Freehold developments tend to be highly sought after especially in the core city centre. When it comes to larger units that are near to the core city centre, this becomes even more attractive as well as it is rarely available and the units usually comes from well to do families whose prices are very firm. However, there is a unit that will be available for sale soon and the property has been repossessed by the High Court, who has appointed Colliers to auction it and put it out for sale. Most likely, this could be due to the fact that the owners have issues settling the loan and therefore are looking for a property agency to sell it and acheive the highest possible price. Please also see Midtown Gardens Developer which is Guocoland. Midtown Gardens is located next to Bugis MRT Station.
Located between Grange Road and Orchard Boulevard, the freehold condominium is within the orchard luxury residential enclave and is next to upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line. Nearby developments include 3 Orchard-By-The-Park, Cuscaden Reserve and One Tree Hill Collection which are fully sold as well. The residential nits around the Orchard Boulevard vicinity are highly sought after because of their proximity to the Orchard Road shopping belt and easy access via public transport. It is just one MRT Stop away to Orchard Road as well as Ion Orchard making it a very convenient place to stay at.
The Grange is a freehold development which completed in 2008 and is a 95 unit development with large 3 and 4 bedders that are ideal for family stay. The unit for sale was purchased for $3.76 million ($1,642 psf) in November 2005. Currently, the market valuation is around $6 million, based on transactions lodged last year and therefore the owner has made a tidy profit on the unit.
With Covid-19 being in place, the auction market should see more of such units becoming available as business owners face tougher economic environments to function and this mean that owners might be looking to sell their units finance more cash flow.