{"id":54064,"date":"2017-05-08T16:11:35","date_gmt":"2017-05-08T09:11:35","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-futura-to-launch-amid-improved-market-sentiment\/"},"modified":"2017-05-08T16:40:56","modified_gmt":"2017-05-08T09:40:56","slug":"new-futura-to-launch-amid-improved-market-sentiment","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-futura-to-launch-amid-improved-market-sentiment\/","title":{"rendered":"New Futura to launch amid improved market sentiment"},"content":{"rendered":"


\nView of CDL\u2019s soon-to-be completed New Futura condominium at Leonie Hill Road.
\nProperty developer City Developments Limited (CDL) is gearing up to launch its New Futura condominium at Leonie Hill Road in prime District 9 sometime in the second half of 2017.
\nLocated close to the Orchard Road area, the luxury freehold project will comprise two 36-storey towers with a total of 124 units. Construction is expected to be completed later this year.
\nIt was previously reported that CDL jointly purchased the collective sale site with El-Ad Group for $287.3 million ($1,179 psf) in late 2006, but the Israel-based American firm later sold its 50 percent stake to CDL.
\nThere will be a range of unit types, including two- to four-bedroom apartments and five-bedroom penthouses from 1,098 sq ft to 7,825 sq ft. All apartments will have private lift access.
\nWong Xian Yang, Head of Research & Consultancy at OrangeTee, said not much information is currently available about New Futura, but he estimates average selling prices to be upwards of $2,700 psf.
\nHe explained that supply of new projects in the Core Central Region (CCR) remains relatively limited, as most completions in recent years have been concentrated in the Outside Central Region (OCR).
\n\u00a0
\nNew Futura is located close to the Orchard Road shopping belt. Source: CDL
\n\u00a0
\nAside from New Futura, the only other major project to be launched in the CCR this year is GuocoLand\u2019s 450-unit Martin Modern condominium in Robertson Quay, which is expected to have a lower average price of about $2,300 psf.
\nIn terms of pricing, Wong thinks the luxury property market may stabilise sooner as prices in the CCR have not increased as much compared to the other submarkets during the last property boom.
\n\u201cDuring the property boom of 2009 to 2013, CCR prices only rose 48 percent, whereas RCR (Rest of Central Region) and OCR prices rose 61 percent and 75 percent respectively over the same period.
\n\u201cThe implementation of the Additional Buyer\u2019s Stamp Duty and loan curbs hit the high-end market harder compared to the other submarkets due to their higher prices and higher proportion of foreign demand in the CCR,\u201d he said.
\nEchoing similar sentiments, a spokesperson for CDL noted that prices in the high-end market are showing signs of bottoming out, with increased buying interest for luxury developments.
\n\u201cFor certain premium upmarket projects like CDL\u2019s Gramercy Park, we have even seen a pick-up in pricing from over $2,600 psf to $2,800 psf,\u201d said the spokesperson.
\nAccording to Wong, prices in the CCR could potentially lead the next price rally if the property cooling measures are gradually removed.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…New Futura to launch amid improved market sentiment<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

View of CDL\u2019s soon-to-be completed New Futura condominium at Leonie Hill Road. Property developer City...<\/p>\n","protected":false},"author":1,"featured_media":54065,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-54064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/05\/New-Futura-816x1024.jpg?fit=816%2C1024&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-e40","jetpack-related-posts":[{"id":77626,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/new-futura-condo-sells-18-units-at-average-price-of-3200-psf\/","url_meta":{"origin":54064,"position":0},"title":"New Futura condo sells 18 units at average price of $3,200 psf","date":"January 22, 2018","format":false,"excerpt":"\r 18 of the 25 units released for sale were sold at an average price of $3,200 psf. 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