‘Super luxury’ tower rises in Singapore
SINGAPORE: The Orchard Residences is being built on superlatives. The building, now under construction on Singapore’s premier shopping street, Orchard Road, is being touted as a “super luxury” 56-story tower.
With 46 residential floors atop a multi-story retail space, the building will top out at 218 meters, or 715 feet. That will make it the tallest building in the neighborhood, towering over the 30-floor Marriott hotel across the street.
And in March, a unit sold for more than 4,000 Singapore dollars, or $2,627, a square foot, the city’s highest price for condominium units in nearly a decade.
The development is a joint venture of two regional property titans: Sun Hung Kai Properties of Hong Kong and CapitaLand of Singapore. Soon Su Lin, chief executive officer of the joint venture company Orchard Turn Developments, attributes the record sale price, at least in part, to the partners’ history of developing world-class properties.
Ninety-eight of the 175 units were snapped up in an invitation-only sale to business partners, associates and referrals. Soon said about half the buyers came from throughout Asia, including Indonesia, Japan, India and Hong Kong. The remaining units are being shown by appointment; prices are not being listed publicly.
Foreign buyers are expected to continue to play a significant role in the high-end market in Singapore, said Chua Yang Liang, head of research for Jones Lang LaSalle real estate here.
“Singapore’s competitiveness in terms of high-end property prices against other global cities of Tokyo, New York, London will continue to be the main factor attracting these foreign buyers,” he said. Top properties in Singapore sold for an average of 2,078 Singapore dollars, or $1,365, a square foot in the first quarter of this year, according to Jones Lange LaSalle.
In contrast, The Straits Times reported, apartments in New York are selling for $4,000 a square foot and London flats for as much as $9,000 a square foot.
Typical three- and four-bedroom units in Orchard Residences will range from 1,800 square feet to 2,800 square feet, with penthouse units from 4,200 square feet to 5,000 square feet.
While the penthouse is usually considered the most luxurious property in a development, it may not be in this building.
“One key feature of our residential development is the recreation of the ultimate private orchard for the exclusive use of our residents,” Soon said, referring to a 75,000-square-foot landscaped garden on the ninth level. It will have mangosteen trees, native to the region, and nutmeg trees, which used to be grown in the area and gave Orchard Road its name. Three garden units, ranging from 4,400 square feet to 6,500 square feet, will have direct access to the area.
Other recreational facilities on that level include a pool, tennis court and a “party house” that residents can rent for private events. On the 30th floor there will be a gym, a meditation deck, a yoga room and other amenities for the residents’ use.
An observation deck will occupy the 55th and 56th floors. The developers say there will be public access to the top two levels, but they are still working out the details.
Residential and retail display suites are scheduled to open in July. The retail space is set for completion by Christmas 2008, with the residential tower to be ready by the end of 2009.
Source : International Herald Tribune - 20 Jul 2007
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