Recently, Grandeur Park Residences, a luxury condominium with 720 apartment units, have been launched. The residential property located in Tanah Merah received overwhelming response. In the first weekend launch, total 420 units were sold, which is about 58 percent sale. According to the Straits Times, the average price of each unit was $1,350 psf.
Grandeur Park Residences is in the proximity of Tanah Merah MRT station. The residence property has apartments with various size, ranging from one bedroom units to five bedroom units. Price for one bedroom apartment in Grandeur Park Residence condominium is $550,000 and for two bedroom apartment it is $700,000.
CEL Development is the developer of Grandeur Park Residences. CEL Development is a sister concern of Chip Eng Seng Corporation. After the first weekend launch, CEL Development released a statement and announced that the EC is doing satisfactory business.
One of the major attractions in Grandeur Park Residences is the property location. Many buyers are rushing to buy the units due to the fact that the project is in the nearness of various facilities.
“I am expectant that the real estate market will improve and business will become smooth in the near future,” says Wong Koh Hoi, who purchased two bedroom unit in Grandeur Park Residences. “However, none of us can tell exactly about the market direction. You will have to try your own luck.” The 58-year old man Wong Koh Hoi is a Managing Director, he purchased a 560 sq unit for aout $821,000.
One of the USP of Grandeur Park Residences is health and fitness. The EC has partnered with Amore Fitness in order to offer fitness classes and spa facilities.
Grandeur Park Residences is the second private condominium that has been launched this year. The first one was Clement Canopy, which is located in Clementi. When Clement Canopy was launched last month, 200 units were sold outright.
Even though Grandeur Park Residences is performing well in the real estate market, experts believe that this is not enough to indicate improvements in the real estate market.
“I am still cautious. I believe most of the sales transactions in the market are of smaller units. The smaller unit sales have low effects,” says Ku Swee Yong, the Chief Executive Officer for International Property Advisor.
Interestingly, there is no need to rush to buy properties because the buyers will have more choices in the upcoming months. In 31st March, Park Place Residences with 429-unit will be launched, and Seaside Residences having 843 units will be launched in April. A great investment to acquire within the vicinity of Paya Lebar Road, named as Park PLace Residences. The structures, features the facilities and location is world class.