Here's why CDL's Gramercy Park is selling like hotcakes

36 out of 40 units released were sold-to-date.

Gramercy Park, a high-end project located along Grange Road in the prime residential area near Orchard Road, will be a test of market appetite for luxury condominiums of larger size and absolute price tags, says MayBank KimEng.

At a visit to Gramercy Park, Management told MayBank KimEng that that it has sold 36 out of the 40 units released for sale in the North Tower at around SGD2,600 psf.

Buyers have the option of buying a bare-shell unit or a fully-fitted one for about SGD150 psf more.

The research firm opines that the pricing for this freehold project is fairly competitive against other launches this year, such as Cairnhill Nine and OUE Twin Peaks, which have land leases of 99 years.

"Strong sales momentum for these two projects has been seen as positive for Singapore’s prime residential market. However, we note that the majority of the units sold at Cairnhill Nine and OUE Twin Peaks were below 100sm in size and priced below SGD2m," it said in a report.

With larger units and bigger absolute price tags, MayBank KimEng believe sales velocity at Gramercy Park is unlikely to be as fast.

Management shared that roughly half of all units sold were bought by locals, while the other half by foreigners. Chinese and Indonesian buyers made up the majority of foreign demand.