CityDev sells 81 out of 174 units at Gramercy Park

[reporter2]

Healthy Gramercy Park sales boost CDL shares

Apr 12, 2017

Wong Siew Ying


City Developments (CDL) shares surged yesterday on news that its freehold luxury project Gramercy Park in Grange Road has seen robust sales.

The counter climbed to as much as $10.48 in the morning before closing 20 cents higher at $10.47.

Trading volume was also robust, spiking to 1.68 million shares, up from 658,800 on Monday.

The stellar showing followed the developer's announcement that its 174-unit high-end Gramercy Park condo development near Orchard Road has sold 81 units across the two 24-storey residential towers.

In phase one, CDL sold 70 out of the 87 units - or 80 per cent - of the apartments launched in the North Tower.

A further 11 were moved in phase two, when 20 apartments were released in the South Tower last month.

CDL said Singapore permanent residents and foreigners - from China, Indonesia, Taiwan, Hong Kong, Malaysia, the United States, France, Britain and India - accounted for 76 per cent of the buyers. Singaporeans made up the remaining 24 per cent.

"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," said group general manager Chia Ngiang Hong.

CDL said the average price was higher for the South Tower at $2,800 psf, up from the $2,600 psf achieved for the North Tower, which was launched in May 2016.

It is offering "early bird prices" for the South Tower, starting from $3.4 million for a two-bedroom plus study, $5.1 million for a three-bedder and $6.8 million for a four-bedroom apartment.

CDL noted that all two-bedder plus study units in the North Tower were sold, with good take-up seen for the three- and four-bedroom apartments. Sales included a 5,533 sq ft five-bedroom penthouse which was transacted at $16.88 million or $3,050 psf.

Gramercy Park obtained its Temporary Occupation Permit (TOP) on May 23 last year.

Qualifying Certificate rules mean CDL must sell all units at Gramercy Park within two years of obtaining the TOP - that is by May 23 next year. If it fails, the firm would have to pay extension charges related to the number of unsold units.

The rules apply to foreign developers, including Singapore builders listed here but with overseas shareholders.

[reporter2]

CityDev sells 81 out of 174 units at Gramercy Park

Wednesday, April 12, 2017

by Claudia Chong
[email protected]


CITY Developments Ltd (CDL) said on Tuesday that it has sold 81 units of its Gramercy Park freehold condominium project - almost half of the 174 units available.

The average pricing of units in Phase 2 of sales, soft launched about two weeks ago, has risen to about S$2,800 per square foot, up from over S$2,600 psf in Phase 1.

Seventy of the units were picked up by buyers during the first phase of sales, launched in May last year.

All two-bedroom units launched in Phase 1 were sold; a five-bedroom penthouse (5,533 sq ft) sold for S$16.88 million. In total, 87 units were launched.

Meanwhile, buyers have snapped up 11 out of 20 units launched in Phase 2 of sales.

Buyers comprised owner-occupiers and investors. Seventy-six per cent of buyers were Singapore permanent residents and foreigners from China, Indonesia, Taiwan, Hong Kong, Malaysia, the US, France, the UK and India. Singaporeans accounted for 24 per cent of buyers.

Gramercy Park in Grange Road received its temporary occupation permit (TOP) on May 23 last year.

Said Chia Ngiang Hong, CDL general manager: "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. For certain premium upmarket projects like Gramercy Park, we have even seen a pick-up in pricing.

"In the current market and land-scarce Singapore, Gramercy Park stands out as a rare, high-end freehold property with spacious apartments in the premium District 10. We are confident the project's great value and exceptional attributes will continue to attract savvy buyers."

CDL's trading counter closed at S$10.47 on Tuesday, up S$0.20.