Penthouse at Gramercy Park in Singapore sold for S$17 mil

A freehold, 5,533 sq ft penthouse at Gramercy Park in prime District 10 fetched the highest sale price of S$17 million (RM53 million), or S$3,073 psf, for the period between July 4 and 11, according to a caveat lodged with URA on July 10.

Located in the South Tower, the property is one of four penthouses in the 170,000 sq ft Gramercy Park, and the second penthouse in the development sold so far. Not surprisingly, the penthouse, which was purchased by a foreigner, is also the highest priced unit sold at the development to date.

Another similar-sized penthouse at Gramercy Park was sold when the first phase, the North Tower, was launched in May last year. The transacted price was said to be S$16.88 million (S$3,050 psf). The buyer is also believed to be a foreigner.

The 174-unit freehold luxury condominium was developed by listed property giant City Developments (CDL) and comprises two towers with 87 units each. The project obtained its Temporary Occupation Permit last year.

Units in Phase 1 (North Tower) were sold at an average of S$2,600 psf, and so far 86% of the units have been snapped up. All the two-bedroom-plus-study units have been sold. Phase 2 of Gramercy Park, which saw the release of units in the South Tower, was soft launched on March 30, at a higher average price of S$2,800 psf. So far, 47% of the units in the South Tower have been sold.

The latest non-penthouse sale at the South Tower of Gramercy Park was for a 1,948 sq ft, three-bedroom unit on the fifth floor that fetched S$5.3 million, or S$2,724 psf, according to a caveat lodged on July 6.

According to CDL, about 25% of the buyers at Gramercy Park are Singaporeans, while the remainder are a mix of Singapore permanent residents and foreigners, predominantly from China, Indonesia and the US.

“There’s been a strong rebound in interest in properties in the Core Central Region [CCR],” says Ismail Gafoor, CEO of PropNex Realty. “In June alone, our salespersons transacted numerous deals above S$5 million for units at
Ardmore Three, Gramercy Park and Parkview Eclat.”

Gafoor attributes the increase in transaction volume in CCR to the fact that prices of high-end condos in the prime districts are now 20% below the peak in mid-2013. “Buyers are sensing that prices have bottomed and are likely to go up in the coming months,” he adds.

It is not just new condos like Gramercy Park that are seeing units sold at prices above S$5 million. At the 31-year-old Yong An Park on River Valley Road, a 3,434 sq ft, four-bedroom unit fetched S$5.22 million on July 10. The 288-unit freehold condo is located near Great World City and the upcoming Great World MRT station on the Thomson-East Coast Line.

This article first appeared in The Edge Property Singapore, a pullout of The Edge Singapore, on July 26, 2017.

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