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Foreigners form bulk of buyers at two CDL upmarket projects

Foreigners form bulk of buyers at two CDL upmarket projects.

Foreign buyers, including Singapore permanent residents, have accounted for $1.03 billion of sales at the New Futura and Gramercy Park prime district condominiums.

That amount made up over 70 per cent of the total sales value of $1.3 billion at the two City Developments (CDL) projects, the firm said.

Gramercy Park in Grange Road received its Temporary Occupation Permit in May 2016; New Futura in August last year.

Foreign buyers - mainly from China, Indonesia and Malaysia - have bought 34 of the 48 units CDL has sold since it released New Futura's 64-unit South Tower in January. Those sales were valued at about $206 million in all.

The 48 units sold in the Leonie Hill Road development add up to about $302 million. Both towers in the complex are 36-storeys high.

CDL said the 48 units sold at New Futura achieved an average price of above $3,200 per square foot (psf).

Prices started from $3.8 million for two-bedroom units, $5.5 million for three-bedders, and $6.9 million for four-bedders. Typical unit sizes range from 1,098 sq ft for two-bedders, 1,830 sq ft for three-bedders, and 2,250 sq ft for four-bedders.

The jewels of New Futura are its two penthouses, priced from $39.8 million. Each is 7,836 sq ft spanning two storeys and with five bedrooms.

Besides offering 360-degree panoramic views of the city, each penthouse comes with a 13m private pool, sauna and shower by the pool deck. The penthouses also have an entertainment kitchen on the pool deck.

The 174-unit Gramercy Park is further along the sales process.

CDL released the first tower for sale in May 2016, and the second in late March last year.

It has moved 170 units totalling $1.01 billion in the district 10 project with 132 units worth $827 million going to foreign buyers. The project comprises two blocks of 24 storeys each.

Gramercy Park's average sale price was over $2,800 psf.

All four penthouses in the development have been sold to foreigners at prices ranging from $16.88 million to $24.5 million.

CDL noted that Knight Frank's recent Wealth Report 2018 named Singapore as a favoured destination for property investments among the world's ultra-wealthy, taking the fifth spot.

CDL has two more luxury projects on the boil. Both are joint ventures. The 190-unit South Beach Residences is slated for release in either the second or third quarter of this year, but the firm has not indicated a launch time for the 154-unit The Biltmore, which is in the Cuscaden Road/Orchard Boulevard area.

Adapted from StraitsTime, March 14, 2018.