April 3, 2007, 9.35 pm (Singapore time)

Orchard Turn condo averages record $3,213 psf

THE first phase of apartments at Orchard Residences has been fully sold at a record average price.

The 98 units fetched an average of $3,213 per sq ft (psf), joint developers CapitaLand and Sun Hung Kai Properties said on Tuesday.

Average prices for units above the 30th floor of the 56-storey Orchard Turn tower soared to $3,705 psf. 'Several high-level units' also fetched more than $4,000 psf, setting price records for Singapore homes.

Units on the lower levels averaged $2,820 psf.

But this is still higher than the next priciest project, St Regis Residences in Cuscaden Road. Average prices for St Regis are believed to be between $2,700 and $2,800 psf.

The remaining 77 units at Orchard Residences will be released 'in phases to meet the rising demand', the developers said.

Most apartments at Orchard Residences range in size from 1,800 to 2,900 sq ft.

But the unsold units include the bigger penthouse and garden apartments, which are 4,300 to 6,500 sq ft in size.

Some of the remaining units will be offered to invited buyers at the official launch, which is expected to be held next month when the showflat is ready.

Buyers so far have been 'business partners, associates and referrals', CapitaLand said, including 'many well-heeled Singaporean, Asian and international high-net- worth home buyers and investors'.

CapitaLand is also expected to launch the freehold Seafront @ Meyer on Friday, with buyers already queuing for the project's 327 units.

It was reported last month that prices could range from $1,400 to more than $1,800 psf, with penthouse units going for as much as $2,200 psf.

But market watchers said that was 'optimistic' for the area.

'There is a possibility that we could see such prices, but probably only in several months' time, assuming a very optimistic projection,' said Mr Nicholas Mak, director of research and consultancy at Knight Frank.

He added that 'transacted prices in this area have not really reached this level yet', aside from GuocoLand's The View @ Meyer, also in Meyer Road.

GuocoLand said in January that 35 of the development's 45 units had been sold. Prices are between $1,500 and $1,800 psf, but the condo still has unsold units.

Other condos in Meyer Road and nearby Amber Road are hitting a maximum price of about $1,000 psf.

Meanwhile, The Solitaire in Balmoral Road has also set price records. All units were sold within a week at an average of more than $2,000 psf.

The 59-unit project also achieved a high price of more than $2,300 psf, a benchmark for the area, developer City Developments Ltd (CDL) said on Tuesday.

Prices ranged from $2.3 million for a two-bedroom unit to $7.4 million for a penthouse, CDL added. About 40 per cent of buyers were foreigners.