Hot stock: CDL shares rise on positive sales at Gramercy Park

SHARES in City Developments Limited (CDL) were up on Tuesday as the property developer said it has achieved positive sales at its luxury freehold residential development Gramercy Park along Grange Road.

The counter rose to as high as S$10.49 on Tuesday morning. It traded at S$10.44 as at 2.55pm, still up 17 cents or 1.66 per cent from its previous close. Some 10.8 million shares changed hands, making it one of the most active counters by value on Singapore Exchange.

The group has sold 70 units of its North Tower launched in Phase 1, representing 80 per cent of the total 87 units. These were sold at an average of over S$2,600 per square foot (psf).

Phase 2, comprising another 87 units in South Tower, was soft-launched on Mar 30; 11 out of 20 units released have been sold, said CDL. These are priced at an average of S$2,800 psf.

CDL Group general manager Chia Ngiang Hong said there is pent-up demand for compelling investment opportunities.

"With prices of high-end properties showing signs of bottoming out, there has been an increase in buying interest for luxury developments," he said. "For certain premium upmarket projects like Gramercy Park, we have even seen a pick-up in pricing."

"In the current market and land-scarce Singapore, Gramercy Park stands out as a rare, high-end freehold property with spacious apartments in the premium District 10," he added. "We are confident the project's great value and exceptional attributes will continue to attract savvy buyers."