SINGAPORE - Freehold luxury development Boulevard 88 in prime district 10 has sold 20 residential units at an average selling price of $3,550 per square foot, of the 25 units released to date.

City Developments Limited (CDL) and its joint venture partners, Hong Leong Holdings and Lea Investments, launched exclusive private previews of Boulevard 88 - which are by appointment only - on March 8. In total, sales of over $160 million have been achieved so far, said CDL in a media release on Wednesday (March 20).

Directly accessible through Orchard Boulevard and Cuscaden Road, the 154-unit development is within walking distance of the Orchard Road shopping and entertainment belt, Orchard MRT station and future Orchard Boulevard Station (on the Thomson-East Coast Line).

Prices start from $4.4 million for a two-bedroom unit plus study, $6 million for a three-bedroom, and $9.6 million for a four-bedroom. The development offers four penthouses priced at $30 million to $32 million. Unit sizes range from 1,313 square feet (sq ft) for a two-bedroom plus study to 6,049 sq ft for the largest penthouse.

The majority of the units sold were four-bedroom apartments, which cost more than $10 million each, and the rest comprised two-bedroom plus study and three-bedroom apartments. About 60 per cent of the buyers were Singaporeans while the remaining were Singapore Permanent Residents and foreigners, who were mainly from Indonesia, China and the US.

CDL group general manager, Chia Ngiang Hong, said: "For an ultra-luxury development, achieving a sales value of over $160 million in less than two weeks of exclusive previews is commendable in the current market.

Apart from its prime location and the plans to rejuvenate and transform Orchard Road, he said Boulevard 88's buyers were also "drawn to its attractive pricing."