Comparison of Gramercy Park to other developments

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A 1,884 sq ft unit on the 4th storey of Gramercy Park was sold for $4.71m ($2,499 per square foot), following a proviso held up on May 14. This is the second unit sold at the development. Furthermore, a 1,981 sq ft unit on the sixteenth floor brought $5.33m ($2,689 per square foot), in view of a proviso stopped on May 9.

Gramercy Park is a 174-unit freehold premium development on Grange Road. It is created by City Developments (CDL) and booked to get its Temporary Occupation Permit (TOP) in the second quarter of 2016. Under the guidelines of the Qualifying Certificate, CDL has an additional two years to offer every one of the units before paying further charges arising from extension.

JLL and Savills have conveyed the venture to Jakarta and Surabaya in Indonesia, while Singapore Christie’s International Real Estate had showcased it in Hong Kong in May.

Gramercy Park has gotten unmistakable admiration from foreign purchasers taking after the abroad roadshows in China (Shenzhen), Hong Kong and Indonesia (Jakarta and Surabaya), as indicated by a CDL representative. Three units measured from 1,250 to 1,980 sq ft were sold at nett costs amongst $2,500 and $2,700 psf. “These alluring selling prices are offered before the official dispatch and have included extra costs, for example, the extra purchaser’s stamp obligation.” The PR representative included in his reply that more units are likely to be sold off. This is likely to be attributed to the pending exchanges of deposits and the distribution of options. More information about the property can be found at the Gramercy Park Official Site.

The apartment suite has a blend of two-to four-room units with sizes going from 1,184 to 3,122 sq ft. There are additionally five-room penthouses with sizes of 5,534 to 7,287 sq ft. Thus far, costs are said to be in the scope of $2,600 per square foot. This implies the beginning cost of a 2-room apartment is about $3m.

A 3,757 square foot unit on the seventeenth floor was sold for $8.35 million ($2,223 psf) at St Regis Residences, as per an agreement held up on May 12. The unit last was sold for $8.74 million ($2,328 psf) in June ’06. Subsequently, the dealer suffered a loss $393,950 (4.5%) in the wake of holding the property for approximately 10 years. St Regis Residences, a 999-year leasehold property situated behind St Regis Hotel on Tanglin Road is a 173-unit townhouse was mutually created by Hong Leong Holdings, CDL and TID (a joint wander between Hong Leong and Mitsui Fudosan).

In the meantime, Wheelock Properties sold 5 units at Ardmore Park. The units are situated on the eleventh to twenty-first stories of Ardmore Three and estimated from 1,744 to 1,787 sq ft. They were sold at costs running from $5.32m ($3,048 per square foot) to $6.08m ($3,422 per square foot), in light of provisos held up on May 12 and 13. The designer is said to offer a 15% markdown and an ABSD help bundle, prompting to a pickup in interest.

Also, the 99-year leasehold OUE Twin Peaks additionally observed energetic deals got from offering delayed installment plans to purchasers. Of the 11 provisos held up from May 10 to 17, nine units estimated at 549 sq ft were sold at a normal cost of $2,606 per square foot.