Knight Frank to auction three-bedroom unit at Grange Heights
A well-sized three-bedroom unit in Grange Heights, located in the highly sought-after District 9, is set to hit Knight Frank’s upcoming auction on July 24. The freehold development presents an attractive option, as it offers both a prime location and a spacious layout.Located on the 12th floor, this 1,884 sq ft split-level unit features a combined living and dining area, a kitchen, a yard area, and a common bathroom on its lower level. The upper level comprises a master bedroom with an en suite bathroom, two additional bedrooms, and another common bathroom.Head of auction and sales at Knight Frank Singapore Sharon Lee anticipates a strong interest from both end-users and investors, given the unit’s prime location and generous layout.AdvertisementAdvertisementIn addition, Grange Heights also presents an en bloc potential, which could make it even more appealing to buyers. The development had been previously put up for collective sale twice in the past seven years, with a reserve price of $820 million each time.Comprising of 120 units across three towers, Grange Heights offers a wide selection of three- to five-bedroom apartments and maisonettes, as well as six penthouses. The units vary in size, ranging from 1,884 sq ft to 4,521 sq ft.The development is within walking distance from Great World MRT Station on the Thomson-East Coast Line. Residents can also access a variety of lifestyle hubs in the vicinity, including 111 Somerset, Cineleisure, and Mandarin Gallery. Clarke Quay and Robertson Quay are also just a short drive away.Based on URA caveats, Grange Heights has seen two other units change hands so far this year. On April 21, a three-bedroom unit with 1,884 sq ft sold for $4.05 million ($2,150 psf), while a four-bedroom unit spanning 3,025 sq ft transacted for $5.35 million ($1,769 psf) on February 13. Last year, the condo recorded three resale transactions at an average price of about $1,691 psf.
Understanding the regulations and limitations surrounding property ownership in Singapore is crucial for foreign investors. While there are minimal restrictions for purchasing condos, the same cannot be said for landed properties, which have more stringent ownership guidelines. Additionally, foreign buyers must be prepared to pay the Additional Buyer’s Stamp Duty (ABSD) of 20% for their initial property purchase. Despite this added expense, many are drawn to investing in the Singapore real estate market due to its stability and growth potential. This is particularly true for Singapore Condo properties, which remain a top choice for foreign investors.