Grange 1866 Sets New High 3393 Psf
Grange 1866, a freehold development, made headlines recently as it topped the list for condos that hit a new psf-price high in the week of November 22 to 29. The new price peak of $3,393 psf was achieved when the developer sold an 818 sq ft, two-bedroom unit for $2.78 million on November 27th. This surpassed the project’s previous record of $3,390 psf, which was set in June last year when a 764 sq ft unit was sold for $2.59 million.
In total, there have been 12 new sale transactions at Grange 1866 this year, with an average price of $3,181 psf. The most expensive unit sold at the development this year was a 1,012 sq ft, two-bedroom unit on the 16th floor that was sold for $3.02 million ($2,989 psf). To date, the 60-unit project has sold 45 units, which accounts for 75% of the total units.
Grange 1866 is a freehold development located on Grange Road in prime District 10. It is expected to be completed by the end of 2025 and features a single 16-storey residential block situated on a 20,322 sq ft, freehold site. The units comprise of one- and two-bedroom apartments ranging between 527 and 1,012 sq ft.
Hill House, another condo development, came in second in terms of new psf-price highs recorded in the same period. The boutique condo hit a new psf-price high for the second time in November, with the latest record standing at $3,378 psf. This new record was set when a 452 sq ft, two-bedroom unit on the 8th floor was sold by the developer for about $1.53 million on November 25th.
This sale surpassed the previous record of $3,267 psf by 3.4%. The former record was achieved on November 11th when a similarly sized two-bedroom unit on the fifth floor was sold for about $1.48 million. In total, 12 units have been sold at Hill House by the developer this year, with units transacting at an average price of $3,108 psf. The least expensive unit sold at the development this year was a 753 sq ft, three-bedroom unit on the fourth floor, which was sold for $2.21 million ($2,934 psf) on October 28th.
Hill House is a 999-year leasehold condo located on Institution Hill, off River Valley Road, in prime District 9. Expected to be completed in 2026, the 72-unit boutique development features one- and one-bedroom-plus-study units ranging between 431 and 452 sq ft; two-bedroom units of 624 sq ft; and three-bedroom apartments of 753 sq ft.
The third highest new psf-price high was recorded at The Cosmopolitan with the sale of a 1,324 sq ft, three-bedroom unit on the 26th floor for $3.73 million, or $2,817 psf, on November 25th. The condo is expected to be completed in 2008 and is a 228-unit freehold condo located along Kim Seng Road. The new record is just 0.7% higher than the previous peak of $2,795 psf set in October last year when another 1,324 sq ft, three-bedroom unit on the 17th floor was sold for $3.7 million.
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The sellers of the 26th-floor unit had purchased it for around $2.58 million, or $1,950 psf, in November 2010. This means they made a profit of around $1.15 million. The Cosmopolitan features two-bedroom units spanning 1,141 sq ft; three-bedroom units spanning from 1,324 to 1,399 sq ft; and four-bedroom apartments spanning 1,679 sq ft. Located within 1km of River Valley Primary School and within walking distance of Great World MRT Station on Thomson-East Coast Line, the condo also has nearby dining and retail options at Great World City.
In conclusion, there were no new psf-price lows recorded during the period in review.