COMMERCIAL PROPERTY | Staff Reporter, Singapore

CDL's Gramercy Park records healthy take-up

It sold 55% of its Phase 2 units launched on 30 March.

City Developments Limited's 174-unit luxury freehold residential development Gramercy Park along Grange Road achieved positive sales following the launch of its South Tower.

According to the group, the project's 87-unit North Tower in Phase 1 has already sold 80% of its units. Its South Tower, which was soft-launched on 30 March, sold 55% of the available units.

For Phase 1, the units in North Tower were sold at an average of over $2,600 psf. All 2-bedroom plus study units were sold and 3- and 4-bedroom units received great response from buyers. A 5,533 sq ft 5-bedroom Penthouse was sold for $16.88m.

For Phase 2, the units in South Tower are priced at an average of about $2,800 psf. Early bird prices start from $3.4m for a 2-bedroom plus study, $5.1m for a 3-bedroom, and $6.8m for a 4-bedroom type.

CDL Group general manager Chia Ngiang Hong said there is pent-up demand for compelling investment opportunities. With prices of high-end properties showing signs of bottoming out, there has been an increase in buying interest for luxury developments.

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