To date, CapitaLand has sold 126, or 90% of the 140 Urban Suites units released for sale. Prices have also increased to S$2,500 to S$2,800 psf. Units in the earlier phase one release fetched prices ranging from S$2,400 to S$2,700 psf.

Located in the Cairnhill area in Singapore’s prime Orchard Road shopping district, Urban Suites is a high-end condominium with 165 apartments. The property developer revealed that about 70% of the buyers were international buyers from countries including Indonesia, China, Australia and Canada. Indonesians formed the bulk of these international buyers.

Ms Patricia Chia, CEO of CapitaLand Residential Singapore, said: “We are pleased to see continued strong demand from both local and international homebuyers for Urban Suites. With the return of business and consumer confidence in Singapore and Asia, we expect buying interest for well-located homes in the high-end segment of the market to be sustained. We see prices for the mid- to high-end segments of the market rising by between 5% and 10% this year.”