New Futura is one of the most important developments at the beginning of this year. Apparently, CDL which created New Futura has managed to move 18 units of this project at a price of $3200 per square feet, which is pretty good.
According to the market watchers, this is a very good showing and one that gives us a lot of trust into the results that can be obtained on the market. While it’s definitely not the ultimate price, the 5 agencies that backed this project seem to be pretty happy with it. And in many ways, that is for the best.
Considering the fact that only twenty five exclusive residential were released during the private show suites viewing on January 18th, it’s miraculous to see more than 60% of those already sold. Simply put, this brings in front a very positive response and the new luxury project is definitely going to be followed with others.
There are only one hundred and twenty four exclusive units here, and the best part is that New Futura is very close to orchard Road and other important locations. All the units that were put on sale are in the South Tower. The price per unit started at around $3.8 million for the 2-nedroom units with 1098 square feet and $5.5 million for the three bedroom units. The four bedroom units went for around $6.9 million.
While that’s quite a lot of money, it’s safe to say that the collective sale worked great and the results that we can find here are among some of the best out there. It can be very hard to sell a lot, especially in such a situation. But the New Futura development did bring in more than it was expected for now. The project did receive time extensions for the building completion. But it also has a temporary occupation permit in case such a thing is needed.
Some of the nearby locations didn’t manage to sell as well, with prices being less than $3000 per square feet in most cases. But the upcoming developments will end up having an even better price most likely, it all comes down to their location and other factors.
But the success offered by the New Futura development’s early sale shows that the market is coming back and recovering. If this is a sign of how this year’s market will be, it’s certainly a very good one. We can expect some shifts and challenges here and there, but for the most part, this freehold condo, New Futura is a success and it will undoubtedly be followed by others!
Latest new launch condo in 2018