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Thread: Strong first weekend sales for Grandeur Park

  1. #1
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    Default Strong first weekend sales for Grandeur Park

    http://www.straitstimes.com/business...-grandeur-park

    Strong first weekend sales for Grandeur Park

    Mar 6, 2017

    Wong Siew Ying


    Grandeur Park Residences in Tanah Merah raked in strong sales on the first weekend of its launch, shifting 58 per cent of the total 720 units available.

    Its developer CEL Development, a unit of Chip Eng Seng Corporation, said yesterday it sold 420 units, with most of the 96 one-bedders taken. "The sale performance is within our expectation," said CEL Development, adding that the average price for units is around $1,350 per square foot.

    The condo project, near Tanah Merah MRT station, comprises one- to five-bedders, with prices from $550,000 for a one-bedroom unit. Prices for the two-bedders, which make up 45 per cent of the total units, start from $700,000.

    The development has a theme centred on wellness and features a tie-up with Amore Fitness to offer fitness classes and spa facilities.

    Many buyers were attracted to the project's location, citing its proximity to various amenities and potential pool of tenants from Changi Business Park.

    "I hope the rental situation and prices will pick up in the coming years but no one can tell where the market is going - you need to try your luck," investor Wong Koh Hoi, 58, told The Straits Times.

    Mr Wong, a managing director, bought a 560 sq ft two-bedder for about $821,000.

    Another buyer, Mr Y.H. Tham, a 35-year-old executive, picked up a 419 sq ft one-bedroom apartment for about $618,000. He plans to move in once the development is ready. "It is close to the MRT, there are places selling cheap and healthy food nearby and it's close to where my parents live," he said.

    Grandeur Park Residences is the second condominium project launched this year following the 505-unit The Clement Canopy in Clementi which hit the market last month, selling nearly 200 units on the first weekend of its launch.

    Analysts said the sales performance of the Tanah Merah condo was better than expected but noted that it does not signal that the property market has turned a corner.

    "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 will be spoilt for choice with two more new projects still to come. Among them, Park Place Residences at Paya Lebar Quarter - part of a mixed-use project by Lendlease and Abu Dhabi Investment Authority - is expected to be launched later this month. The 429-unit project will comprise a mix of one- to three-bedroom apartments, with an indicative price starting from $780,000.

    In April, Frasers Centrepoint Singapore will roll out the 843-unit Seaside Residences in Siglap, offering one- to five-bedroom apartments and penthouses.

    •Additional reporting by Samuel Chan

  2. #2
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    Default Chip Eng Seng sells 420 units of Grandeur Park Residences

    http://www.businesstimes.com.sg/comp...ark-residences

    Chip Eng Seng sells 420 units of Grandeur Park Residences

    Monday, March 6, 2017

    by Anita Gabriel
    [email protected]
    @AnitaGabrielBT


    CONSTRUCTION and property development group Chip Eng Seng Corp sold 420 units - or more than half of the project - over the first weekend sales of Grandeur Park Residences in the heart of Tanah Merah.

    "We are happy with the sales performance, which is within expectations," Chng Chee Beow, executive director of CEL Development, told The Business Times.

    The condominium project is undertaken by Chip Eng Seng's property development arm CEL Development. The weekend sale includes two commercial shops. According to Mr Chng, the one-bedroom units were the most sought after.

    When contacted, SLP International executive director Nicholas Mak described the outcome as "impressive".

    "This is the kind of launch results that will make many (other) developers envious," he said.

    Grandeur Park Residences was widely expected to draw strong buyer interest given that some 10,000 people visited the showflat when it was opened two weeks ago.

    Much of that was attributed to the fact that there has been no new projects in the area over the last three years. As most of the units are smaller one- and 2-bedders, analysts had expected a strong take-up rate for the development.

    The 99-year leasehold condo located at New Upper Changi Road and Bedok South Avenue 3 is a five-minute walk from Tanah Merah MRT station. The average price at Grandeur Park Residences is about S$1,350 per square foot.

    The launch takes place amid renewed optimism of a pickup in new private homes sales following a tepid showing since 2014.

    Over the previous weekend, in the first new launch of the year, Clement Canopy, a new condominium in Clementi Avenue 1, sold nearly 200 out of 505 units.

  3. #3
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    Default

    521 caveats lodged

  4. #4
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    534 caveats. another 13 sold.

  5. #5
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    1,350 psf for suburbs... Really ex nowadays.

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