High-end freehold project Boulevard 88 in prime district 10 has sold 20 of the 25 units released so far, with most of the units sold being four bedroom apartments.
Sales for the 20 units totalled over S$160 million, while the average selling price worked out to S$3,550 per square foot.
City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments, started exclusive private previews of Boulevard 88 - which are by appointments only - on March 8.
The 154-unit Boulevard 88 is the luxury residential component of a project that will also include the first EDITION Hotel in Singapore. The Moshe Safdie-designed project, with dual frontages along Orchard Boulevard and Cuscaden Road, is expected to be completed in 2022 and will feature two towers of 28 storeys each. The towers will be linked at the top with a skypark that will have an infinity pool, lounges, gym and other facilities.
Prices start from S$4.4 million for a two-bedroom plus study, S$6 million for a three-bedroom, and S$9.6 million for a four-bedroom. The development also offers four penthouses (5,673 sq ft to 6,049 sq ft) priced at S$30 million to S$32 million. The other units start from 1,313 square feet (sq ft) for a two-bedroom plus study, while the three-bedroom units are 1,776 sq ft each and the four-bedroom units range from 2,756 sq ft to 2,799 sq ft.
Most of the units sold were four-bedroom apartments, which cost more than S$10 million each, and the rest comprised two-bedroom plus study and three-bedroom apartments. About 60 per cent of the buyers are Singaporeans while the rest are permanent residents, and foreigners mainly from Indonesia, China and the United States.
To be constructed on the site of the old Boulevard Hotel, the development is within walking distance of Orchard MRT Station as well as the future Orchard Boulevard Station on the Thomson-East Coast Line.
CDL group general manager, Chia Ngiang Hong, said: "For an ultra-luxury development, achieving a sales value of over S$160 million in less than two weeks of exclusive previews is commendable in the current market. New freehold projects like Boulevard 88 are indeed are hard to come by. Being at the nexus of the Tanglin and Orchard Road sub-precincts, the project is poised to benefit from the plans to rejuvenate and transform Orchard Road."
He added that buyers are drawn to "its attractive pricing".
Adapted from: The Business Times, 21 March 2019
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