Boulevard 88 Prices
The pricing is yet to be confirmed, many adjustments and consideration are still in the works. Comparable residential units in the areas will also be taken into consideration, At this stage, the indicative pricing is estimated to be above 3000psf, but it will be subject to changes. There will be no responsibility for any indication taken from the site. Stayed tuned for more updates or register to get reliable information from our sales team.
The site history will be updated soon.
CDL highlighted that ultra high net worth (UHNW) foreign buyers (including Singapore permanent residents or PRs) have purchased a total of S$1.03 billion worth of units at New Futura and another of the group’s prime-district freehold condos, Gramercy Park in Grange Road. This made up more than 70 per cent of the total sales value of S$1.3 billion so far in these two developments, CDL said.
Gramercy Park received its Temporary Occupation Permit in May 2016 and New Futura, in August 2017.
The group, controlled by the Kwek family, is upbeat about prospects for Singapore’s high-end residential market.
CDL Group’s general manager Chia Ngiang Hong, citing Knight Frank’s recently published The Wealth Report 2018, said: “By 2022, the population of UHNW individuals in Asia is expected to increase by about 55 per cent, as compared to 2017. We are confident that the rest of our highly anticipated luxury condominiums such as South Beach Residences and The Biltmore will receive similar strong take-up rates.”
Price Bid History
- Records tumbled when developers made a beeline for residential sites in Cuscaden Road and Mattar Road but one in Silat Avenue was snubbed.
- A consortium of SC Global Developments, New World Development and Far East Consortium International lodged the top bid of $410 million for the Cuscaden Road site, which is near Orchard Road.
- This translates to $2,377 per square foot per plot ratio (psf ppr) and trumped eight other bidders.
Freehold Property in Singapore
- A freehold property like Boulevard 88 can be held by the owner indefinitely (fee estate simple). A 99-year leasehold property reverts back to the state, upon the expiry of its lease, barring any en-bloc and lease top up scenarios.
- You may also have heard of 999 years, these are holdovers from the Colonial-era rules, where properties with 999-year leases exist. This is, for all intents and purposes, similar to freehold.
- It is worth to note that for some rare cases, there are written and regulated provisions that allow the government to legally reclaim the land from the owner for some important infrastructural needs or security purposes. There is a chance that your property is in the way of an infrastructure project, the fact that its freehold is not going to save it. There is also the possibility of en-bloc redevelopment. If a developer makes an en-bloc attempt for your freehold condo, and the development achieves a certain required vote percentage, then moving out is a must
- As a (very loose) rule of thumb, the initial sale price of a freehold unit (new sale) tends to be 10 to 15 percent higher compared to a leasehold unit in the same area.