Spring Grove is located Grange Road, which is very reputed neighbourhood. Spring Grove, which is a condo project with 99–years lease, represents an interesting history. This freehold project is on the same spot where the United States Ambassador for Singapore had his home once upon a time. Spring Grove private condo is spread on 263,513 sq ft area.
The Government of the United States owns the land where Spring Grove is being developed. Property developer and investor City Developments acquired 99-years right for the site in 1999. The deal was finalized for $80 million for 99-year lease.
Spring Grove was finished in 1996. There are three blocks at the Spring Grove, each block are 20 storey’s tall. The three 20 storey’s blocks has 325 units in total. A joint sale of Spring Grove units was launched by the owners of in July 2014. Knight Frank worked as the marketing agency for the owners of the condo. The asking price for the Spring Grove was $1.39 billion. The leasehold of Spring Grove was being increased by 4 more years. Thus the asking price included money to be paid to the US government.
For the extra 4 years leasehold, the US government was receiving $245 million, which was included in the asking price of $1.39 billion. Based on the asking price, the land at Spring Grove would cost $2,512 psf per plot. The Spring Grove covered of 553,377 sq ft land. In September, 2014, tender closed down. According to Knight Frank, no one showed interest to acquire Spring Grove. The best place that will really catch ones interest is the Sundance Suite @Duku Place, its architectural designs are stunning and classy.
When the collective sale was launched in 2014, none of the units were sold. The very next year, some Spring Grove units were taken to the resale market by the owners. The resale prices of the units were from low to medium price. The four-bedroom unit of 1,787 sq ft floor area was priced $1,346 psf, and two-bedroom unit of 1,012 sq ft floor area was priced at $1,680 psf. These units were on the separate blocks, but on the same 15th floor. Based on the caveats lodged between April and December, these units were sold in 2015.
After the successful selling of Spring Grove units in 2015, few more units were put on the resale market in 2016. Total of five units were resold. URA Realis acquired all the five units. All five units were two bedroom units with the floor area of 1,012 sq ft. The least resale price was for the unit on the 10 floor and the highest was for the unit on 18th floor. The least resale price was $1.38 million and the highest was $1.53 million. The lowest price was $1,364 psf and the highest was $1,510 psf.
Another Spring Grove unit of two-bedroom and 1,012 sq ft floor area has also been listed for sale. This unit is listed on EdgeProperty.com and has a price tag of $1.39 million. Based on the asking price the unit will cost $1,374 psf. PropNex Realty is marketing this unit.
According to the agent for PropNex Realty, Pearl Wong, the owner wants to sell the unit because he is looking for better option in the property market. This unit gets $3,500 as rents every month, giving a gross income of 3.8%. The rental, which is usually between $3000 and $4400 per month, fees matches the market rental price.
Recent Transactions at Spring Grove
| Contract Date | Area Sq. Ft. | Price ($ millions) | Price ($ Sq. Ft.) |
| Dec. 16, 2016 | 1012 | 1.400 | 1384 |
| Nov. 20, 2016 | 1012 | 1.528 | 1510 |
| Nov. 14, 2016 | 1012 | 1.380 | 1364 |
| Oct. 18, 2016 | 1012 | 1.470 | 1453 |
| Sep. 21, 2016 | 1012 | 1.380 | 1364 |
Recent Rental Contracts for 1000 to 1100 sq. ft. Spring Grove units
| Lease date | Monthly Rent | |
| $ | PSF | |
| December 2016 | 3000 | 2.9 |
| December 2016 | 3600 | 3.4 |
| November 2016 | 3900 | 3.7 |
| November 2016 | 4400 | 4.2 |
| November 2016 | 4400 | 3.8 |
| October 2016 | 3550 | 3.2 |
| October 2016 | 3400 | 3.2 |
