CDL heads to Indonesia to bolster sales for Gramercy Park


City Developments Limited (CDL), one of the biggest property developers in Singapore looks set to hold roadshows this weekend in Jakarta to promote Gramercy Park – one of its high-end condominium project along Grange Road. The next stop will be Surabaya on the weekend after this.

According to reports, CDL will be looking only to promote one of the 2 towers in Gramercy Park – a 174-unit freehold condo project in District 10 and has the intention to seek a bulk purchase for the other tower.

Gramercy Park Singapore Construction Progress
Gramercy Park by City Developments Ltd

The condo project will be subjected to extension charges from 2Q2018 imposed under the conditions stated in qualifying certificate for its unsold units.

The show flat is set to open on 25th April 2016 for private viewings. Estimated pricing for a 2-bedroom (with study) starts from approximately S$2.98 million, S$4.68 million for a 3-bedroom unit and S$6.38 million for a 4-bedder.

During last weekend, OUE Twin Peaks received a positive response, offering attractively priced units to potential property buyers there at its launch event held in Kuala Lumpur, though it cost developer over S$100,000.

It was mentioned that GuocoLand (also the developer for Leedon Residence) may also be making plans to promote their 181-unit Wallich Residence to overseas markets, namely Indonesia, Malaysia, Honking and China etc.

Another project Cairnhill Nine by CapitaLand also received strong interest from foreign buyers coming from Indonesia, China and Malaysia and they themselves have also made their marketing presence felt in Jakarta during a weekend in February.


According to property experts, many traditional property buyers from Indonesia do favour Singapore properties which are located in prime districts, and also the freehold status. However the newer generation of buyers are more flexible in terms of choices and seemingly appears to favour new launch projects or newly completed developments.

One of the biggest reasons why Malaysians and Indonesians are more open to invest in Singapore’s property market is due to its close proximity between the countries and it’s a a good hedge against the depreciation of their countries’ currencies.

Despite the fact that such foreign buyers will be hit with the 15% additional buyer’s stamp duty (ABSD), the developers are offering deal sweeteners – such as huge discounts for these high-end properties.

One example is Ardmore Three, where developer Wheelock Properties is looking to offer a 15% rate under a so-called “ABSD Assistance” purchase scheme. The condo is also subjected to extension charges for its unsold units from 4Q2016 under the conditions of the QC.

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