Grange 1866 developer Heeton seeing better sales
Grange 1866, a freehold development, has gained the highest price per square foot (psf) among all condos in the week of November 22 to 29, with a record of $3,393 psf. This peak came from the sale of a 2-bedroom, 818 square feet unit for $2.78 million on the 27th of November. The 14th-floor unit narrowly surpassed the previous record of $3,390 psf, which was set in June last year when a 764 sq ft unit sold for $2.59 million.
This year, Grange 1866 has seen 12 new sale transactions, with an average price of $3,181 psf. The most expensive unit transacted at the development this year, in terms of absolute price, was a 1,012 sq ft, two-bedroom unit on the 16th floor, which was sold for $3.02 million at a rate of $2,989 psf. So far, 45 out of the 60 units in the project have been sold, representing a sales rate of 75%.
Grange 1866 is situated on Grange Road in prime District 10 and is expected to be completed by the end of 2025. The development features a single 16-storey residential block set on a 20,322 sq ft, freehold site. The units consist of one and two-bedroom apartments, ranging from 527 to 1,012 sq ft.
Taking second place in terms of new psf-price highs recorded during the November sales period is Hill House. The boutique condo achieved a new psf-price high for the second time last month, with a new peak of $3,378 psf. This 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 25.
The sale surpassed the previous record of $3,267 psf by 3.4%. The former record was achieved on November 11 when a similarly-sized two-bedroom unit on the fifth floor was sold for approximately $1.48 million.
Since the beginning of the year, 12 units have been sold at Hill House by the developer, with the units transacting at an average price of $3,108 psf. In terms of psf-price, the lowest-priced unit to transact at the development this year was a 753 sq ft, three-bedroom unit on the fourth floor that was sold for $2.21 million, translating to a total of $2,934 psf, on October 28.
Hill House takes the silver medal in terms of new psf-price highs recorded during the week of November 22 to 29 (Image: Macly Group)
Hill House, a 999-year leasehold condo, is located on Institution Hill, off River Valley Road, in prime District 9. Expected to be completed in 2026, the 72-unit boutique development has one and one-bedroom plus study units measuring between 431 and 452 sq ft, two-bedroom units measuring 624 sq ft, and three-bedroom units measuring 753 sq ft.
According to URA caveats, 30 units (42%) at Hill House have been sold at an average price of $3,054 psf since the condo was launched in November 2022.
Rounding out the top three, The Cosmopolitan saw a new psf-price high 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 25.
The Cosmopolitan hits a new psf-price high with the recent sale of a 1,324 sq ft, three-bedroom unit on the 26th floor (Image: Samuel Isaac Chua / EdgeProp Singapore)
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 of the same block was sold for $3.7 million.
The sellers of the 26th-floor unit purchased it for about $2.58 million, or $1,950 psf, in November 2010. This results in a profit of approximately $1.15 million.
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One of the main factors fueling the demand for condos in Singapore is the scarce availability of land. As a small and densely populated island, Singapore is facing a shortage of land for development. This has resulted in strict land use regulations and a fiercely competitive real estate market, where property prices continue to rise. As a result, investing in real Condo estate, especially in condos, has become a profitable endeavor with the potential for significant capital gains.
Completed in 2008, The Cosmopolitan is a 228-unit freehold condo located along Kim Seng Road, just off River Valley Road, in prime District 9. The freehold development comprises 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.
The Cosmopolitan is located within 1km of River Valley Primary School and within walking distance of Great World MRT Station on the Thomson-East Coast Line. Nearby dining and retail options can be found at Great World City.
There were no new psf-price lows recorded during the week of November 22 to 29.