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INDONESIA'S Lippo group is making its maiden foray into residential property development here at a site in Newton - and is hoping for an auspicious start by setting a new pricing benchmark for the area.

And this is no one-off foray: The conglomerate has made it clear that this project will not be its last in Singapore.

It will start selling the 91-unit luxury Newton One on Saturday at a soft launch for invited guests only.

Priced at $1,200 to $1,250 per sq ft (psf) on average, the apartments will cost a bit more than other developments in the area, which cost about $1,000 psf.

Lippo is confident it can pull off this premium in pricing, as the 29-storey project offers quality fittings and unique features that sets it apart from the rest.

'This is our first property. It will set the standard for Lippo developments,' said Lippo Realty executive director Thio Gim Hock.

All units, which range from 1,216 to 2,411 sq ft, come with their own private lift lobbies.

The biggest of the eight units boasts five bedrooms - one is actually a granny flat with its own kitchenette and private entrance from the lift lobby.

These 2,411 sq ft units also have large master bedrooms featuring a separate private lounge area that is Mr Thio's idea.

And except for the smallest two-bedroom units, the rest come with two balconies - in the living and dining area.

Mr Thio said the project has already attracted buying interest ahead of the official launch slated for the following weekend, with Knight Frank as the marketing agent.

He brings extensive experience to his position, having masterminded the 1991 launch of Four Seasons Park when he was executive director of Hotel Properties.

'Four Seasons Park was the benchmark for luxury condos in the early 90s,' said an industry source.

Lippo clinched the former Newton Heights freehold site for Newton One in a collective sale in February last year for $43.6 million.

The firm is also busy planning another project on a site that it bought last month in Kim Seng Road - with a launch set for early next year.

It expects to build slightly more than 300 units there.

Besides residential developments, Lippo has in its local portfolio commercial properties such as 78 Shenton Way and 79 Anson Road that could eventually be injected into a real estate investment trust.

Lippo has also unsuccessfully made bids in tenders for major projects such as Orchard Turn.