Gramercy Park mostly bought by non-Singaporeans at an average of $2,600 to $2,800 psf

Property developer City Developments Limited (CDL) has sold 81 of the 174 available units (47 percent) at its Gramercy Park condominium...

Around 76 percent of sales at the freehold project in Grange Road were to non-Singaporeans, with average prices up from over $2,600 psf to about $2,800 psf. (Photo: Christopher Chitty)

Property developer City Developments Limited (CDL) has sold 81 of the 174 available units (47 percent) at its Gramercy Park condominium along Grange Road in District 10.

Singapore Permanent Residents and foreigners make up 76 percent of the buyers at the project, while Singaporeans account for just 24 percent.

The luxury freehold condo sits on an approximately 170,000 sq ft site and was completed in May 2016.

It comprises two curvilinear towers of two- to five-bedroom units. Apartment sizes range from 1,184 sq ft for a two-bedder + study to 7,287 sq ft for a five-bedroom penthouse.

To date, its 87-unit North Tower launched last year has sold 70 units. CDL revealed that all the two-bedroom + study units in the block were sold and there was a good take-up of three- and four-bedders. A 5,533 sq ft five-bedroom penthouse also found a buyer for $16.88 million, which works out to about $3,050 psf.

Meanwhile the South Tower, which also contains 87 units, was soft launched on 30 March with viewings by appointment only. So far, 11 of the 20 units released under phase two have been sold. Early bird prices start from $3.4 million for a two-bedroom + study, $5.1 million for a three-bedder and $6.8 million for a four-bedroom type.

According to CDL, average prices are up to about $2,800 psf from over $2,600 psf previously.

Chia Ngiang Hong, CDL Group General Manager, said: “With prices of high-end properties showing signs of bottoming out, there has been an increase in buying interest for luxury developments. For certain premium upmarket projects like Gramercy Park, we have even seen a pick-up in pricing.”

Gramercy Park is located close to shopping malls in Orchard Road, two hospitals and established schools.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg