Singapore Property | Responding to questions from EdgeProp Singapore, City Developments Ltd (CDL) says that since the Boulevard 88 preview that happened on March 8, 23 of the 25 units launched have so far been taken up. The median selling price attained was $3,590 psf. Due to the impressive take-up, CDL together with its partners, Lea Investments and Hong Leong Holdings, are planning to launch 10 additional units for sale.
Most of the units moved were four-bedders priced at more than $10 million. The rest of the units moved were a blend of two-bedder with study room unit and three-bedder units. Currently, Boulevard 88 has 50 units consisting of two-bedder plus study, three-bedder, and four-bedder units whose sizes are between 1,313 and 1,799 sq. ft.
CDL says that approximately 60 percent of the purchasers are Singaporeans, with the remaining being a blend of permanent residents and foreign investors majorly from China, the United States, and Indonesia.
Boulevard 88 sits on a site occupied by the former Boulevard Hotel. Moshe Safdie is the designer behind this development that features twin 28-story building. It consists of residential units and high-end hotel called Edition.
Martin Modern, a 450-unit development located in the Robertson Quay neighbourhood, has moved a couple of units in March only. These units included a low-floor, two-bedder of 764 sq. ft. at $1.96 million and a high-floor, two-bedder of similar size at $2,847 psf. Another mid-floor three-bedder unit of 1,987 sq. ft. fetched a whopping $3 million.
Martin Modern managed to move 315 units or 70 percent of the available units. The highest price psf attained at this development to date was a three-bedder unit of 1,012 sq. ft. sold at $3.25 in December.
Another project that is enjoying an excellent take up is the Mayfair Gardens situated in the Bukit Timah-Dunearn Road area. Since its launch in September 2018, the 250-unit development has moved 240 units at a median selling price of $1,925. This translates to a 65 percent take-up rate. These prime projects are not only enjoying an outstanding take-up, but they are also setting the benchmark prices.