SINGAPORE (EDGEPROP) - Despite being fully sold, the 174-unit, freehold condo Gramercy Park remains a much sought-after address. Located along Grange Road, the high-end project was developed by listed property giant City Developments (CDL) and completed in 2016. Gramercy Park was designed by the late Peter Pran of New York-based NBBJ Architects. Pran, who passed away in 2017, also designed The Sail @ Marina Bay.
The main draw for most homebuyers of Gramercy Park is its address in prime District 10, which is close to Orchard Road.
The freehold tenure, size of the land (close to 170,000 sq ft) and the landscaping along with the clubhouse, concierge service and other facilities also attracted buyers, says PropNex Realty’s associate division director Kelvin Chng.
As the project is fully sold, one can only purchase units in the resale market. The most coveted units at Gramercy Park are the four-bedroom units owing to the layout and sizes, which range from 2,562 to 2,702 sq ft, with two units on the first level of 3,132 sq ft owing to the larger private enclosed space.
Up for sale now is a 2,702 sq ft, four-bedroom apartment situated on the fifth level of the North Tower. There are two residential towers at Gramercy Park – a North and South Tower, both standing at 24-storeys. Besides the four-bedroom units, other typical units at Gramercy Park are a mix of two- and three-bedroom apartments with sizes from 1,184 to 2,207 sq ft.
“It’s probably the only four-bedroom unit at Gramercy Park that’s on the market right now,” says Chng, who is marketing the apartment. “Such big four-bedroom units are sought after, especially since many buyers are looking to purchase for their own use.”
The current owner is a Singaporean businessman and his family. Having purchased the apartment at the launch in 2016, the owner then engaged interior design firm SuMisura to add the finishing touches to the unit, which amounted to $400,000. These include adding ceiling cornices, dressing up the bay windows and creating additional storage space. The furniture is predominantly from top-end Italian brand Minotti.
The owner moved into the condominium just 1½ years ago, according to Chng. However, due to lifestyle changes, the owner has decided to upgrade to a detached house instead. “The unit has been well maintained and is still very new,” he adds.
Foreign buyers – especially mainland Chinese and those from Hong Kong – continue to be drawn to Gramercy Park, observes Chng. “What attracts them is the efficient layout of the four-bedroom units – the large dining and living area, sizeable bedrooms and high-end finishes,” he says.
All the units have been fitted with top-end sanitaryware and bathroom fittings as well as kitchen appliances from German home appliances brand Gaggenau.
The highest absolute prices achieved in the development were for the triplex penthouses. There are only two such triplexes – one in each tower – and they span 7,827 sq ft. They were sold for $21.86 million ($3,000 psf) and $24.5 million ($3,362 psf) in August 2017 and February 2018 respectively. There is also a five-bedroom duplex penthouse of 5,533 sq ft that went for $17 million ($3,073 psf) in 2017.
The highest psf price achieved at Gramercy Park to date was for a 1,292 sq ft, two-bedroom-plus-study unit on the 21st level. That fetched close to $4.55 million ($3,520 psf) in May 2018.
The latest transaction at the condo was, however, for a 2,185 sq ft, three-bedroom unit on the 18th level. That changed hands for $6.88 million ($3,149 psf) in August last year, according to a caveat lodged with URA Realis. The apartment was purchased by the previous owner for $5.78 million ($2,645 psf) in July 2016 when the condo was first launched. The seller reaped about $1.1 million from the sale.
Meanwhile, the four-bedroom unit that PropNex’s Chng is now marketing has a price tag of $8.5 million ($3,146 psf). He says this is in line with the prevailing market price. What’s more, it’s the only apartment there where the living room has a direct view of the mature trees along Grange Road which also provide a measure of privacy. “That was one of the reasons the owner had purchased this unit – the view of the trees – out of the many units that he had seen in the North Tower,”adds Chng.
Chinese nationals have been the biggest buyers of luxury condos in the prime districts in recent years and property consultants say the trend started with Gramercy Park. The recent outbreak of the novel coronavirus which was first reported in Wuhan, China, has led to the imposition of travel restrictions.
While the restrictions are likely to impact foreign demand, Chng says interest in the luxury condo market continue to be driven by the mainland Chinese and those from Hong Kong who are already here, or who have already moved their funds to Singapore. Some have family members or friends who are residing in Singapore, he adds.
“Demand from these quarters continue to be strong, based on recent viewings,” notes Chng.
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