three Orchard By-The-Park ($3,707 psf) located on Orchard Boulevard.

The second-highest price record for psf in the past week was set on The Shelford, a freehold condominium located on Shelford Road in prime District 11. On March 21st, a 1,033 sq feet, two-bedroom unit on the third floor purchased at $2.4 million ($2,323 per square foot). The previous record had stood in the upper rung for 18 days until it was surpassed by a 1,399 square foot three-bedroom unit on the 3rd floor which was sold for $3.18 million ($2,273 per square foot) on March 3.

Shelford is an apartment development of 215 units that was completed in. The project was designed by CapitaLand It consists of seven low-rise units with the possibility of one-to four-bedroom units ranging from 732 sq. feet to 2,411 square feet. The development is located near the intersection with Dunearn Road and Adam Road. There is also the Singapore Botanic Gardens, Serene Centre as well as the Adam Road Food Centre are close by.

The Shelford has had three resales transaction on the property of The Shelford so far this year. Apart from the sales between March 21 and 3 there was also the auction of the 1,055 square 2 ft, two-bedder located in the fourth level. It was sold at $2.28 million ($2,161 per square foot) on the 20th of March.

At the time of publishing at the time of publication, there was no activity during the week of review that produced a psf price lower than the time of publication.

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