Spike in sales at Gramercy Park in April

Sales of luxury condominiums in the prime districts have been picking up steadily. This was evident in April. Gramercy Park was one of the projects that attracted keen interest among buyers in the past month. The freehold 174-unit twin-tower condo on Grange Road was developed by City Developments (CDL) and completed in 2016. The 15-storey towers contain 87 units each and are named North and South Towers.

The sizes of units at Gramercy Park range from 1,184 sq ft for a two-bedder to 7,287 sq ft for a five-bedroom penthouse. It was designed by NBBJ of New York, the architect behind CDL’s other landmark development, the 1,111-unit The Sail @ Marina Bay.

For all of April and early May, there were 15 caveats lodged for units sold in the North Tower (Phase 1) of Gramercy Park. Transaction prices ranged from S$3.4 million (S$2,872 psf) for a 1,184 sq ft, two-bedroom unit on the fourth floor of the tower to S$7.95 million (S$2,978 psf) for a 2,669 sq ft, four-bedroom unit on the first level, according to caveats lodged.

According to CDL, 74 units (85%) of the North Tower had been sold as at May 8. All two-bedroom-plus-study units in the North Tower have been sold, while the take-up rate for three- and four-bedroom units has been good, says the developer.

Riding on the positive sales momentum for Gramercy Park’s North Tower (Phase 1), the South Tower (Phase 2) was soft launched at the end of March. Of the 20 units released at the South Tower, 16 units had been sold as at May 8. Average sale prices have risen from more than S$2,600 psf in Phase 1 to more than S$2,800 psf in Phase 2.

Early bird prices for the South Tower (Phase 2) start from S$3.4 million for a two-bedroom-plus-study unit; S$5.1 million for a three-bedroom unit; and S$6.8 million for a four-bedroom unit.

About 24% of the buyers at Gramercy Park are said to be Singaporeans, with the remainder being a mix of permanent residents and foreigners, according to CDL.

“Gramercy Park is attractive to buyers, owing to its prime location on Grange Road,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. “There has not been a new launch of a luxury condo project along Grange Road in more than five years.”

Tomlinson Heights is another luxury condo development that saw a pickup in transactions last month. The boutique condo is a single 36-storey tower with just 70 units. Completed in 2014, the freehold condo comprises 2,745 sq ft, three-bedroom units and 4,047 sq ft, five-bedroom units. Tomlinson Heights is adjacent to a bigger luxury condo: the 202-unit Four Seasons Park Residences, which was completed in 1994. Both projects were developed by Hotel Properties.

Of the five units at Tomlinson Heights that were sold last month, two were five-bedroom units: One was on the 14th floor and sold for $10.75 million ($2,656 psf); the other was on the 34th floor and sold for $11.15 million ($2,755 psf). The remaining three were three-bedroom units, located on the 27th, 29th and 31st floors. Each was sold for $7.5 million ($2,752 psf).  

This brings total sales in the development so far this year to about 75%.

Prior to the recent spate of transactions, the latest ones at Tomlinson Heights took place in December. Both were 4,047 sq ft, five-bedroom units: The one on the eighth floor fetched S$11.1 million (S$2,743 psf); the one on the 30th floor was sold for S$12.2 million (S$3,014 psf).

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on May 15, 2017.

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