Strong sales have been recorded at the first two private condo launches this year. Image source: CEL Development
Grandeur Park Residences in Tanah Merah sold 58 percent, or 420 of its 720 units at an average price of $1,350 psf during its first weekend launch, reported the Straits Times.
Located near Tanah Merah MRT station, the condominium comprises one- to five-bedroom units, with prices starting from $550,000 for a one-bedroom unit and $700,000 for a two-bedroom unit.
In a statement, its developer CEL Development, a subsidiary of Chip Eng Seng Corporation, revealed that the sales performance is within expectations.
Most buyers were drawn to the project’s location, citing the potential pool of tenants from Changi Business Park and its proximity to various amenities.
“I hope the rental situation and prices will pick up in the coming years but no one can tell where the market is going – you need to try your luck,” said Wong Koh Hoi. The 58-year old Managing Director purchased a 560 sq ft two-bedroom unit for around $821,000.
Grandeur Park Residences offers a wellness theme and includes a partnership with Amore Fitness to offer spa facilities and fitness classes.
It is the second private condominium to be launched this year after The Clement Canopy in Clementi sold close to 200 units during its first weekend launch last month.
But while Grandeur Park Residences’ sales performance was better than expected, analysts said this does not signal an improvement in the property market.
“I would be cautious because a lot of the sales are driven by the take-up of smaller units, which have lower overall quantum,” noted Ku Swee Yong, Key Executive Officer at International Property Advisor.
Meanwhile, home buyers will be spoilt for choice with the upcoming launch of two new projects – the 429-unit Park Place Residences at Paya Lebar Quarter, which is set to launch on 31 March, followed by the 843-unit Seaside Residences in April.