High-end condo segment recovery trace

Even on a weekday afternoon, real estate agents are ubiquitous at Gramercy Park: waiting for their clients at the basement carpark; touring the 170,000 sq ft manicured grounds, which include a 50m pool and clubhouse; or viewing the new show suites at the South Tower with prospective buyers. The 174-unit freehold, luxury condominium, developed by listed property giant City Developments (CDL), was completed last year. Located on Grange Road, Gramercy Park is a twin-tower development with 87 units each in the North and South Towers.

CDL released Phase 1 of Gramercy Park a year ago. As at May 15, 73 units of the North Tower, or 84%, were sold. A second phase of 20 units in the South Tower was released at end-March, and 19 units have been snapped up so far. Average sale prices at Gramercy Park have risen from over $2,600 psf in Phase 1 to over $2,800 psf in Phase 2, according to CDL.

Early-bird pricing for the South Tower (Phase 2) starts from $3.4 million for a two-bedroom-plus-study unit to $5.1 million for a three-bedroom unit and $6.8 million for a four-bedroom unit. The deferred payment scheme (DPS) is said to be available for only “a limited number of units”.

Home Magazon

The show suite of a 2,562 sq ft, four-bedroom unit at the South Tower of Gramercy Park

Home Magazon

The rooftop swimming pool of a 7,287 sq ft, five-bedroom penthouse at Gramercy Park

Home Magazon

The 50m swimming pool and manicured gardens of the 170,000 sq ft freehold grounds of Gramercy Park

By Cecilia Chow / The Edge Property



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