Upmarket prices do not seem to have stopped buyers from going for units in the 60-unit North Tower at the New Futura project in Leonie Hill road.
Second-phase soft launch well attended by PRs and foreigners
The average price at last weekend’s second-phase soft launch hovered around $3,500 psf, according to developer City Developments Limited (CDL). Yet 21 out of the 30 units released were sold, mostly to permanent residents (PRs) and foreigners from Asian countries such as China, Indonesia, Malaysia and Korea. The larger apartments were popular, with most going for up to $10 million.
This most recent launch was for units in the 60-unit North Tower. The 64-unit South Tower was soft-launched in January and demand has been promising. CDL began previewing the property in May and in the latter, 62 units have since been sold at an average price of $3,350 psf.
New Futura is situated near Orchard road in prime district 9. The project holds 124 units in total and has 2 penthouses. The 7,835 sq ft penthouse in the South tower has sold for $36.28 million or $4,630 psf.
Luxury market making a steady comeback
The luxury property market seems to be making a steady comeback and sales volume are reflecting this improvement. Pent-up demand has seen property prices rising, in particular for high-end properties with valuable potential such as a good location, size and with good amenities. At New Futura, all units have private lift access and the penthouses each have a private pool, sauna, and shower by the pool deck.
Foreigners are picking off high-end properties once more, likely drawn by the political and economic stability that may still be lacking in the region.