A recent resale at New Futura condo has caught market watchers’ attention, not for record gains but for a rare multi-million-dollar loss. Despite being a sought-after freehold project in River Valley, one unit changed hands significantly below the market average.
What really happened, and what does it tell us about the ultra-luxury segment?
Table of contents
- New Futura luxury unit lost S$2.15 million in just 7 years
- How did such a large loss occur in a CCR freehold condo?
- Linked to a money laundering case in 2024
- Sold below the 2018 average price
- About the project: Ultra-luxury condo designed by world-famous architects
- Location review: Leonie Hill Road
- Wrapping up
New Futura luxury unit lost S$2.15 million in just 7 years
A 4-bedroom freehold unit at New Futura recently changed hands with the official transaction dated 31 July 2025. The 2,691-sqft unit, located on the 24th floor, fetched a price of S$8 million or S$2,973 psf. The 4-bedder comes with four en suite bedrooms, a helper’s room, and private lift access. It also features a double-volume ceiling and views over Orchard Road and the city skyline.
This transaction translates into a capital loss of S$2.15 million in just seven years. However, the S$2,973 psf achieved is still around 18% above District 9’s current average for freehold condos, which stands at S$2,512 psf. That’s not surprising given New Futura’s reputation. Developed by City Developments Ltd. (CDL), the project is regarded as one of the top luxury freehold developments in Singapore.
The project has also recorded a fair share of profitable sales since 2020, when units started entering the resale market. Interestingly, the highest profit recorded at New Futura involved a similar 4-bedroom unit located on the 15th floor. In December 2022, the seller of this New Futura unit gained S$2.96 million in profit, after holding the property for just four and a half years.
There are five resale transactions recorded over the past years, with profits starting from around S$170K to the highest of S$2.96 million. That said, the recent unprofitable condo sale at New Futura is indeed new. It is very unlikely that a prime freehold project in the Core Central Region (CCR) to lose such high value in a relatively short period.
How did such a large loss occur in a CCR freehold condo?
The recent S$8 million New Futura unit was originally bought in May 2018 with a price tag of S$10.15 million or S$3,772 psf. Meanwhile, the project’s average was only S$3,415 psf at that time, meaning the buyer paid around a 10% premium.
When compared to its specific unit type, the price gap was even more significant. A total of 21 sales of this 2,691 sqft, 4-bedroom type were recorded in 2018, averaging at S$3,311 psf. That means this particular unit on the 24th floor was bought at nearly 14% above the project’s average for the unit type.
Why was the unit bought at such a high price?
Linked to a money laundering case in 2024
Yes, you might have guessed it right. It turns out this particular apartment was tied to Singapore’s S$3 billion money laundering case.
According to property records, the unit was purchased in 2018 by Chen Qingyuan, one of 10 foreign nationals arrested in August 2024. In May 2024, Chen, a Cambodian national, pleaded guilty to three out of 10 charges and was sentenced to 15 months in jail. Authorities seized S$23.5 million worth of his assets, including the New Futura unit.
The condo was first put up for sale via private treaty in October 2024 with a guide price of S$11.38 million, or S$4,229 psf. This asking price was well above the eventual resale figure in July 2025.
Another property linked to the S$3 billion money laundering case was recently sold in June 2025. Read about it here.
In other words, this S$2.15 million “capital loss” is clearly an isolated case, and does not reflect the overall project’s performance from the investment point of view. The average psf at New Futura has actually increased by nearly 26% between 2018 and the last transaction in 2023.
Sold below the 2018 average price
There were no transactions at New Futura in 2024, but the S$11.38 million guide price for the seized unit likely took reference from past sales. For example, a similar 2,691 sqft unit on the same floor changed hands for S$12.5 million (S$4,645 psf) in May 2023. In December 2022, another unit with the same layout sold for S$12 million, marking the highest profit within the project. Even in 2021, similar units were transacted at S$10.4 million and S$11 million.
Against these benchmarks, the S$11.38 million asking price in 2024 was actually attractive enough. However, the 4-bedroom unit was only sold at S$8 million in the recent transaction. At S$2,973 psf, the July 2025 resale sits over 10% below the 2018 unit average of S$3,311 psf. Even with the unit’s controversial history, it is a rare case of a price falling under its own launch-year average in such a highly regarded freehold project.
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About the project: Ultra-luxury condo designed by world-famous architects
Completed in 2017, New Futura is a freehold luxury condo in prime District 9. Developed by CDL, the project consists of 124 units spread across twin 36-storey towers. Unit sizes range from 2-bedroom layouts at 1,098 sqft to large 4-bedroom homes at 2,691 sqft. At the top are two penthouses of 7,836 sqft each, designed as duplexes with five bedrooms and 360-degree panoramic views of the city.
The development was designed by Skidmore, Owings & Merrill, the renowned New York-based architectural firm behind iconic skyscrapers such as the Burj Khalifa and One World Trade Centre.
The first phase of the upmarket development, comprising its 64-unit South Tower, was soft-launched and nearly sold out in January 2018. The launch sales achieved an average selling price of over S$3,350 psf. The average figure was boosted by the penthouse sale, which fetched S$36.28 million or S$4,630 psf.
New Futura offers more than 50 lifestyle facilities, including an Infinity Lap Pool, Aqua Beds, Cabanas, Wellness Studio, Social Lounge, Pets’ Lawn, and Epicure Dining. Its dual-level clubhouse provides private dining and barbecue options, while six themed sky terraces offer sweeping views and leisure spaces.
Location review: Leonie Hill Road
The development is located on Leonie Hill Road, a quiet enclave just minutes from Orchard Road. Residents are about a 10-minute walk to Great World MRT station on the Thomson-East Coast Line, which connects directly to Great World City mall. Orchard Road shopping landmarks like Ngee Ann City, ION Orchard, and 313@Somerset are also within walking distance.
For families with young children, the condo is within a 1km radius of River Valley Primary School. There are four more primary schools within 2km, including:
- Alexandra Primary School
- Anglo-Chinese School (Junior)
- St. Margaret’s School (Primary)
- Zhangde Primary School
Beyond shopping and schools, the area also offers plenty of lifestyle options. Fort Canning Park is nearby for outdoor activities, while the Singapore River and Robertson Quay provide a mix of waterfront dining and nightlife. Residents can also enjoy the ease of being close to both Orchard and the CBD, making Leonie Hill Road a rare blend of convenience and exclusivity.
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Wrapping up
The S$2.15 million loss at New Futura shouldn’t be mistaken as a sign of weakness in the CCR luxury market. In fact, July 2025 also recorded a 4-bedroom condo in Orchard that was sold for a S$3.08M profit after just 6 years. The outlier transaction at New Futura was shaped by unusual circumstances, including its link to the money laundering case and an above-average entry price in 2018. Stripping out this isolated fire sale, New Futura has delivered strong capital gains reflected in its limited resale transactions.
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