A Unit makes $3.15 mil loss at 72 Grange

Sep 4

The most profitable transaction in the week of August 17-24 was the sale of 72 Grange's 3,627-square-foot unit. On Aug 18, the unit was sold at $6.59million ($1,819 per square foot). It had previously been purchased at $9.74million ($2,688 per square foot) in September 2011. Accordingly, the seller suffered a loss $3.15 million (32%), which is 3.8% annually over almost 10 years.

Completed in 1995, 72 Grange is a freehold condominium located on Grange Road in prime District 10. It is composed of an eight-storey block that houses 18 apartments. It is located near the River Valley and Orchard Road shopping areas.

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This transaction surpasses the previous record loss at the development. A 4,295 square foot unit of 495 sq feet was sold in April 1996 for $2.15million ($501 per square foot), after having been purchased for $4.1million ($955 per square foot) in October 1995. The seller suffered a loss of $1.95million (47%) in less than six months.

This year, 72 Grange has had four resale deals. However, the other deals have been profitable with profits ranging between $2.62 million and $3.42 million. The most lucrative deal was the $6.8 million sale of a 3,875 square foot unit ($1,755 per sqf) on April 27, 2005. In November 2005, it was bought for $3.37million ($872 per square foot). The seller made a profit at $3.42million (101%), which is 4.6% annually over 16 years.

The Sea View's 1,518 square foot unit was the most lucrative deal of the week. The three-bedroom unit, which had previously been purchased for $1million ($661 per square foot) in August 2005, was sold for $2.73million ($1,799/sf). Accordingly, the seller made $1.73 million (172%), which is 6.4% annually over 16 years.

Located in District 15, The Sea View was completed in 2008. The development includes 546 units. It is located seven minutes walk from the Marine Parade MRT Station, which will be completed in 2023 on the Thomson-East Coast Line. The development is located on Amber Road and close to East Coast Park, Katong, Parkway Parade and Katong.

The Sea View's most lucrative transaction this year was a 3,809 square foot, three-bedroom unit. It was sold for $5million (1,780 per square foot) on April 8. In October 2005, it was bought for $2.51million ($897 per square foot). The seller made a profit of 2.47 million (98%), which is 4.5% annually over 15 years.

Freesia Woods' 2,077 square foot unit was the second highest gain of the week. On Aug 17, the three-bedroom unit sold for $2.97million ($1,434 per square foot). In May 2006, it was bought for $1.3million ($630 per square foot). The seller made a profit totaling $1.67million (128%) or 5.6% annually over the 15-year period.

Freesia Woods is a freehold condominium located on Sunset Way in District 21. It was completed in 2004 and has a total number of 129 units. This year's most profitable resale transaction at the development is the latest. In July 2013, the previous record was set for the sale of a 2,077 square foot, three-bedroom unit. It sold for $2.53 million ($1,222 per sqf). In December 2005, it was bought for $1.26million ($610 per square foot). The seller made a profit (100%), which is 9.6% annually over seven years.