After its trailer last month, EL Development launched its luxury homes, Pullman Residences Newton, for sale over the weekend. Of 25 units released, 12 have been marketed as at Sunday, Nov 10. Average cost of units sold was $3,000 psf.
The 350-unit, freehold Pullman Residences Newton is a redevelopment of the previous Dunearn Gardens website, that it purchased en bloc for $468 million in April last year. The 95,442 sq feet, freehold website is located only 150m from Newton MRT Station, which will be an interchange station for the North-South and Downtown Lines.
Components at Pullman Residences Newton range from 463 sq feet to get a one-bedroom unit; 667 sq feet to get a two-bedroom unit; 1,163 sq feet for a three-bedder; into 1,378 sq feet for a four-bedroom apartment. Amenities from the upscale, branded homes include a 50m lap pool, a children’s pool, club lounge with an attendant, outdoor dining pavilion, health gym, changing room, tennis court, and a small playground.
“Pullman Residences is a resort branded home with concierge service that the likes of St Regis Residences, Ritz-Carlton Residences and many others,” says Ismail Gafoor, CEO of PropNex Realty. “It is definitely a value proposition as an investment given its location.”
The small take-up rate is a manifestation of”the present market fatigue due to many new launches lately vying for buyers’ attention”, adds Gafoor. But he’s convinced that Pullman Residences’ sales momentum will pick up as time passes,”given its attractive product attributes”.