Caveats lodged show that two Gramercy Park units were sold at different prices. The 1,884 square foot unit located on the fourth floor was sold at $2,499 psf ($4.71m) based on May 14 caveat. A May 9 caveat showed that a unit in 16th floor was sold at $2,689 psf ($5.33m)
Gramercy Park is freehold luxury condominium on Grange Road with 174 units and developed by City Developments (CDL). It will receive its TOP (Temporary Occupation Permit) in the second quarter of 2016. Based on Qualifying Certificate conditions, the developer needs to sell all the units in two years to avoid payment of extension charges.
CDL spokesperson said that the development has received interest from buyers overseas due to overseas road shows in Indonesia, Hong Kong and China. Three units of sizes ranging from 1250 to 1980 square feet sold at prices between $2500 and 2700 per square feet.
The condo features 2 to 4 bedroom units of between 1,184 to 3,122 square feet. It also has 5 bedroom penthouses of between 5,534 to 7,287 sq ft. indicative prices are ranging at $2,600 psf; which puts the starting price of a 2 bedroom unit at $3m.
A May 12 caveat showed that St Regis Residences had a 17th floor, 3,757 sq ft unit sold at $8.35m ($2,223 psf). The unit had changed hands in June 2006 at $8.74m, which means the seller recorded a loss of $393,950. The 173-unit development by TID, CDL and Hong Leong Holdings has a leasehold of 999 years and it’s located on Tanglin Road behind St Regis Hotel.
In addition, Wheelock Properties, Ardmore Three, sold five units of between 1,744 to 1,787 sq ft at prices between $5.32m ($ 3,048 psf) to $ 6.08m ($3,422) according to May 12 and May 13 caveats. The rise in the activity could be due to 15% discount and ABSD package that developer is offering.
OUE Twin Peaks also recorded sales based on the May 10 to May 17 caveats lodged. Out of the caveats, 9 units of 549 sq ft sold at $2,606 psf average price. The 99-year leasehold development offered buyers alternative deferred payment schemes, which could have increased the sales.