Yahoo Finance Four units at Gramercy Park linked to money laundering case for sale at $32 mil
Completed in 2016, the 174-unit Gramercy Park is a freehold condo located in District 10, close to the prime Orchard Road Shopping belt. (Photo: Huttons Asia)
A portfolio of four units at Gramercy Park, a luxury freehold condo along Grange Road, has been listed for sale at $32 million via an expression of interest (EOI) exercise, according to a June 25 press release by Huttons Asia.
The portfolio is part of a collection of properties linked to the $3 billion money laundering case that are said to have been put up for sale. The other properties that are on the market reportedly include units at South Beach Residences on Beach Road as well as The Marq on Paterson Hill.
EdgeProp Buddy showing the latest transactions for Gramercy Park
The four units at Gramercy Park consist of two four-bedroom units on the 13th and 14th floors spanning 2,680 sq ft and 2,691 sq ft and two three-bedroom units on the 21st and 22nd floors spanning 1,948 sq ft and 1,959 sq ft.
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A property title search revealed that the 13th floor unit for sale belonged to Su Baolin, one of the ten foreign nationals arrested and charged in relation to the case. Su, who bought the unit in 2017, was convicted and sentenced to 14 months’ jail in April.
The other three units were owned by three other individuals that have been linked to the case – Su Jianhua, Su Lihong, and Su Shuiming.
URA caveats show that Su Jianhua bought the 2,680 sq ft, four-bedroom unit on the 14th floor for $9.05 million ($2,680 psf) in April 2022. Su Lihong bought the 1,959 sq ft, three-bedroom unit on the 21st floor for $6.37 million ($3,253 psf) back in February 2018.
The 1,948 sq ft, three-bedroom unit on the 22nd floor was purchased by Su Shuiming for $6.43 million ($3,298 psf), also in February 2018. He has reportedly fled Singapore since 2023, shortly after the anti-money laundering blitz began last August.
The units can be purchased as a portfolio or individually says Jeremy Lim, executive group district director at Huttons Asia who is marketing the units.
Each four-bedroom unit priced from $9 million while the three-bedroom units are priced from $7 million each. This translates to a psf-price range of $3,344 to $3,593.
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The last unit at Gramercy Park to change hands was sold in April 2023. The 2,207 sq ft, three-bedroom unit fetched $8 million, or $3,625 psf.
Completed in 2016, the 174-unit Gramercy Park is a freehold condo located in District 10, close to the prime Orchard Road Shopping belt, Great World City Mall and Tanglin Mall. It is a short walk to Orchard Boulevard MRT station.
Lee Sze Teck, senior director of data analytics at Huttons Asia, believes the units may appeal to buyers given that they are bigger compared to most recent developments in the vicinity. “Buyers who are looking for large size units will be attracted to this luxury project,” he says.
The EOI for the Gramercy Park units will close on July 9 at 3pm.
Check out the latest listings for Gramercy Park properties
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