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

18 of the 25 units released for sale were sold at an average price of $ 3,200 psf.

New Futura, City Development Limited’s (CDL) luxury condominium project at Leonie Hill Road, received positive response from buyers, with 18 units sold at an average price of $ 3,200 psf during its first day of launch on 18 January (Thursday).

CDL revealed that only 25 units were released during the private viewing, while the units sold comprised two, three and four-bedroom units.

It noted that a third of the buyers were Singaporeans, while two-thirds were Singapore permanent residents and foreigners.

Just a 10-minute walk to Orchard Road, the freehold development is nestled on an 87,000 sq ft site, featuring 124 residential units as well as 253 carpark lots, including 30 supercar lots.

CDL acquired the site in a collective sale for $ 287.3 million in 2006, which works out to a land rate of $ 1,179 psf.

“Given the scarcity of brand new developments in the area, we are confident that New Futura will continue to attract savvy buyers looking for luxury living in the heart of town with good investment potential,” said a CDL spokesperson.

 

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

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Park West condo sold en bloc for $840.89m

Third time’s a charm. The owners of Park West have finally succeeded in selling the condominium via collective sale after two previous attempts which ended in failure.

According to an SGX filing on Thursday (11 January), the residents accepted an $ 840.89 million offer from SingHaiyi Gold Pte Ltd, a 50:50 joint venture between SingHaiyi Group’s wholly-owned unit SingHaiyi Land and Haiyi Wealth Pte Ltd, a firm controlled by the group’s controlling shareholders, Gordon and Celine Tang.

Located in 2 – 20 Jalan Lempeng near Clementi MRT station, the property has a land area of 633,644 sq ft and a plot ratio of 2.1. It consists of four shops and 432 residential units.

In December, Channel NewsAsia reported that with the initial asking price of $ 818 million, each flat owner will get between $ 1.4 million and $ 2.3 million, while each shop owner will receive $ 1.2 million to $ 1.8 million.

Park West’s 99-year leasehold tenure started on 8 March 1982, but SingHaiyi Gold intends to pay about $ 146 million to fully renew its term. The company also plans to fork out a differential premium of S$ 144.6 million to redevelop the site to its maximum permissible gross floor area of about 1.46 million sq ft at a height of at least 24 storeys.

The acquisition, which will be financed by internal resources and bank loans, is not expected to have a material impact on SingHaiyi Group’s earnings per share and net tangible assets per share for the fiscal year ending 31 March 2018.

 

This article was edited by Keshia Faculin.

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Resale condo prices up 0.1% in September

Prices of completed non-landed private homes rose slightly by 0.1 percent in September, following a revised 0.9 percent hike during the previous month, according to latest flash estimates of the NUS Singapore Residential Price Index (SRPI).

Excluding small units, prices in the central region climbed by 0.4 percent in September, after posting a one percent increase in August.

In the non-central region, prices fell 0.2 percent, a reversal from the previous month’s 0.8 percent increase.

Meanwhile, small units measuring 506 sq ft or below registered the biggest growth in prices at 0.9 percent, up from the 0.4 percent hike registered in August.

The central region sub-basket comprises properties located in districts 1 to 4 and 9 to 11, while properties found in other districts fall under the non-central region sub-basket.

 

This article was edited by Keshia Faculin.

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