A latest resale at New Futura rental has caught market watchers’ consideration, not for report positive aspects however for a uncommon multi-million-dollar loss. Regardless of being a sought-after freehold undertaking in River Valley, one unit modified fingers considerably under the market common.
What actually occurred, and what does it inform us in regards to the ultra-luxury section?
Desk of contents
New Futura luxurious unit misplaced S$2.15 million in simply 7 years
A 4-bedroom freehold unit at New Futura just lately modified fingers with the official transaction dated 31 July 2025. The two,691-sqft unit, positioned on the twenty fourth flooring, fetched a value of S$8 million or S$2,973 psf. The 4-bedder comes with 4 en suite bedrooms, a helper’s room, and personal carry entry. It additionally includes a double-volume ceiling and views over Orchard Highway and the town skyline.
This transaction interprets right into a capital lack of S$2.15 million in simply seven years. Nonetheless, the S$2,973 psf achieved continues to be round 18% above District 9’s present common for freehold condos, which stands at S$2,512 psf. That’s not shocking given New Futura’s fame. Developed by Metropolis Developments Ltd. (CDL), the undertaking is thought to be one of many high luxurious freehold developments in Singapore.
The undertaking has additionally recorded a fair proportion of worthwhile gross sales since 2020, when models began coming into the resale market. Apparently, the very best revenue recorded at New Futura concerned the same 4-bedroom unit positioned on the fifteenth flooring. In December 2022, the vendor of this New Futura unit gained S$2.96 million in revenue, after holding the property for simply 4 and a half years.
There are 5 resale transactions recorded over the previous years, with income ranging from round S$170K to the very best of S$2.96 million. That stated, the latest unprofitable rental sale at New Futura is certainly new. It is extremely unlikely {that a} prime freehold undertaking within the Core Central Area (CCR) to lose such excessive worth in a comparatively brief interval.
How did such a big loss happen in a CCR freehold rental?
The latest S$8 million New Futura unit was initially purchased in Might 2018 with a price ticket of S$10.15 million or S$3,772 psf. In the meantime, the undertaking’s common was solely S$3,415 psf at the moment, which means the customer paid round a ten% premium.
When in comparison with its particular unit kind, the worth hole was much more important. A complete of 21 gross sales of this 2,691 sqft, 4-bedroom kind had been recorded in 2018, averaging at S$3,311 psf. Which means this explicit unit on the twenty fourth flooring was purchased at almost 14% above the undertaking’s common for the unit kind.
Why was the unit purchased at such a excessive value?
Linked to a cash laundering case in 2024
Sure, you may need guessed it proper. It seems this explicit condo was tied to Singapore’s S$3 billion cash laundering case.
In line with property information, the unit was bought in 2018 by Chen Qingyuan, one in all 10 international nationals arrested in August 2024. In Might 2024, Chen, a Cambodian nationwide, pleaded responsible to 3 out of 10 costs and was sentenced to fifteen months in jail. Authorities seized S$23.5 million value of his property, together with the New Futura unit.
The rental was first put up on the market by way of personal treaty in October 2024 with a information value of S$11.38 million, or S$4,229 psf. This asking value was effectively above the eventual resale determine in July 2025.
One other property linked to the S$3 billion cash laundering case was just lately offered in June 2025. Examine it right here.
In different phrases, this S$2.15 million “capital loss” is clearly an remoted case, and doesn’t replicate the general undertaking’s efficiency from the funding perspective. The typical psf at New Futura has really elevated by almost 26% between 2018 and the final transaction in 2023.
Bought under the 2018 common value
There have been no transactions at New Futura in 2024, however the S$11.38 million information value for the seized unit doubtless took reference from previous gross sales. For instance, the same 2,691 sqft unit on the identical flooring modified fingers for S$12.5 million (S$4,645 psf) in Might 2023. In December 2022, one other unit with the identical structure offered for S$12 million, marking the very best revenue inside the undertaking. Even in 2021, related models had been transacted at S$10.4 million and S$11 million.
Towards these benchmarks, the S$11.38 million asking value in 2024 was really engaging sufficient. Nonetheless, the 4-bedroom unit was solely offered at S$8 million within the latest transaction. At S$2,973 psf, the July 2025 resale sits over 10% under the 2018 unit common of S$3,311 psf. Even with the unit’s controversial historical past, it’s a uncommon case of a value falling beneath its personal launch-year common in such a extremely regarded freehold undertaking.
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Concerning the undertaking: Extremely-luxury rental designed by world-famous architects
Accomplished in 2017, New Futura is a freehold luxurious rental in prime District 9. Developed by CDL, the undertaking consists of 124 models unfold throughout twin 36-storey towers. Unit sizes vary from 2-bedroom layouts at 1,098 sqft to massive 4-bedroom properties at 2,691 sqft. On the high are two penthouses of seven,836 sqft every, designed as duplexes with 5 bedrooms and 360-degree panoramic views of the town.
The event was designed by Skidmore, Owings & Merrill, the famend New York-based architectural agency behind iconic skyscrapers such because the Burj Khalifa and One World Commerce Centre.
The primary part of the upmarket improvement, comprising its 64-unit South Tower, was soft-launched and almost offered out in January 2018. The launch gross sales achieved a mean promoting value of over S$3,350 psf. The typical determine was boosted by the penthouse sale, which fetched S$36.28 million or S$4,630 psf.
New Futura provides greater than 50 life-style amenities, together with an Infinity Lap Pool, Aqua Beds, Cabanas, Wellness Studio, Social Lounge, Pets’ Garden, and Epicure Eating. Its dual-level clubhouse gives personal eating and barbecue choices, whereas six themed sky terraces provide sweeping views and leisure areas.
Location overview: Leonie Hill Highway
The event is positioned on Leonie Hill Highway, a quiet enclave simply minutes from Orchard Highway. Residents are a few 10-minute stroll to Nice World MRT station on the Thomson-East Coast Line, which connects on to Nice World Metropolis mall. Orchard Highway buying landmarks like Ngee Ann Metropolis, ION Orchard, and 313@Somerset are additionally inside strolling distance.
For households with younger kids, the rental is inside a 1km radius of River Valley Major Faculty. There are 4 extra main faculties inside 2km, together with:
- Alexandra Major Faculty
- Anglo-Chinese language Faculty (Junior)
- St. Margaret’s Faculty (Major)
- Zhangde Major Faculty
Past buying and faculties, the world additionally provides loads of life-style choices. Fort Canning Park is close by for outside actions, whereas the Singapore River and Robertson Quay present a mixture of waterfront eating and nightlife. Residents may benefit from the ease of being near each Orchard and the CBD, making Leonie Hill Highway a uncommon mix of comfort and exclusivity.
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Wrapping up
The S$2.15 million loss at New Futura shouldn’t be mistaken as an indication of weak point within the CCR luxurious market. In truth, July 2025 additionally recorded a 4-bedroom rental in Orchard that was offered for a S$3.08M revenue after simply 6 years. The outlier transaction at New Futura was formed by uncommon circumstances, together with its hyperlink to the cash laundering case and an above-average entry value in 2018. Stripping out this remoted fireplace sale, New Futura has delivered robust capital positive aspects mirrored in its restricted resale transactions.
Having fun with this in-depth evaluation? 99.co Condominium Money or Crash covers month-to-month notable transactions in Singapore’s personal property market.
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