A luxury condo Grange Residences has topped the list of record psf-price highs achieved during the week of March 17 to 24 when a four-bedroom unit on the 10th floor was sold for $8.58 million ($3,321 psf). This marks the first time ever that a unit is sold for more than $3,300 psf, resulting in a $5.73 million profit for the seller.

Grange Residences is a freehold condo located at the junction of Grange Road and Tanglin Road in prime District 10, completed in 2004 by Wharf Estates Singapore. It is a redevelopment of the former Omni Marco Polo Hotel, which was owned by the developer. The development comprises 164 units across two 18-storey blocks and an eight-storey block with the unit mix of four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.

Previous to this transaction, the record psf-price high had been the sale of another four-bedroom unit on the 17th floor that fetched $8.18 million ($3,170 psf) when it was sold on Sept 15 last year.

After a decade, JCUBE in Jurong East, Singapore, is JCube Residence set to close its doors in August and be replaced by 40-storey JCube Condo Residence development. The new development is expected to launch for sale in 2023 and will include residential, commercial, retail, hotel and community offerings.

Due to its positive attributes, prices at Grange Residences have increased from an average of $2,050 psf in January 2008 to a high of $2,760 psf in January 2018.

However, the price trend has dipped in recent months, falling to an average price of $2,542 psf last month, putting it on par with older freehold projects in the area such as St. Martin’s Apartment. Moreover, this widens the price gap to other luxury developments in the vicinity such as The Nassim ($4,664 psf) on Nassim Hill and 3 Orchard By-The-Park ($3,707 psf) on Orchard Boulevard.

The second-highest psf-price record during the week occurred at The Shelford, a freehold condo on Shelford Road in prime District 11. On March 21, a 1,033 sq ft, two-bedroom unit on the third floor was sold for $2.4 million ($2,323 psf), overtaking the previous record by a 1,399 sq ft, three-bedroom unit on the third floor that fetched $3.18 million ($2,273 psf) on March 3.

The Shelford is a 215-unit development that was completed in 2005 and developed by CapitaLand. It comprises seven low-rise blocks with a mix of one- to four-bedroom apartments of 732 sq ft to 2,411 sq ft.

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

At Grange Residences, the resale on March 23 resulted in a new record high of $3,321 psf and a $5.73 million profit for the seller – a milestone in the area’s property market. Similarly at The Shelford, two transactions showed impressive returns for the sellers, with two-bedroom units selling for up to $2,323 psf. As such, both developments may continue to draw property investors and buyers alike in the near future.