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Demand for high-end homes near Orchard Road remains strong
CityDev's Gramercy Park sold 36 units to-date.
Despite the lacklustre property market, there remains demand for high quality homes in the prime area of Orchard Road as evidenced by the 36 units sold at Gramercy Park so far, notes MayBank KimEng.
"At SGD2,600 psf, we believe the project’s pricing is competitive vs other recent launches in the vicinity," it said in a report.
Nonetheless, the research firm reckons that sales velocity is unlikely to be as fast given its larger absolute price tag.
"We estimate that an investor in this project should be able to achieve gross/net yields of 2.2%/1.6%," it explained.
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