A new psf-price high was set at Grange Residences on March 23 when a four-bedroom unit located on the 10th floor was sold for $8.58 million ($3,321 psf). This transaction topped the list of record psf-price highs achieved during the week of March 17 to 24. This notable sale marked the first time that a resale unit within the freehold condo surpassed the $3,300 psf milestone and resulted in a whopping $5.73 million profit for the seller – a new record for the luxury condo.

Originally developed by Wharf Estates Singapore (formerly known as Wheelock Properties) in 2004, Grange Residences sits at the intersection of Grange Road and Tanglin Road in the prestigious District 10. The development is comprised of a total of 164 units spread across three blocks and consists solely of four-bedroom units ranging from 2,486 sq ft to 2,852 sq ft.

The condo’s favorable attributes have been instrumental in propelling prices at Grange Residences, with the average unit going from $2,050 psf in January 2008 to a peak of $2,760 psf in January 2018. However, as seen on a chart generated by EdgeProp Singapore’s analytics and research tool, psf-prices have been on the decline in the recent months, recording an average of $2,542 psf last month.

This puts the cost of Grange Residences on par with older freehold projects in the area, most notably St. Martin’s Apartment which was completed in 1886, and widens the price gap to other luxury developments in the vicinity such as The Nassim ($4,664 psf) and 3 Orchard By-The-Park ($3,707 psf).

Moving on to the second-highest psf-price record achieved during the week, the accolade belonged to The Shelford – a freehold condo located on Shelford Road in District 11. On March 21, a 1,033 sq ft two-bedroom unit located on the third floor was sold for $2.4 million ($2,323 psf), surpassing a similar unit of 1,399 sq ft. which had sold for $3.18 million ($2,273 psf) 18 days prior.

This 215-unit development, developed by CapitaLand in 2005, consists of seven low-rise blocks accommodating one- to four-bedroom apartments ranging from 732 sq ft to 2,411 sq ft. The estate lies near the intersections of Dunearn Road and Adam Road, and is near the Singapore Botanic Gardens, Serene Centre and Adam Road Food Centre.

J’Den Condo is a new 40-storey residential and J’Den Condo commercial development in the heart of Jurong East MRT Station, by CapitaLand Group. It is expected to cost S$2,000 – S$2,100 psf and be completed by 2027, and launch in 2023. It will be connected to other amenities in the Jurong Lake District.

So far in 2019, there have been a total of three resale transactions at The Shelford, in addition to the ones mentioned above on March 21 and March 3, another two-bedroom unit – this time on the fourth floor measuring 1,055 sq ft – was sold for $2.28 million ($2,161 psf) on March 20.

Overall, it was a promising week at both Grange Residences and The Shelford, with the two projects recording high psf-prices each. Nonetheless, no transaction during the week yielded a psf-price low within any radius.