Grandeur Park Prices | Grandeur Park Residences Price
The land sale for this project garnered a total of 8 bids at the close of its public tender by URA in February 2016. Chip Eng Seng’s subsidiary, CEL Residential Development, won the tussle with a top bid of S$419.38 million. This translates to S$8,186.54 per sq m, or $761 PSF PPR (per sq ft per plot ratio) for land cost.
The 2nd highest bid was submitted by Allgreen Properties. At S$415.89 million, or $754 PSF PPR, it was just 0.8% lower. It marks a recent trend where top bids are not as far off the others as before. Could well indicate that sites are being sold at more conservative values, which augurs well for buyers.
Mr Desmond Sim, head of CBRE Research (Singapore & South East Asia), commented that: “This plot benefits from its proximity to Tanah Merah MRT station in a relatively mature & established estate.”
“That the site was triggered from the Reserve List, indicates developers are maintaining a healthy interest in sites, especially in those with a relatively palatable quantum & with time on their side,” he added.
Grandeur Park Residences Price · Grandeur Park Pricing Analysis
CEL Development proposed a condominium development with full facilities, in a public statement to the Singapore Exchange in February 2016. According to the statement, the site, currently covered by dense trees, will have around 720 residential apartments and a childcare centre. 500 sq m or 5,382 sq ft, of the maximum 51,228 sq m of Gross Floor Area (GFA) is set aside for the child care centre.
Taking into account the remaining GFA, and assuming financing, construction & overheads of $400 PSF on top of the $761 PSF land price, break-even could translate to around $1,160 PSF.
This might work out to an average Grandeur Park Residences price of between $1,350 to $1,450 PSF, depending on the unit size, level and facing.
Note: Bear in mind that average pricing usually reflects pricing of mid-size units, like the 3 & 4 bedroom units. PSF pricing of one & 2 bedroom units are usually a fair bit higher than the average PSF for a project.
Grandeur Park Residences Price · Market Analysis
CEL paid 3.8% less for the Granduer Park site than what Sherwood Development paid in October 2012 for the adjacent Glades condominium site. $761 PSF for Granduer Park compared to $791 PSF for Glades.
Average selling price for The Glades is around $1,425 PSF. As the Glades is on the same side of Upper Changi Road, and the same walking distance from Tanah Merah MRT station, it could give a pretty good idea of what Grandeur Park Residences price range to expect.
Despite all the bad news in the press, there is actually not much competition around here where new developer units are concerned. That’s because neighbouring projects have substantially sold out. Urban Vista is sold out, as are Optima and eCo. The Glades is over 90% sold.
See this link for the news article report on the land sale (opens in new window).
GRANDEUR PARK RESIDENCES PRICE · SHOWFLAT VIEWING · VIP PREVIEW
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