Gramercy Park sees units sold from $2,499 psf
By Tan Chee Yuen
/ The Edge Property |
A 1,884 sq ft unit on the fourth floor of Gramercy Park was sold for $4.71 million ($2,499 psf), according to a caveat lodged on May 14. This is the second unit sold at the condominium. Previously, a 1,981 sq ft unit on the 16th floor fetched $5.33 million ($2,689 psf), based on a caveat lodged on May 9.
Gramercy Park is a 174-unit freehold luxury development on Grange Road. It is developed by City Developments (CDL) and scheduled to obtain its Temporary Occupation Permit in 2Q2016. Under the conditions of the Qualifying Certificate, the developer has another two years to sell all the units to avoid paying extension charges.
Based on caveats lodged, two units at Gramercy Park were sold at prices of $2,499 psf and $2,689 psf at overseas roadshows
JLL and Savills have brought the project to Jakarta and Surabaya in Indonesia, while Singapore Christie’s International Real Estate has showcased it in Hong Kong in the first weekend of May.
Gramercy Park has received keen interest from overseas buyers following the overseas roadshows in China (Shenzhen), Hong Kong and Indonesia (Jakarta and Surabaya), according to a CDL spokesperson. Three units sized from 1,250 to 1,980 sq ft were sold at nett prices between $2,500 and $2,700 psf. “These attractive nett prices are offered before the official launch and have factored in considerations such as the additional buyer’s stamp duty (ABSD).” More units are likely to be sold, pending telegraphic transfers of deposits and the issuance of options, the spokesperson adds in an emailed response.
The condo has a mix of two- to four-bedroom units with sizes ranging from 1,184 to 3,122 sq ft. There are also five-bedroom penthouses with sizes of 5,534 to 7,287 sq ft. Indicative prices are said to be in the range of $2,600 psf. This means the starting price of a two-bedroom unit is about $3 million.
At St Regis Residences, a 3,757 sq ft unit on the 17th floor was sold for $8.35 million ($2,223 psf), according to a caveat lodged on May 12. The unit last changed hands for $8.74 million ($2,328 psf) in June 2006. Hence, the seller realised a loss of $393,950 (4.5%) after holding the property for almost 10 years. St Regis Residences is a 999-year leasehold development located behind St Regis Hotel on Tanglin Road. The 173-unit condo was jointly developed by Hong Leong Holdings, CDL and TID (a joint venture between Hong Leong and Mitsui Fudosan).
Meanwhile, Wheelock Properties offloaded five units at Ardmore Park. The units are located on the 11th to 21st floors of Ardmore Three and sized from 1,744 to 1,787 sq ft. They were sold at prices ranging from $5.32 million ($3,048 psf) to $6.08 million ($3,422 psf), based on caveats lodged on May 12 and 13. The developer is said to be offering a 15% discount and an ABSD assistance package, leading to a pickup in activity.
Similarly, the 99-year leasehold OUE Twin Peaks also saw brisk sales derived from offering alternative deferred payment schemes to buyers. Of the 11 caveats lodged from May 10 to 17, nine units sized at 549 sq ft were sold at an average price of $2,606 psf.
This article appeared in the City & Country, Issue 730 (May 30, 2016) of The Edge Singapore.
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