Grange Road Properties like the Spring Grove condominium which could undergo a $1.045 billion collective sale has put the spotlight on other residential blocks in the same street.
The high-end sector has been down in the dumps for months, so the prospect of a big payday for Spring Grove owners has raised eyebrows among property experts.
Grange Road, like many other prime city neighbourhoods, has come under the pressures of the additional buyer's stamp duty and the risk of more cooling measures.
Some developers have found it challenging to move new units along the stretch. The Twin Peaks project has
released 70 of its 462 units, with sales of 68 as of February at a median price of $3,157 per sq ft.
The project, which is due for completion in 2015, comprises two 35-storey towers of one-, two- and three-bedroom apartments.
Some completed projects still have apartments for sale. Only 18 units at The Lumos have found owners. The project started sales in 2007 and all 53 units are available for purchase.
The neighbouring Cliveden at Grange, which was finished in 2011, has sold about 80 per cent of its 110 units since its 2007 launch.
The surplus of new homes will increase with the launch of at least three new projects in the area - iLiv@Grange, Ferra and Opus at Grange.
Developers have yet to announce launch dates but it is estimated that the new projects could add just over 300 new homes to the neighbourhood.
Resale activity in Grange Road has also slowed, with decreases in both prices and transaction numbers.
Source: The Straits Times –6 April 2013
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