People enjoying the breeze at Keppel Bay NEWSThe transaction involving the sale of a four-bedroom unit at Grange Residences has emerged as the most profitable resale deal during the week of July 1 to 8. The unit, spanning 2,852 sq ft and located on the 13th floor, was snapped up for $9.74 million on July 3, translating into a rate of $3,414 per square foot (psf). This unit had previously been purchased for $3.94 million ($1,382 psf) in October 2004, resulting in a profit of around $5.8 million, or 147%. This also translates to an annualised gain of 4.5% over the period of nearly 21 years.This deal marks the second most profitable resale transaction ever recorded at Grange Residences. The highest gain was previously seen from the sale of a similar four-bedroom unit located on the fourth floor, which was sold for $9.85 million ($3,453 psf) on June 30. The seller had bought this apartment for approximately $3.35 million ($1,173 psf) back in June 2004, thus realising a gain of $6.5 million, or an annualised increase of 5.3% over the time period of more than 21 years.The 164-unit Grange Residences development, which consists of three residential blocks of 18 storeys, is located in District 10 along Grange Road. Completed in 2004, this project by Wharf Estates Singapore (formerly known as Wheelock Properties) only offers four-bedroom units that are between 2,486 sq ft and 2,852 sq ft in size. The most recent deals on the resale market for this development, which was created by Wharf Estates Singapore, have achieved record-breaking prices per square foot of $3,453.Located along Orchard Boulevard, the freehold development Boulevard 88 is another residential development that came in second on the list of most profitable transactions for the week of July 1 to 8. The deal involved a four-bedroom unit of 2,777 sq ft that was sold for $13 million, equivalent to $4,681 psf on July 4. The seller of this unit had bought it in June 2019 for around $9.92 million ($3,573 psf), which means a fat profit of $3.08 million, or 31%. As such, this marks the fourth most profitable transaction ever recorded at Boulevard 88 to date. The most profitable deal at this prime District 10 development was the sale of another 2,799 sq ft four-bedroom apartment for approximately $14 million in April 2023. The seller of this property had bought the 18th floor unit for $10.13 million in March 2019, and thus pocketed a cool profit of $3.87 million after owning the unit for slightly more than four years.The 154-unit freehold Boulevard 88 development is slated for completion in 2023 and consists of two- to four-bedroom apartments that are between 1,313 sq ft and 6,049 sq ft. The nearby hubs that can be enjoyed by the residents of this development include Wheelock Place, Far East Shopping Centre, Ion Orchard and Shaw House.In contrast to the abovementioned transactions, the least profitable deal of the week was dated July 3, and involved a 1,733 sq ft three-bedroom at Reflections at Keppel Bay from which the seller received $2.8 million, or $1,616 psf. This unit had been bought in August 2013 for $4.18 million ($2,412 psf). As such, the seller suffered a loss of $1.38 million (33%), or an annualised decrease of 3.3% over the period of nearly 12 years. The worst loss ever recorded at this development was approximately $6.95 million for the sale of a 7,050 sq ft duplex penthouse on the 40th floor in September 2021. This unit had been sold for around $11 million, while the record was valued at $17.98 million ($2,550 psf) in May 2007.The 1,129-unit waterfront luxury development Reflections at Keppel Bay is a freehold development in prime District 9 that was completed in 2011 and is comprised of six residential towers that range from 24 to 41 storeys, as well as 11 low-rise villa apartment blocks. Buyers can choose from one- to four-bedroom apartments that measure between 732 sq ft and 2,874 sq ft, as well as penthouses that cost between 3,488 sq ft and 12,900 sq ft.Selective deals have occurred at this development so far this year, with 18 out of 40 resale transactions failing to make a profit, including the one from July 3. The “not profitable” units, which vary in size between 1,055 sq ft to 3,283 sq ft, were sold at a loss of between $13,600 and around $1.37 million.
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