Mortgagee sale of four-bedder at Gramercy Park for $8.68 mil

By Valerie Kor
/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - At Gramercy Park, a 2,680 sq ft, four-bedroom unit on the 14th floor of one of the twin 24-storey towers is now on the market. A mortgagee sale, the unit will be put up for auction by Edmund Tie on Nov 18. The guide price for the unit is $8.68 million ($3,239 psf).
Developed by Singapore-listed property giant, City Developments Ltd, the 174-unit, freehold luxury condo on Grange Road is a redevelopment of the former Lucky Tower. It comprises two curvilinear towers of 87 units each. The North Tower debuted in March 2016 after the freehold project obtained Temporary Occupation Permit (TOP), while the South Tower was launched a year later. The project is fully sold to date.
Gramercy Park has attracted both investors and owner-occupiers. As at April 2017, Singaporeans were said to make up 24% of the buyers, while Singapore permanent residents and foreigners from China, Indonesia, Taiwan, Hong Kong, Malaysia, US, France, UK and India were said to account for the rest.
Among the one to four-bedroom units at Gramercy Park, the four-bedders are particularly sought-after given their layout and sizes, which range from 2,562 to 2,702 sq ft. The units come with a private lift, wet and dry kitchen fully fitted with top-end Gaggenau appliances, a utility room and a yard. Three of the four-bedroom units are en suite. Typical of luxury condos, the living room and bathrooms are full marble, while the bedrooms have timber flooring.
Gramercy Park resort style facilities  - EDGEPROP SINGAPORE
Gramercy Park has resort-style facilities, including a 50m lap pool, four other leisure pools, a gym and tennis court (Photo: Samuel Isaac Chua/The Edge Singapore)
Based on caveats lodged, the latest transactions at Gramercy Park were in February this year: a 2,702 sq ft, four-bedroom unit on the fifth level that changed hands for $7.73 million ($2,859 psf); and two units on the 12th level — a three-bedroom unit of 2,207 sq ft, and a 2,691 sq ft, four-bedroom unit — that were sold for $7.28 million ($3,301 psf) and $8.88 million ($3,300 psf) respectively.
Another major attraction of Gramercy Park is its location on Grange Road in prime District 10. It is a few minutes’ drive to the Orchard Road shopping belt and a eight-minute drive to the CBD. The project is also near medical centres, including Camden Medical Centre, Gleneagles Hospital and Medical Centre, as well as Mount Elizabeth Medical Centre and Hospital.
Gramercy Park is also located near the upcoming Orchard Boulevard MRT Station on the Thomson-East Coast Line, which is just one stop from the Orchard MRT Interchange Station.
Recent transactions  - EDGEPROP SINGAPORE
Buyers like the fact that the project sits on an expansive land area of close to 170,000 sq ft, according to property agents. Condominium facilities include 24-hour concierge service, a 50m lap pool, gym featuring the latest equipment, and tennis court. The project was designed by renowned New York-based architectural firm, NBBJ, which was also the architect for The Sail@Marina Bay. It also won the Project Excellence Award at EdgeProp Excellence Awards 2017.
Given the unit size and the location, the four-bedroom unit on the market is likely to appeal to both owner-occupiers and investors. “There’s a market for resale units at Gramercy Park, particularly the four-bedroom units, which are sought-after by foreigners, especially the Chinese, because they have friends or associates who have also purchased units in the development,” says Dominic Lee, head of luxury team at PropNex, who brokered the sale of many of the units at Gramercy Park when the project was first launched.
Recent transactions  - EDGEPROP SINGAPORE

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