Four Units Gramercy Park Linked Money Laundering Case Sale 32 Mil
On September 12, Hoi Hup Realty and Sunway Developments issued a joint press release announcing the details of their collaboration. They revealed that the site, which has a 99-year leasehold, spans 16,441.2 square meters and has a maximum permissible gross floor area of 46,036 square meters. This site will now be home to the highly-anticipated Novo Place EC, a development that promises to offer top-notch amenities and a luxurious living experience.
A set of four units at Gramercy Park, a high-end condominium along Grange Road, has been put up for sale at a price of $32 million through an expression of interest (EOI) exercise, based on a press release by Huttons Asia on June 25.
The portfolio is part of a group of properties that have been linked to a $3 billion money laundering case and are said to be currently on the market. Other properties that have been reported to be for sale include units at South Beach Residences on Beach Road and The Marq on Paterson Hill.
According to EdgeProp Buddy, which shows the latest transactions for Gramercy Park, the four units consist of two four-bedroom units on the 13th and 14th floors covering an area of 2,680 sq ft and 2,691 sq ft respectively, as well as two three-bedroom units on the 21st and 22nd floors spanning 1,948 sq ft and 1,959 sq ft respectively.
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The units are available for purchase as a portfolio or separately, as stated by Jeremy Lim, executive group district director at Huttons Asia who is marketing the units. Each four-bedroom unit is priced at $9 million while the three-bedroom units are priced at $7 million each. This translates to a price range of $3,344 to $3,593 per sq ft.
The last unit at Gramercy Park that was sold was in April 2023, with the three-bedroom unit covering an area of 2,207 sq ft being sold for $8 million, or $3,625 per sq ft.
Located in District 10, Gramercy Park is a freehold condo that was completed in 2016 with a total of 174 units. It is situated near the Orchard Road shopping belt, Great World City Mall, and Tanglin Mall, and is within walking distance to Orchard Boulevard MRT station.
Senior Director of Data Analytics at Huttons Asia, Lee Sze Teck, believes that the units may be attractive to buyers due to their larger size compared to other recent developments in the area. “Buyers seeking larger units will be drawn to this luxurious project,” he says.
The EOI for the Gramercy Park units will close on July 9 at 3pm. Interested buyers can visit the latest listings for Gramercy Park properties for more information.