Grange 1866 sets a new high of $3,390 per square foot

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A new release-hold developments Grange 1866 topped the list of condos that recorded an increase in the price of psf during the period between June 2-9. This was aided by the sale of a seven-square-foot square feet apartment at $2.59 million, which is $3,390 per square foot, on the 7th of June. The two-bedroom unit located on 12th level was bought to the developer and was the first occasion that a unit that was sold in Grange 1866 has been sold for more than $3,300 per square foot. This beats the previous record of $3,145 psf recorded on January 19 the 19th of January, when a 829 sq feet unit sold for $2.61 million.

The property is situated at Grange Road in prime District 10 in Singapore, Grange 1866 is a 60-unit condominium developed in partnership with Grange 1866 Pte Ltd. Grange 1866 features a single block of 16 floors on a sprawling 20,322 square feet freehold site. The units are one- and two-bedroom homes that span 527 sq ft and 1,012 sq feet. The condo is scheduled to be completed at the end of 2025. The project has had 13 units sold for an average of $2,862 psf according to caveats filed with URA.

Royal Hallmark, located on Haig Lane in District 15 and also set an all-time high in psf during the review period. The sale of a three-bedroom unit that measures 797 square feet from the developer to the developer for $1.82 million ($2,289 per sq ft) the 2nd of June exceeding the previous record of $2,237 per square foot set in December, when 797 sq feet of the unit was purchased to a buyer for $1.78 million.

The development consists of 10 terraced houses as well as an apartment located on a 25,054 square feet freehold site on the corner of Haig Road and Haig Lane. Royal Hallmark is the developer is Royal Hallmark. Royal Hallmark is a consortium comprised of companies that are linked with Terence Goon, group CEO and managing director of the furnishing business Nobel Design; Patrick Kho who is the group’s managing director at Lian Huat Group; and David Ong and Von Lee of 2E Capital.

The five-storey building includes 32 units. They are comprised of three-bedders with 797 sq ft, and four-bedders with 1,130 sq feet. There are two 5-bedroom duplex penthouses that each measure 2,077 square feet.

Royal Hallmark was launched for auction in February 2022. It is expected to be complete in 2025. Based on caveats filed in the last month, 27, (84%) of the units have sold to this point at an average of $1,961 per sq ft.

The Hermitage is another condominium which hit a new psf record during the week after an 818 sq ft unit located on the fourth floor sold for $1.72 million which is $2,096 per square foot in June 5. The seller, who bought the property on May 5, 2016 at $1.28 million ($1,565 per square foot) the unit earned the buyer a profit of $435,000, or 34% capital gain, from the sale.

It is the first time a resale has been conducted at the development since September, when an 850 sq feet unit was sold for $1.75 million, or $2,058 per square foot this was the highest price of psf at the time.

The Hermitage is a freehold 32-unit boutique development located on Sarkies Road, off Bukit Timah Road, in District 10 The development it was finished in the year 1999. The development is ten stories high and houses two beds with sizes ranging from 732 sq feet. There are two duplex penthouses that measure 1,862 sq ft and 2,067 sq feet respectively. Two beds are provided in both penthouses.

The Hermitage has had a small number of resales transactions over the last 12 months, with the unit that was sold in September last year representing the only purchase that was resold for the entire period of 2022. The final unit that changed hands was in November 2021 when a 775 square foot unit was sold for $1.55 million ($2,000 per sq ft). It was the first time that the project reached the threshold of $2,000 per square foot.

There were no new lows in the psf-price index observed during the time of the review.