Oiling the tracks for this year’s residential real estate sector is City Developments’ (CDL) New Futura condominium.
Average selling price of $3,200 psf a good showing
The New Futura freehold condominium in Leonie Hill road is an exclusive project just 10-mins away from Orchard Road by foot. Designed by the internationally renewed architectural firm Skidmore, Owings and Merrill, there are only 124 units on the 87,000 sq ft site.
18 out of the 25 units released were sold on the first day of the launch. Most of the units sold were 3- and 4-bedroom apartments at a health average selling price of $3,200 psf.
Prices of a 1,098 sq ft 2-bedroom unit start from $3.8 million while that of 3-bedders and 5-bedders start from $5.5 million and $6.9 million respectively.
Neighbouring properties may launch ahead of time
With the real estate market finding a firmer footing, some analysts are expecting neighbouring properties to launch ahead of time to latch on to the momentum-gain. Projects in the vicinity include the Paterson Collection, 8 Saint Thomas and One Tree Hill.
The positive sales figures of properties in the Central Region (CCR) may have provided the push for this and possibly other upcoming launches.
But part of the momentum also comes from the en bloc prospects in the area. There could be up to 9 sites offering close to 1,400 units in the first half of this year alone. There is some agreement among analysts that this year could be a good one for the luxury property sector, with more foreigners coming back into the fray.
Compared to most of the other cities in the region, Singapore’s high-end property prices are considered affordable and have yet to reach its peak.