CDL's New Futura sells 70% of Phase 2 units released since Friday at average of over S$3,500 psf

IN a matter of days, City Developments Limited (CDL) has seen 70 per cent or 21 of the 30 units that it released over the weekend for New Futura's second phase snapped up at an average selling price of over S$3,500 per square foot (psf).

A majority of the units were bought by permanent residents and foreigners, and they were the larger apartments of up to S$10 million each, said CDL, which started previews on May 11. These were in the 60-unit North Tower.

CDL has also seen what it called "robust demand" for its 64-unit South Tower which was soft-launched in January under Phase 1. Both towers are 36 storeys tall.

To date, 62 apartments or 97 per cent have been sold with an average selling price of over S$3,350 psf for Phase 1.

This included the 7,836 sq ft penthouse which sold for S$36.28 million or S$4,630 psf.

The other penthouse in North Tower remains available for sale.

Of the buyers, 72 per cent were foreigners and permanent residents, mainly from Asia including China, Indonesia, Malaysia and South Korea, CDL said.

"The Singapore residential market has continued to show promising signs of recovery. Propelled by pent-up demand, sales volumes are strengthening and property prices are trending up especially for high-end projects with strong value proposition," Chia Ngiang Hong, CDL's group general manager, said in a statement. "Foreigners are also returning to invest in Singapore's high-end property market given the city's attractiveness, economic stability, price recovery and value."

New Futura is located on Leonie Hill Road in Singapore's prime District 9 and is designed by Skidmore, Owings & Merrill LLP.