Stellar Sales of CDL’s Gramercy Park Singapore Boosts Share Price
City Developments (CDL) shares surged yesterday on news that its freehold luxury project Gramercy Park in Grange Road has seen robust sales.
The counter climbed to as much as $10.48 in the morning before closing 20 cents higher at $10.47.
Trading volume was also robust, spiking to 1.68 million shares, up from 658,800 on Monday.
The stellar showing followed the developer’s announcement that its 174-unit high-end Gramercy Park condo development near Orchard Road has sold 81 units across the two 24-storey residential towers.
In phase one, CDL sold 70 out of the 87 units – or 80 per cent – of the apartments launched in the North Tower.
A further 11 were moved in phase two, when 20 apartments were released in the South Tower last month.
CDL noted that all two-bedder plus study units in the North Tower were sold, with good take-up seen for the three- and four-bedroom apartments. Sales included a 5,533 sq ft five-bedroom penthouse which was transacted at $16.88 million or $3,050 psf.
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