PUBLISHED MAR 6, 2017, 5:00 AM SGT
Grandeur Park Residences in Tanah Merah raked in strong sales on the primary weekend of its release, shifting close to 60% out of the entire 720 devices available.
Its developer CEL Development, a unit of Chip Eng Seng Corporation, said the launch it sold 420 units, with most of the 96 one-bedders taken. “The sale performance is within our expectation,” stated CEL Development, adding that the common charge for gadgets is round $1,350 psf.
The new launch, near Tanah Merah MRT station, comprises 1 to 5-bedders, with prices from $550,000 for a one-bedroom unit. Prices for the 2-bedders, which make up 45% of the entire units, begin from $700,000.
“I wish the rental market will pick up but no one can inform where the marketis moving towards to – you need to try your luck,” investor Wong Koh Hoi, 58, told The Straits Times.
Mr Wong, a managing director, bought a 560 Sqft two-bedder for approximately $821,000.
Another buyer, Mr Y.H. Tham, a 35 year old exec, picked up a 419 sq ft one-bedroom rental for approximately $618,000. He plans to move in once the condominium is ready. “It is close to the MRT, there are places selling affordable and healthful food nearby and it is near wherein my parents live,” he stated.
Grandeur Park Residences is the second condo project released this year following the 505-unit The Clement Canopy in Clementi which hit the market last month, promoting almost 200 units on the primary weekend of its release.
Analysts stated the sales of the Tanah Merah condominium sold better than predicted but stated that it does no mean a turn in the property market.
The development has a theme centred on wellness and features a tie-up with Amore Fitness to offer fitness classes and spa facilities.
Many purchasers are attracted to this development due to the close proximity to amenities and a potential pool of tenants from Changi Business Park.
“I would be cautious because a lot of the sales are driven by the take- up of smaller units, which have lower overall quantum,” said International Property Advisor key executive officer Ku Swee Yong.
Home hunters could be spoilt for choices for a few upcoming new launches. Among them, Park Place Residences at Paya Lebar Quarter – part of a mixed development by Lendlease and Abu Dhabi Investment Authority – is expected to be released later this month. The 429-unit undertaking will contain a mix of 1 to 3-bed room residences, with an indicative price from $780,000.
In April, Frasers Centrepoint Singapore will roll out the 843-unit Seaside Residences in Siglap, providing 1 – 5-bed room apartments and penthouses.
Source: http://www.straitstimes.com/business/property/strong-first-weekend-sales-for-grandeur-park
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