Several units of CapitaLand's Orchard Residences sold at S$4,000 psf

[ahlahdin]

Several units of CapitaLand's Orchard Residences sold at S$4,000 psf

By Loh Kim Chin, Channel NewsAsia | Posted: 21 March 2007 2117 hrs


SINGAPORE : Prices for the high-end luxury residential sector continued to climb to new highs.

According to developer CapitaLand, several units of its Orchard Residences development at Orchard Turn had been sold at more than S$4,000 per square foot.

The 56-storey development is being built by CapitaLand and Hong Kong's Sun Hung Kai Properties.

Units above the 32nd floor attained prices of more than S$3,200 per square foot.

CapitaLand said the buyers were established high net worth individuals in Singapore and the region.

About 50 percent of the 175-unit development is being sold in the first phase on a by-invitation basis.

The development is targeted for completion in late 2009. - CNA /ls

[Unregistered]

IT IS ALL WAYANG BULLSHIT. INSIDERS BOUGHT AT $4000PSF TO BOOST THE PRICE.

SEE THE FLIPPING ADS SOON!

[Unregistered]

I agreed with you, ITS WAYANG GOLEK. So many developers very good at acting. They could win the OSCAR award probably by next year!!!

[Happy Man]

All right man!
Now that $4,000 psf level has been reached.
Going to sell my units at a higher price man!

[mr funny]

Published March 22, 2007

The Orchard Residences sets record price

Singaporean pays over $4,080 psf for 53rd level penthouse

By KALPANA RASHIWALA


(SINGAPORE) A Singaporean businessman is said to have paid a benchmark price of over $4,080 per square foot, working out to over $17 million, for a 53rd level penthouse at The Orchard Residences earlier this week. This beats the previous record of $3,450 psf set in December last year for a penthouse at the Marina Bay Residences, which also has a 99-year leasehold tenure.


http://img135.imageshack.us/img135/7613/bt588420421032007c79b9dp1.jpg
Cut above the rest: Prices for the Orchard Turn project cross the $4,000 psf mark not just for the penthouse deal but also for several other apartments on the upper floors


In the case of Orchard Residences, which will rise above Orchard MRT Station, the $4,000 psf mark has been crossed not just for the penthouse deal, but also for several other apartments on the upper floors.

'We're extremely pleased to have achieved a record price of over $4,000 psf for several units at The Orchard Residences in Singapore. Units above the 30th floor have also attained prices of over $3,200 psf,' said CapitaLand Group's president and chief executive officer Liew Mun Leong. The property company is developing the project jointly with Hong Kong's Sun Hung Kai Properties.

The duo is understood to have sold over 40 units in the development since Monday to a mix of Singaporean, Middle Eastern, European and Asian buyers. About half of the 175 units in the condo, spread across low, mid and high floors, are being released under the initial phase, which is for sale by invitation.

The lowest price achieved in the condo is said to be close to $2,600 psf.

Sun Hung Kai Properties vice-chairman and managing director Raymond Kwok said that 'more than 50 per cent of the units sold under Phase 1 are through internal referrals from business associates and partners'.

The developers seem to have screened potential buyers to give preference to genuine home buyers and investors rather than property speculators.

'We have received very strong response from Singapore, Asia and international genuine home buyers who wish to stay in the most prime spot on Orchard Road and have purchased The Orchard Residences with a view for long-term investment,' Mr Kwok said.

Meanwhile, Keppel Corp yesterday revealed that the super penthouse at its upcoming Reflections at Keppel Bay condo launch will be 13,300 sq ft in size, spread across the top three levels of the 41-storey project. The project is slated for release early next month.

And over in District 11, UOL has sold 40 per cent of its 180-unit condo, Pavilion 11, at Minbu Road.

It began previewing the freehold project last weekend and has achieved an average price of about $900 psf.

[mr funny]

March 22, 2007

Orchard Residences condo sets $4,000 psf record

By Fiona Chan


THE price that home buyers are willing to pay for a prestigious Orchard Road address has hit a dazzling new high.

Some well-heeled home buyers have just forked out more than $4,000 per sq ft (psf) for 'several units' at Orchard Residences, developer CapitaLand said yesterday.

As the smallest unit in the development is 1,800 sq ft, these homes went for at least $7.2 million apiece.

Orchard Residences - due for completion in late 2009 - now holds the record for the most expensive home in Singapore per sq ft, easily beating the previous high of $3,450 psf for a penthouse at Marina Bay Residences set last December.

CapitaLand said both local and foreign buyers were among those who bought these ultra-expensive apartments at the upcoming condominium at Orchard Turn, above Orchard MRT Station.

Already, more than 40 of the project's 175 units have been taken up, well before its official launch.

But in a strange twist, the priciest units were located on the lower floors. Above the 30th floor, the highest price achieved was only about $3,200 psf, said CapitaLand. According to one consultant, it could be becaue the units are suites or limited-edition apartments.

CapitaLand is developing the 56-storey, 99-year leasehold condo jointly with Hong Kong's Sun Hung Kai Properties. They plan to release another 40 or so units in its first phase, for sale by invitation only.

The remaining units, along with the larger penthouse and garden units, will be put on the market at a later date.

Property consultants said the new benchmark price is likely to boost prices along Orchard Road, but whether other developments can reach the same or even higher prices remains to be seen.

'Orchard Turn is probably the most premium and most photographed corner of Orchard Road,' said Mr Joseph Tan, residential director at CB Richard Ellis.

He added that the high prices 'are a bit surprising, but not entirely unexpected. In London, it costs a few thousand pounds (psf) for premium units around Hyde Park'.

But market experts said the average price for Orchard Residences is likely to be considerably lower than the benchmark $4,000 psf prices.

'A few deals don't make the market,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.

'It's more accurate to look at the average price of the development.'

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