Grandeur Park Residences saw 420 units (58%) out of a total of 720 units sold on its launch weekend on March 4-5. Units were priced at an average of $1,350 psf. The 99-year leasehold condo by CEL Development, the property development arm of listed construction group Chip Eng Seng Corp, is located adjacent to the Tanah Merah MRT station and at the corner of New Upper Changi Road and Bedok South Avenue 3. “The sales were within our expectations,” according to a CEL Development spokesperson.
A fortnight ago, when the project previewed, about 10,000 people thronged the sales gallery and show suites. The strong response is a reflection of pent-up demand as the last new project launched in the neighbourhood was the newly completed 726-unit The Glades by Keppel Land and China Vanke, located on the other side of the Tanah Merah MRT station, and that was more than three years ago.
The most sought-after units were the one-bedroom and one-bedroom-plus-study types, sized from 420 sq ft to 474 sq ft. Only a few units are still available, according to property agents. The two-bedroom and two-bedroom-plus-study units sized from 549 sq ft to 667 sq ft also saw strong demand, as well as the three-bedroom units from 883 sq ft to 980 sq ft. In terms of absolute prices, one-bedroom units were from $550,000, two-bedroom units from $700,000, and three-bedroom units at just above $1 million. Meanwhile, the four- and five-bedroom units start from $1.4 million, and have also seen strong interest from multi-generational families, according to a CEL Development’s spokesman.
