Developers are selling in bulk to avoid penalties on unsold stock. Central developments are marketing one tower at Gramercy Park while OUE is targeting to offload one tower at Twin peaks.
The freehold Gramercy Park at Grange Road which was almost complete by last year is likely to obtain its Temporary Occupation Permit next year. The Central developments have until mid 2018 to sell all units going at a market price of $2,600psf. OUE is supposed to bulk-sell tower 1 before February next year to avoid incurring Qualifying certificate penalties. It have sold 31% of tower 2 and persuaded some buyers from tower 1 into it.
Foreigners picked up fewer condominium units in the central region in the fourth quarter. Due to decreased demand, the developers are offering discounts especially for larger properties.