SINGAPORE (Sept 23): Maybank Kim Eng is keeping City Developments on “hold”, and keeping a close watch on its high-end Gramercy Park project, as the developer dips its toes into the luxury residential market.
“We believe this project will be a test of market appetite for luxury condominiums of larger size and absolute price tags,” says Maybank analyst Derrick Heng in a Thursday report.
On top of Gramercy Park, CityDev has three other luxury residential projects in the pipeline: Nouvel 18, New Futura, and The South Beach Residences. Heng estimates that the four projects have a combined value of $3.7 billion.
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