The 124-Unit New Futura freehold project has sold 83 units. City Developments Limited released the figures on 15th May. The development project is a prime site in District 9 on Leonie Hill Road.
The south tower of the New Futura development has had 92% of its 64 units sold. This represents 92 units including the penthouse which sold for $36.28 million. This is a rate of $4,630 per square foot of the penthouse. Permanent residents and foreigners from South Korea, Indonesia, Malaysia, China and other Asian countries make up the bulk of buyers.
City Developments, also the developer for Gramercy Park, reported selling 21 of the released 30 units in the north tower. The tower has 60 units in total. This was in the first weekend after Phase 2 was launched softly on 11th May. The apartments sold are the larger ones that cost up to $10 million. New Futura price for units sold in the second phase achieved an average of more than $3,500 per square foot. This is in sharp contrast to the $3,350 per square foot that was the price at initial launch.
New Futura’s strong response impressed City Developments Limited. This is based on remarks by Chia Ngiang Hong who is general manager at the development group. He additionally mentioned that the residential market in Singapore is showing continued signs that it is recovering. Property prices are taking on an upward trend and sales volumes are getting stronger.
High-end projects with excellent value proposition are the major beneficiaries of these market up-trends. Chia also called for attention to Singapore’s property market in the high-end range. The general manager pointed out that this market range is attracting returning foreigners who are investing in the city.
New Futura is the most luxurious of all City Development Limited’s projects. The two grand penthouses on the development nicknamed Bungalows in the Sky span 7,836 square feet. They are duplex units with 5 bedrooms each.
In separate news, The Tapestry located in Tampines sold 400 of its 500 units and raised the area’s price benchmark. Phase 1 which sold the 400 units was launched in March. It attracted $1,360 per square foot as its average launch price.
CDL group has plans of soft-launching the South Beach Residences that have 190 units in this year’s 3rd quarter. The residences are on Beach Road. The West Coast Vale property by the same development giant will be ready for launch of its 730 units in the last quarter of the year.