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CITY Developments Ltd (CDL) has finally set the date for the launch of its luxury condominium St Regis Residences on June 1.

But the market was rife with talk yesterday that a new record price of $3,000 per square foot had been reached at a preview sale. For now, the group will only say it has engaged the real estate arm of prestigious auction house Christie's to sell the project overseas.

'We have come to an agreement with Christie's to market this top-end product to select customers in the UK and Europe,' said Gerry de Silva, spokesman for the Hong Leong Group, parent of CDL.

The development, located between Tanglin Road and Cuscaden Road, will comprise 173 apartments in two 23-storey towers. A third 20-storey tower will be a six-star St Regis Hotel.

The well-heeled have been counting down the days before they can whip out their cheque books, but sources say a very select group of investors have already been invited to buy with a record price of $3,000 psf said to have been attained.

CDL is keeping mum on details ahead of the official launch next week but a buyer, who did not want to be named, said he had been invited to view the two showflats on Wednesday and was offered units priced between $2,300 and $2,800 psf, with mid-floor units going for about $2,600.

The buyer, who walked away with a three-bedroom apartment for around $2,600 psf, was also told that none of the penthouses were available. Describing the showflats, the buyer said one of the unusual design features was a raised bathtub. He also noticed the kitchen had been fitted out with high-end Miele appliances but said: 'This is to be expected.'

Commenting on the range of prices, Knight Frank's director of consultancy and research, Nicholas Mak said he expects St Regis Residences to set a new benchmark as it will come with extras, including the services of the hotel's concierge.

Savills Singapore head of research Wallace Chu said that if the development is launched at around $2,600, the prices of choice units will probably exceed similar developments sold during the previous peak 10 years ago.

In 1997, an apartment at Ardmore Park sold for about $2,400 psf.

The impact of the prices fetched at St Regis Residences will not be known for some time but prices of high-end developments are likely to be bolstered. Mr Chu said: 'Market sentiment will pick up and people will be more accepting of a new range of pricing.'