Gramercy Park is a freehold luxury development located at 57 Grange Road in District 10. Developed by City Developments Limited (CDL), it comprises 174 spacious units, split between two 24-storey towers. It promises tranquility despite being in the city, with the lushness of its greenery and size.
In a report, CDL shares surged on news that Gramercy Park has seen robust sales. Aside from the steady price increase in the past three years, this project’s spacious units were built with families in mind. No wonder, 70 out of the 87 units (80%) of the apartments launched in the North Tower during phase one were sold.
3 Reasons Why Gramercy Park Is an Investment-Worthy Family Home:
1. Specifications and Perks for Own Stay
| Project Name | Tenure | TOP | Unit Type (up to) | Size in sqft (up to) | Average Price PSF (up to) |
|---|---|---|---|---|---|
| Gramercy Park | Freehold | 2016 | 2-bedder+S* 3-bedder 4-bedder Penthouses (5-bedder) | 1,292 2,207 3,122 7,287 | $3,149 |
Gramercy Park offers exceptionally roomy apartments. The size difference between two-bedroom and three-bedroom is nearly 1,000 sqft. It’s rare to have a condominium in that area offering a range of units; nearby freehold condominiums (within a 250m radius) like Beverly Hills and Bishopsgate Residences have four-bedroom and three- to four-bedroom units only.
Facilities found in this 170,000 sqft development include a Grand Lawn, 50m Grand Pool, Fitness Studio, Putting Green, Tennis Court and more. There’s even a Play Pool and Playground for your little ones. Having a gathering? Entertain your guests at Club Gramercy or go outdoorsy with a barbeque by The Lawn or The Woods!
2. Accessibility, Amenities and Schools
A home in Grange Road is clearly desirable because of its location. A short drive is all it takes to get to various places like Orchard, Holland Village, River Valley and Great World City (less than 10 minutes!). Right outside the condominium is a bus stop that has a bus service (Bus 75) to Bukit Panjang, Ngee Ann Polytechnic, Holland Village, Raffles Place and Marina Centre. Residents can look forward to Orchard Boulevard MRT Station which will be operating in 2021, located just two bus stops from the development.
What’s for supper? Restaurants in malls are mostly closed after 10 pm. Fret not, there’s a wide range of eateries at River Valley, about five to 10-minute walk. Schools within the vicinity include five preschools, primary schools (Alexandra Primary School, River Valley Primary School) and international schools (ISS International School, Chatsworth International School). Looking for a doctor? Healthcare institutions found nearby are Gleneagles Hospital and Mount Elizabeth Hospital.
3. Property Price
The price for a three-bedroom Gramercy Park unit in the past three years:
- January to December 2017 – up to 6,378,400
- January to December 2018 – up to 6,750,000
- January to December 2019 – up to 6,880,000
Since 2017, the property price at Gramercy Park has increased. With the upcoming developments, the price will most likely continue to rise over the years.
Freehold status, desirable residential area and roomy apartments are all winning elements of a property which Gramercy Park possesses. Love the sound of all that? Make Gramercy Park your home today. Talk to our real estate consultants and get VIP agent service. Call 6886 9009 now!
Best Mortgage Rate Across All Banks for Gramercy Park
Talk to our mortgage brokers with over 30 years of experience and get the lowest mortgage rate at 1.78%. Our home loan specialists will assist you with everything you need to know from Total Debt Servicing Ratio (TDSR), Loan to Value (LTV) Limits and Legal Conveyancing.
Buyer’s Stamp Duty for Gramercy Park
Buyer’s Stamp Duty (BSD) is tax paid on documents signed when you buy or acquire property located in Singapore.
If you opt to buy a three-bedroom unit at Gramercy Park the price is at $6,880,000 which is reflective of the market value, your Buyer’s Stamp Duty (BSD) is $259,800.
| Market Value of the Property | BSD Rate | Calculation |
|---|---|---|
| On the first $180k | 1% | $1,800 |
| On the second $180k | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Remaining $5,880,000 | 4% | $235,200 |
| BSD Payable | $259,800 | |
Source: IRAS
Looking at another unit size? Use Ohmyhome’s In-app BSD calculator for faster calculation! Download Ohmyhome from the Play Store or App Store now!
Additional Buyer’s Stamp Duty for Gramercy Park
Liable property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Who is liable to pay ABSD:
- Singapore Citizen (SC) buying second, third and subsequent residential property
- Singapore Permanent Resident (SPR) buying first, second and subsequent residential property
- Foreigners or entities buying any residential property
ABSD for Singapore Citizens when Buying Gramercy Park
Here’s the ABSD amount you are required to pay if you are an SC:
| Property Ownership | ABSD Rate | ABSD Amount from Price $6,880,000 |
|---|---|---|
| If Gramercy Park is your second residential property | 12% | $825,600 |
| If Gramercy Park is your third or subsequent residential property | 15% | $1,032,000 |
ABSD for Singapore Permanent Resident when Buying Gramercy Park
Here’s the ABSD amount you are required to pay if you are an SPR:
| Property Ownership | ABSD Rate | ABSD Amount from Price $6,880,000 |
|---|---|---|
| If Gramercy Park is your first property | 5% | $825,600 |
| If Gramercy Park is your second or subsequent residential property | 15% | $1,032,000 |
ABSD for Foreigners when Buying Gramercy Park
Here’s the ABSD amount you are required to pay if you are a foreigner:
| Property Ownership | ABSD Rate | ABSD Amount from Price $6,880,000 |
|---|---|---|
| Foreigners buying any property | 20% | $1,376,000 |
VIP Service for Buyers at $0 Agent Fees
Our real estate consultants will provide you insights about this new project and assist you with everything you need to know from BSD, ABSD, exercising the OTP to sealing the deal.
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