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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook