Another sign of pickup in the luxury property market?

The Business Times yesterday reported that CapitaLand has rung in more sales from Urban Suites. It has now sold 126 units - 90% of the 140 launched to date, and 76% of the 165 in the freehold project located in the Cairnhill area.

CapitaLand launched the second phase of this project recently, and has sold another 66 units. These include homes sold in Jakarta last weekend. The units went for $2500 - 2800psf. Prices rose by 4% from the $2400 - 2700psf range in the first phase of the launch.

All the two-bedders and many of the three-bedders have been sold. Two of the five penthouses available were also picked up, one for around $8.6 million and the other over $9 million.

On the whole, some 70% of the buyers were foreigners, from countries such as Indonesia, China, Australia and Canada. Indonesians alone made up 40% of buyers.

The wife and I have heard that viewing at Urban Suites is by invitation only. So we will advise you not to hold your breath waiting for our review on this project. This is unless someone from CapitaLand is reading this... and be so kind to send us an invite....anyone?

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