Grandeur Park Residences a condominium by CEL development which is a subsidiary of Chip Eng Seng will be previewing on February 18. The 720 unit with leasehold of 99 years has its location near Tanah Merah MRT at Bedok South Avenue 3 and New Upper Changi Road junction.
According to Raymond Chia, the executive chairman and group CEO Chip Eng Seng, the units will be sold at a medium price of $1,350 psf.
“The area has little competition since majority of the projects are complete and either are fully or substantially sold. No new competition is expected soon, said Chia.
According to URA, next to Grandeur Park Residences is a future residential development site although it is not in the GLS program of first half 2017.
Nearby is The Glades which a 726 unit project by China Vanke and Keppel Land that was launched in September 2013. The condo on a 99-year lease sold 15 units at an average price of $1,424 psf in January. According to URA data, 628 units or 86.5% of the units had been sold by the end of January.
Urban Vista is a 582-unit development jointly done by World Class Land and Fragrance Group located nearby. It was completed in 2016 and is fully sold at a medium price of $1,481psf.
Another project near Grandeur Park Residences is the 748 unit eCO, a condo jointly developed by Frasers Centrepoint, Far East Organization and Sekisui House. It was completed late 2016 and all units except 1 was remaining by end of January.
The developer’s last launch is High Park Residences, a 1,390 unit in Sengkang whose launch was in July 2015 where 79% or 1,100 units were sold. By the close of January, 99% had been sold.
Grandeur Park Residences has 55% or 394 of the units as 1 and 2 bedrooms units measuring between 420 and 667 square foot. Three bedroom units are 24% while the rest are 4 and 5 bedroom units and penthouses.
The project is likely to spur investor interest given its closeness to Tanah Merah MRT. It is also comparable with High Park Residences with its high number of compact apartments.
Chip Eng Seng has plans to expand overseas. It has been in the Australian property market since 2002 when it purchased a commercial building and a development project in Adelaide.
“It is also surveying other opportunities in Sydney, Adelaide and Perth. The group also plans to venture in Maldives, Singapore and Vietnam. Other markets include New Zealand, China, Malaysia and Indonesia,” said Ng CEL Development executive director.
Chip Eng Seng has also ventured in the hospitality industry. In October 2016, it jointly purchased Grand Park Kodhipparu with Park Hotel Group in Maldives. Its first entry into the development of hotels was in 2011 when CEL development won the tender of a hotel site at the junction of Alexandra Road and Jalan Bukit Merah in a joint venture with Park Hotel Group where Park Hotel Alexandra, a 442 room hotel was opened in 2015. Another hotel it jointly acquired with Park Hotel Group is Maldives resort.
“With an occupancy rate of above 80%, Park Hotel Alexandra has generated for the group a healthy cash flow,” said Chia.
CEL Development also has mixed use projects under its wings. These include Alexandra Central, a 3 storey retail section with 115 strata retail units that is located next to the hotel and part of Park Hotel Alexandra development.
Another mixed-use development is Junction nine, a development on a 99-year lease featuring a 2 storey retail podium as well as Nine Residences that comprise of twin residential towers with 11 storeys each and 6 townhouses that have condo facilities.
While Chip Eng Seng had it listing on Singapore Exchange in 1999, with Lim and the family members still having a 74.89% stake, the family has does not intend to privatize.
Of its few projects with available units is The Fulcrum. The 128 unit development on Fort Road had its completion in January 2016 and approximately half of its units have been sold.
After Grandeur Park Residences, the developer does not have other projects and is, therefore, seeking for both collective sales and GLS tenders.