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Thread: Viridian in Balestier previews at $1,550 psf on average

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    Default Viridian in Balestier previews at $1,550 psf on average

    http://www.businesstimes.com.sg/sub/...58340,00.html?

    Published June 1, 2011

    Viridian in Balestier previews at $1,550 psf on average

    By UMA SHANKARI


    INDUSTRIAL developer Global Orion Properties has ventured into the residential arena with its 108-unit The Viridian in the Balestier area.


    The Viridian: Prices start from $785,000 for the project, comprising mostly one- and two-bedroom units

    Units at the freehold project are priced at an average of $1,550 per square foot (psf), with overall prices starting from $785,000 for a one-bedroom unit. The 23-storey The Viridian comprises mostly one- and two-bedroom units. Previews start today.

    The development is Global Orion Properties' debut residential project, and comes after it established a portfolio of contemporary industrial projects such as i-Lofts @ Changi, Northstar@AMK, The Crescent @ Kallang and Meissa in Pasir Panjang in the last few years.

    Satia Narjadin, director of Global Orion Properties, said that his firm has been exploring breaking into the residential market in Singapore for some time now.

    'We actually have a lot of residential development experience, just not in Singapore,' he said.

    A sister company of Global Orion Properties has built and sold homes in Australia and Indonesia.

    But the expectations from homebuyers in Singapore is a lot higher, Mr Narjadin said. So the developer spent some time hunting for choice sites and studying the market.

    The firm is building The Viridian on an industrial building at Jalan Ampas (off Balestier Road), which it bought in a collective sale in February 2010.

    It also has another residential site in its portfolio. The site in Hougang, which was also acquired in a collective sale, will be launched towards the end of this year, said Mr Narjadin. But unlike The Viridian, the Hougang project will comprise of mostly larger units as the property will be targeted at HDB upgraders.

    The Viridian is designed by Singapore-based architectural firm Ong & Ong Architects. True to the Latin origin of its name - which means 'green' - the property will come with lush landscaping throughout to bring nature closer to residents.

    Separately, Wing Tai Holdings said in an update that it has sold over 140 apartments in its latest residential project, the 496-unit Foresque Residences at Upper Bukit Timah.

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    http://www.straitstimes.com/Money/St...ry_674811.html

    Jun 1, 2011

    Industrial developer Global Orion Properties debuts residential project

    By Cheryl Lim


    INDUSTRIAL property developer Global Orion Properties is no stranger to the Singapore property scene, but it is making its debut in the residential market here with its The Viridian project.

    The developer has chalked up residential projects in Australia and Indonesia through its affiliated companies, but decided against jumping head-first into the residential sector here.

    In an interview with The Straits Times, Mr Satia Narjadin, director of Global Orion Properties, said: 'We thought we could improve on what was already available in the industrial sector and that's why we decided to bring in design elements and architectural finishes that were slightly bolder. We want our buyers to be proud of the environments that they are living or working in.'

    Located in Balestier, the 23-storey freehold development will consist of 108 apartments, ranging between 500 and 3,300 sq ft in size. A 506 sq ft one-bedroom apartment is priced from $785,000.

    The project is expected to obtain its temporary occupancy permit (TOP) in 2015. Preview sales for the project start today.

    Global Orion Properties is already working on its second residential project, in Hougang's Jalan Naung. The project is still in the development stage but Mr Satia is hoping to launch it in the second half of this year.

    But the company said after establishing a track record of selling out 100 per cent of its industrial units, it is not losing sight of its industrial properties and is even looking to venture into the commercial property sector.

    Mr Satia said one of the challenges facing newer players such as Global Orion Properties is the fact that more established developers have a presence in almost all tiers of residential property.

    'At the end of the day, if you plan and design it properly and you have the discipline to ensure that projects remain financially sound... you will always be able to carve out a niche of your own,' he said.

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    So expensive!

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