Pullman Residences Freehold Condominium at Newton

[newlaunchguru]

Pullman Residences Freehold Condominium at Newton previously known as Dunearn Gardens, was sold to EL Development at price of $468 million.

The site area of 8,866.9 sq m, or 95,442 sq ft, is surrounded by Good Class Bungalows, landed homes and high-rise condominiums. The sale price translates to a land price of $1,841 per sq ft per plot ratio (psf ppr), including a 10 per cent bonus balcony.*

EL Development intends to redevelop the site into a 34-storey luxury condominium comprising 348 units which have between one and four bedrooms. It’s estimated that break even cost around $2,445 and the launch price may range from $ $2800 to $3,000psf.*

The developer*EL Development Pte Ltd is a Singapore based real estate development and investment company.*

It first started as a small business unit within Evan Lim & Co. Pte Ltd, a Singapore’s leading builders. In late 2006, the company achieved success in its first high end residential project, Rhapsody on Mount Elizabeth, with the project selling out in merely 6 weeks. The company has since started to create a recognizable branding to focus on the property segment. Hence, EL Development Pte Ltd was officially incepted as a separate company in June 2007.

The company mission is to create optimized living and work spaces through constant innovation, efficient design, and delivery of high quality products so as to bring true value and satisfaction to its clients.

[CSH]

What is interesting about this Pullman Residences project, is that it will be a branded residence under the Pullman brand by Accor. There are only 3 other branded residences such as St Regis.

So while Pullman Residences Newton will be developed by EL Development themselves, it is Accor who will pick the managing agents. And included in the maintenance fees (which perhaps because of that is quite high), will be concierge and doorman services. As well as complimentary membership of the Accor LeCare club for a few years. Indicative pricing starts from around $1.33M up for a one bedder.