High-end condos boost average psf pricesA high-end freehold condominium in prime District 10 saw a huge leap in a resale on the 23rd of March. Grange Residences, located on the junction of Grange Road and Tanglin Road, had it’s psf-price record broken with a four-bedroom unit on the 10th floor being sold for $8.58 million ($3,321 psf). This marks the first time in the development’s history for a unit to be sold for more than $3,300 psf.

The unit, sold on March 23, saw the previous record high at Grange Residences smashed, which saw a four-bedroom unit on the 17th floor sold for $8.18 million ($3,170 psf) on September 15 last year. Furthermore, it translates to a $5.73 million profit for the seller, which is also a new record at the development.

Grange Residences is an impressive freehold development, constructed in 2004 by Wharf Estates Singapore (formerly known as Wheelock Properties). Comprising of 164 units spread over two 18-storey blocks and one 8-storey block, the entire development only consists of four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.

It has been a few years since the average prices for units at Grange Residences ranged from a low of $2,050 psf in January 2008 to a high of $2,760 psf in January 2018. However, a tabulation of resale caveats by EdgeProp Singapore shows that prices have seen a decline in recent months, dropping to an average of $2,542 psf last month. According to the analytics and research tool from EdgeProp, this puts Grange Residences on par with older, freehold projects in the area such as St. Martin’s Apartment, which was completed in 1986, where units are going for an average of $2,333 psf.

Additionally, the price gap to other luxury developments in its vicinity has been widened. The Nassim ($4,664 psf) on Nassim Hill and 3 Orchard By-The-Park ($3,707 psf) on Orchard Boulevard have seen steeper prices.

During the week of March 17 to 24, the second biggest psf-price record was set by The Shelford. A freehold condominium on Shelford Road in prime District 11 saw a two-bedroom unit on the third floor sold for $2.4 million ($2,323psf) on March 21. This broke the previous record of 18 days, achieved by a 1,399 sq ft., three-bedroom unit on the same floor which fetched $3.18 million ($2,273 psf).

HDB is auctioning Altura EC, a 375-unit executive condo at Bukit Batok Altura EC West Avenue 8, with bids closing on 8 March 2022. The site has an extended 99-year lease, near MRT and is surrounded by schools, making it an ideal spot for families. Estimated project launch by Q2 2023.

The 215-unit development was completed in 2005 by CapitaLand, spread out over seven low-rise blocks with a unit mix of one- to four-bedroom apartments, ranging from 732 sq ft to 2,411 sq ft. Other notable features nearby include the Singapore Botanic Gardens, Serene Centre, Adam Road Food Centre and much more.

At the time of publication, there was no transaction during the week in review that yielded a psf-price low at a development.

The record-breaking resale at Grange Residences and subsequently The Shelford has shown that luxury condos in Singapore are still performing well, defying the odds. With an average psf-price of $2,542 last month, Grange Residences stands among its peers as a luxury development worth looking out for.