What Happens When a “Well-Priced” Condo Hits the Resale Market

When Grandeur Park Residences launched back in 2017, it drew a lot of attention from prospective buyers. Around 10,000 visitors packed into the sales gallery over the first weekend preview in February, and about 417 units (58%) of the 720 units at the condo were sold then sales started the following month.

The one-bedroom units at Grandeur Park Residences sold particularly well, given the project’s proximity to Tanah Merah MRT station on the East-West Line (EWL) and large catchment of tenants in that area.

Tanah Merah station is also a terminus on the EWL towards Changi Airport, an important consideration for workers and professionals in the aviation industry basedat Singapore’s international airport.

Grandeur Park Residences (GPR) is also one of several condos that launched between 2016 and 2018, and a handful of developments that were completed between 2020 and 2021, which are now entering the resale market. These projects are often considered ideal as they’re new enough to avoid serious lease decay, but still priced significantly below new launches.

However, not all of the developments from this cohort have seen equal success. Some have seen steady price progression, while others have struggled to appreciate beyond initial launch prices.

As a noteworthy condo in this category of developments, Grandeur Park Residences is a useful case study for how newer resale condos are behaving today.