Five units at City Development’s Gramercy Park were sold, according to caveats lodged for the week of July 5 to 12. This brings the total sales tally in the project over the past two months to 24. According to the developer, the total number of units sold is 30 to date.

More than half the buyers of units at Gramercy Park are believed to be Singaporeans. “The units are well priced at an average of $2,600 psf given its prime location on Grange Road and its freehold tenure,” says Dominic Lee, branch district director of PropNex, one of the marketing agents marketing the property.

The five caveats lodged were for a mix of units from the eighth floor to 20th floor of one of the 22-storey twin towers in the development. The largest unit sold in the week of July 5 to 12 was a 2,121 sq ft, three-bedroom unit on the eighth floor that fetched $5.17 million ($2,438 psf). Another three units were identical 1,270 sq ft apartments with two bedrooms and a study. These were located on the 12th, 17th and 19th floors, and fetched prices ranging from $3.47 million ($2,733 psf) to $3.62 million ($2,854 psf). The last unit sold was a 1,281 sq ft, two-bedroom-plus-study unit on the 20th floor that was sold for $3.67 million ($2,869 psf).

About 30 units at the 174-unit Gramercy Park are said to have been sold to date

Developed by City Developments Ltd (CDL), the 174-unit Gramercy Park was designed by New York-based architectural firm NBBJ, the same company that designed The Sail @ Marina Bay. Gramercy Park is scheduled to receive its Temporary Occupation Permit sometime in 3Q2016.

Under the conditions of the Qualifying Certificate, the developer has another two years to sell all the units to avoid paying extension charges.

This article appeared in the The Edge Property pullout of Issue 738 (July 25, 2016) of The Edge Singapore.