Orchard condo sets record psf prices

CDL’s New Futura condo sold 48 units at an average price of over $3,200 psf.

Most of the released units in CDL’s recently launched New Futura project have been sold at an average price of $3,200 psf – the highest in five years, reported Singapore Business Review.

The selling price at the freehold development in Leonie Hill Road has not been seen in Singapore for a long time, said iCompareLoan chief mortgage consultant Paul Ho.

More: New Futura condo sells 18 units at average price of $3,200 psf

He pointed out that Singapore’s property market has become upbeat thanks to a record number of en bloc sales of older condominiums. “This has led property sellers to ask for higher prices.”

OCBC Investment Research analyst Andy Wong Teck Ching agrees with Ho that prices are rebounding amidst positive sentiment and a recovery in the private housing market.

“As a recap, the URA Private Residential Properties Price Index (PPI) reached an inflection point in Q3 2017, climbing 0.7 percent on-quarter after 15 consecutive quarters of decline, or a cumulative 11.6 percent dip from the last peak in Q3 2013.

“This momentum continued in Q4 2017, with the URA Private Residential PPI rising 0.8 percent on-quarter, such that the year 2017 ended in positive territory (up 1.1 percent from 2016),” he noted.

Furthermore, notable deals in the luxury segment attest to the bullish sentiment, said Ching.

“New Futura saw 48 units sold (75 percent out of the 64 units launched) at an average selling price of over $3,200 psf (as of 22 Feb 2018). Gramercy Park, another freehold project in the Orchard Road vicinity (Grange Road), is now 97 percent sold with average selling prices in excess of $2,800 psf,” he added.

Check out our review of New Futura, or view other project reviews!

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

This post was originally posted on Property Guru Property Market News Section