Four Units Gramercy Park Linked Money Laundering Case Sale 32 Mil
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Huttons Asia announced on June 25 that a portfolio of four units at Gramercy Park, a prestigious freehold condominium on Grange Road, is now available for sale through an expression of interest (EOI) exercise with a price tag of $32 million. These units are part of a larger collection of properties that have been linked to a $3 billion money laundering case and are said to be up for sale. Other properties that are reportedly on the market include units at South Beach Residences located on Beach Road and The Marq on Paterson Hill.
According to a press release by Huttons Asia, the portfolio at Gramercy Park comprises of two four-bedroom units on the 13th and 14th floors which boast a spacious 2,680 sq ft and 2,691 sq ft in size, and two three-bedroom units on the 21st and 22nd floors spanning 1,948 sq ft and 1,959 sq ft respectively. These units have been listed for purchase as a portfolio or individually by Jeremy Lim, executive group district director at Huttons Asia.
The four-bedroom units are priced at $9 million each, while the three-bedroom units are priced at $7 million each, translating to a price range of $3,344 to $3,593 per square foot. The latest transaction at Gramercy Park was in April 2023 when a 2,207 sq ft three-bedroom unit was sold for $8 million, or $3,625 per square foot.
Gramercy Park, a freehold luxury condominium with 174 units, was completed in 2016 and is strategically located in District 10, just a stone’s throw from the renowned Orchard Road shopping belt and other popular malls such as Great World City and Tanglin Mall. It is also conveniently close to Orchard Boulevard MRT station.
Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that these units may pique the interest of buyers due to their larger size compared to recent developments in the vicinity. “Buyers who are looking for large-sized units will be attracted to this luxury project,” he says.
The EOI for the Gramercy Park units will close on July 9 at 3pm. To keep up to date with the latest listings for Gramercy Park properties, visit Huttons Asia’s website.