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CDL has sold 81 units at Gramercy Park

By Michael Lim

/ The Edge Property |

April 12, 2017 4:00 PM SGT

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City Developments has sold 75%, or 81, of the 107 units that it has launched for sale at its freehold Gramercy Park residential development located on Grange Road.

Of the 81 units sold, 70 are in the North Tower, which was launched for sale under Phase 1 in May 2016 at an average price of more than $2,600 psf. CDL says all two-bedroom + study units have been sold, while the take-up rate for three- and four-bedroom units has been good. One of the units sold was the second-largest penthouse in the North Tower. The 5,533-sq ft, five-bedroom property was sold to a foreigner in March this year for $16.88 million ($3,050 psf). The largest penthouse is a 7,287 sq ft, five-bedroom unit and it is going for $23 million.

The other 11 units sold are part of the 20 units in the South Tower that CDL released for sale under Phase 2 on March 30. CDL says it has increased the average selling price from over $2,600 psf to about $2,800 psf for the Phase 2 launch. CDL has also offered early-bird prices, which start from $3.4 million for a two-bedroom + study unit, $5.1 million for a three-bedroom unit and $6.8 million for a four-bedroom unit.

Both North and South Towers are identical and have a total of 87 units each.

According to CDL, 24% of the buyers are Singaporeans, with the remainder comprising Singapore permanent residents and foreigners from China, Hong Kong, Taiwan, Malaysia, Indonesia, India, the US, the UK and France.

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