Hot property coming up in District 9 (Orchard)

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New futura

New Futura – Upcoming hot property in District 9

District 9 is no longer the frozen district. Analysts are saying the Singapore property market has reached a cyclical bottom and buyers are returning to the market, going by the sales that have occurred in the rest of the island.

A notable new development is New Futura built by City Developments (CDL) and designed by ADDP. Located in the Leonie Hill district, New Futura is a condominium that caters to investors who want their investment to have both rental and capital gains potential.

Prices in D9 have hovered on average at the $2,000 psf mark for the last few years, but a buying revival is seeing that figure slowly inch upward.

What’s so special about district 9 that makes New Futura a notable investment?

District 9 is located in the southern part of Singapore (pink portion in the map) which is the central part of Singapore. In this area, there are numerous shopping malls and entertainment venues. This is where the Orchard road belt of Singapore is and where tourists from all over the world, and notably the Chinese, have been coming to.

Some say the shopping belt is losing its luster to other locations such as Shanghai, Paris and Italy, but it continues to hold its own in this part of South East Asia, trumping other locations like Thailand, Malaysia, Indonesia and Vietnam.

Propertyguru notes that New Futura is launching to improved market sentiment, and the development will contain 2 towers with a total of 124 units.

The site was previously bought by CDL together with El-Ad Group for SGD 287 million (or SGD 1,179 per sq ft), but the partner subsequently sold its stake to CDL.

Wong Xian Yang, Head of Research & Consultancy at OrangeTee, said not much information is currently available about New Futura, but estimates average selling prices to be upwards of $2,700 psf.

The supply of new developments in the central part of Singapore are limited, considering that most new condominiums completed in the last few years have been in the suburan parts of Singapore. This tight supply lends itself to a good investment as landlords will have power in terms of dictating the rents they command from expatriates who view the area as a prime location to stay.

If you want to find out more about the development, contact us here.

 


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