10,000 people turn up at Tanah Merah condo show-flat

The average price of the 720-unit Grandeur Park Residences is about $1,350 per square foot. Its location near Tanah Merah MRT station proved to be one of the key draws of the development.
The average price of the 720-unit Grandeur Park Residences is about $1,350 per square foot. Its location near Tanah Merah MRT station proved to be one of the key draws of the development.PHOTO: CEL DEVELOPMENT

There was a buzz in Tanah Merah over the weekend as potential buyers thronged the show-flat of Grandeur Park Residences.

The project, which was launched on Saturday, is property developer CEL Development's latest offering.

About 10,000 people attended the launch event over two days.

The 720-unit condominium is a five-minute walk from Tanah Merah MRT station, which proved to be a key draw for potential buyers.

One of them, Mr S.Y. Leung, submitted his cheque as an expression of interest on Saturday. The Hong Konger in his 40s, who has lived in Singapore for 20 years, said he had not been looking for a property to buy but was attracted to the project for its location. "It is really near the MRT (station) and has good investment and rental potential."

PENT-UP DEMAND

We expected a good response, but today it's overwhelming. About 60 per cent of units are one- and two-bedders, and a lot of people are attracted... because of the (price) quantum.

MR CHNG CHEE BEOW, CEL Development executive director, on the attraction of its latest project, Grandeur Park Residences.

Ms Clara Fong, a 27-year-old finance professional, also submitted a cheque even though she was about "50 per cent" sure about the project.

"We are considering other new condo launches, but the location of this project is really good, even if it is further from the central business district compared to other upcoming condo launches," she said.

The 429-unit Park Place Residences at Paya Lebar Quarter and 843-unit Seaside Residences in Siglap are expected to be launched between March and April.

The average price at Grandeur Park Residences is about $1,350 per square foot. Almost half its units are two-bedders, which are priced from about $700,000.

Sales start on March 4.

CEL Development executive director Chng Chee Beow attributed the good response over the weekend to pent-up demand as there have been no new projects in the area for the last three years.

"We expected a good response, but today it's overwhelming. About 60 per cent of units are one- and two-bedders, and a lot of people are attracted... because of the (price) quantum," he said.

The condo launches come as demand for new private homes appears to be on an upswing. Analysts are cautiously optimistic about private home sales this year as developers sold 381 units last month, 17.6 per cent higher than the 324 units moved in the same month last year.

Lee Xin En

A version of this article appeared in the print edition of The Straits Times on February 20, 2017, with the headline '10,000 people turn up at Tanah Merah condo show-flat'. Print Edition | Subscribe