This New Freehold CBD Condo Starts From $1.29M — Here’s How the Pricing Compares
Quick Summary
- From a price perspective, Newport Residences is one of the lowest-quantum ways to buy into the CBD through a freehold mixed-use development, with one-bedders from about $1.3 million and two-bedders from just under $2 million.
- While its $PSF looks high on paper, the compact size of the one- and two-bedder layouts keep absolute prices reasonable.
- With the CBD Incentive Scheme and the Greater Southern Waterfront reshaping the area into a live-work-play district, Newport Residences is at the forefront of these transformations.
- When compared against nearby resale options in Anson Road, Everton Road, and Spottiswoode Park Road, Newport Residences is priced at a premium on a $PSF basis; but not dramatically so on quantum
- Overall, Newport Residences is best considered as a property that leans into the vibrant CBD lifestyle and an asset with a long-term holding period, rather than a fast-flipping investment.
The development of Newport Residences marks some firsts for a new luxury residential project in the CBD. It’s a redevelopment of the former Fuji Xerox Tower and its developer, City Developments (CDL), utilised the government’s CBD Incentive Scheme when it redeveloped the site. This government incentive aims to transform the CBD into a more balanced live-work-play precinct (i.e., no longer just a big cluster of offices that’s dead on weekends.)
To that end, Newport Residences is designed as a “vertical estate” with residences sitting above offices, F&B, and serviced apartments in one integrated tower.
The highlight though is the price point. CBD properties will never be “cheap” per se, but Newport Residences manages to start from just $1.29 million for a one-bedder. But besides a surprisingly low quantum (for the smallest units at least), how else does its pricing measure up to nearby alternatives? Let’s take a look:
