Luxury property seekers are coming back into the market as transaction figures show. Robust sales of units at Gramercy Park on Grange Road certainly seems to attest to that.
The high-end luxury apartment project near Orchard road has sold almost half of its 174 units. Across its two 24-storey towers, 81 units have been sold, 11 of which were from the launch of its South Tower last onto. Most of the buyers were foreigners and Singapore permanent residents from China, Indonesia, Malaysia, Hong Kong, Taiwan, India, France, Britain and the United States. 24 per cent of the buyers were Singaporean.
As the bottom of the cycle seems more clearly in sight, buyers are picking off properties which might be priced rather differently from a few years ago. Property investors are also showing increased interest in luxury developments and the early bird prices at the launch of Gramery Park’s South Tower has drawn quite a few. Prices start at $3.4 million for a 2-bedder and study, $5.1 million for a 3-bedder and $6.8 million for a 4-bedroom apartment. The 2-bedroom units seem to be popular with investors as all of the same in the North tower were sold out. A 5,533 sq ft 5-bedroom penthouse in the North Tower has also been sold at $16.88 million. Properties in prime districts are once again leading the private residential real estate sector and riding on the positive sentiments, things could truly be looking up.