Cambodian picks up S$17m penthouse in Gramercy Park

[reporter2]

Cambodian picks up S$17m penthouse in Gramercy Park

Price of duplex with 5 bedrooms and a private pool works out to S$3,073 psf

July 22, 2017

KALPANA RASHIWALA


CITY Developments Ltd (CDL) has sold a penthouse at the completed Gramercy Park condo in Grange Road to a Cambodian buyer for S$17 million.

The price works out to S$3,073 per square foot (psf) based on the 5,533 square feet (sq ft) strata area spanning the top two levels of the 24-storey freehold project.

While not much is known about the buyer, understood to be one Chen Zhi, a person by the same name heads the Prince Real Estate (Cambodia) Group headquartered in Phnom Penh and controlled by Chinese interests.

Gramercy Park has four penthouses comprising two units of 5,533 sq ft and another two of 7,287 sq ft. Each unit is a duplex (spanning levels 23 and 24) and has five bedrooms and its own private swimming pool.

Earlier this year, CDL sold the other 5,533 sq ft penthouse in Gramercy Park for S$16.88 million or S$3,050 psf. The buyer is understood to be a Chinese citizen who set up an IT company here earlier this year.

When contacted, CDL declined to comment on the buyers of the two Gramercy Park penthouses that it has sold except to say that they were foreigners.

The remaining two larger penthouses are priced at more than S$23 million (S$3,156 psf) each, a CDL spokeswoman said.

On the lower level of all four penthouses are living and dining areas, four bedrooms, a gourmet kitchen, an Asian kitchen and a family area; on the upper level is another bedroom as well as an entertainment area and private swimming pool.

To date, CDL has found buyers for 67 per cent, or 116 of Gramercy Park's 174 units. Besides the four penthouses, the project has two bedroom plus study units, three bedders and four bedders.

The project received Temporary Occupation Permit in May 2016.

The average price in the development has risen from over S$2,600 psf when the North Tower was released in May 2016 to more than S$2,800 psf. The South Tower was released in late-March this year.

CDL has until May 2018 to finish selling the project to avoid paying extension charges to the government under Qualifying Certificate rules.

[tonymontana]

There are lots of rich people out there.

Oh dear.

[jwong71]

There are lots of rich people out there.

Oh dear.

Alot of rich ppl eyeing on singapore's pie

[Laguna]

Alot of rich ppl eyeing on singapore's pie

ya, with enbloc, easily 1000 added to the millionaire list

[Hakuho]

ya, with enbloc, easily 1000 added to the millionaire list

That's why I like enbloc sales better than GLS.

Enbloc generated new millionaires but also new supplies, look at both sides of the coin. Even if the scenario is 1-1 replacement for sellers, still there will be incremental housing stock in 4, 5 years. The good thing is, the stock is delayed meanwhile the new millionaires are buying or renting. Not significantly but better than none added.

[tonymontana]

Alot of rich ppl eyeing on singapore's pie

yes i have malaysian & thai friends bought here past two years. some are loaded, some not so loaded "lompang" their PR friends to pay less ABSD.
also heard of indons, china and so on buying here.

now we have cambodian, not a traditional kind of asian buyer

singapore property is BLUE chip investment in this region.

[DC33_2008]

I will do the same when I do not know what will be the future of your country.

yes i have malaysian & thai friends bought here past two years. some are loaded, some not so loaded "lompang" their PR friends to pay less ABSD.
also heard of indons, china and so on buying here.

now we have cambodian, not a traditional kind of asian buyer

singapore property is BLUE chip investment in this region.

[anythingwhatever]

There are lots of rich people out there.

Oh dear.

His name is "Rich"ard or" "Rich"ie.