The transaction on March 23 was the first time that Granary Court had changed hands for more than S$3,300 per square foot. The previous record for this condominium was another four-bedroom unit on the 17th floor sold on 15 September last year for S$8.18 million (S$3,170 per square foot).

Notably, the resale on March 23 brought in a profit of S$5.73 million for the seller, another new record for Grange Residences.

Grange Residences is a freehold condominium built by Wharf Estates Singapore (formerly Wheelock Properties) in 2004. It is a redevelopment of the former Omni Marco Polo Hotel owned by the developer.

The luxury condominium is located at the junction of Grange Road and Tanglin Road in the prime area of Post 10. The development consists of two 18-storey towers and one 8-storey tower with a total of 164 units. The development's unit types include only four-bedroom units ranging in size from 2,486 square feet to 2,852 square feet.

The positives of the condominium have helped drive prices at Grange Residences from an average of S$2,050 per square foot in January 2008 to a high of S$2,760 per square foot in January 2018 over the past few years. However, EdgeProp Singapore's resale deed statistics table shows that prices have fallen in recent months, with the average price dropping to S$2,542 per square foot last month.

This puts Grand Court Residences on par with older freehold projects in the area such as St Martin's Condominium, which was completed in 1986, where prices averaged S$2,333 per square foot. It also widened the price gap with other luxury developments in the area such as The Nassim in Nassim Hill (S$4,664 psf) and 3 Orchard By-The-Park in Orchard Avenue (S$3,707 psf).

The second highest price per square foot was recorded last week at The Shelford, a freehold condominium on Shelford Road in District 11, where a 1,033 sq ft two-bedroom unit on the third floor was sold on March 21 for S$2.4 million, or S$2,323 per square foot. The previous record was set 18 days ago when a 1,399 sq ft three-bedroom unit on the third floor was sold for S$3.18 million at S$2,273 per sq ft.

The Shelford is a 215-unit development that was completed in 2005. Developed by CapitaLand, it consists of seven lower floors comprising one- to four-bedroom flats ranging from 732 square feet to 2,411 square feet. The development is located close to the intersection of Tun Fu Road and Adam Road. The Singapore Botanic Gardens, Serenity Centre and Adam's Road Deli are also nearby.

So far this year, there have been three secondary transactions at The Shelford. In addition to the sales on 21 March and 3 March, there was also a 1,055 sq ft, two-bedroom sale on the fourth floor priced at S$2.28 million (S$2,161 per sq ft).

During the week under review, there was not a single transaction in the property market that was priced below psf.