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Thread: Scotts Square (D9, Freehold, Wheelock Properties)

  1. #1
    ryan Guest

    Default Scotts Square (D9, Freehold, Wheelock Properties)

    The Business Times

    29 December 2006

    Scotts Square: Scotts Shopping Centre to be demolished soon, tenants move


    Tenants have started clearing out of Scotts Road mainstay Scotts Shopping Centre as the mall awaits demolition.

    New owner Wheelock Properties, which bought the freehold Scotts Shopping Centre and the 23 storey The Ascott Singapore Serviced Residences above it for $345 million in June 2004, will soon tear down the landmark development to make way for its upcoming luxury residential and retail project, Scotts Square.

    Retailers were given until the end of this year to move out of the mall, which will be pulled down in mid-January, says Wheelock. The developer will be demolishing the service apartment tower as well as the shopping centre. Construction on Scotts Square will begin in the third quarter of next year, and is due to be completed by the end of 2010.

    Wheelock says that the residential component - 338 apartments of one, two and three-bedroom units - will be launched in the second half of next year. The development will also have an upmarket retail podium with 70,000 sq ft of retail space.

    The new project means that Singaporeans will have to say their farewells to Scotts Shopping Centre, a familiar sight in the Orchard Road area since the 1980s.

    Then, the buzz on Orchard Road was at the stretch containing CK Tang, the then Lane Crawford, the then newly-built Wisma Atria and Scotts Shopping Centre - which was noted as being home to Singapore’s first air-conditioned food court.

    Yesterday, while tenants carried on with their packing, shoppers continued visiting the mall, taking advantage of ‘closing down’ sales. At the food court, which was refurbished about 10 years ago, long queues were seen at the few remaining stalls.

    But fashionistas need not fear the disappearance of their favourite brands. Major tenants such as Blush! and Kiehl’s are also present in other malls, while other brands have already migrated to the new VivoCity.

  2. #2
    mr funny is offline Any complaints please PM me
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    Default Wheelock picks Shimizu of Japan to build Scotts Square

    Singapore Companies
    Published February 3, 2007

    Wheelock picks Shimizu of Japan to build Scotts Square

    By UMA SHANKARI

    WHEELOCK Properties yesterday said that it has awarded a $168 million main contract for the construction of its retail-cum-residential development Scotts Square to Shimizu Corporation of Japan.

    Construction work is expected to begin in the third quarter of this year, and to be completed by 2010.

    Shimizu, which is listed on the Tokyo Stock Exchange, was chosen because of its track record in constructing high-end condominiums including Ardmore Park and Grange Residences, said Wheelock in a statement.

    Shimizu was also behind the construction of Orchard Road mainstay Ngee Ann City and is now involved in the building of Changi Airport's Terminal 3.

    Wheelock said: 'The company has established a strong reputation in its field and is renowned for its high quality work.'

    Located on Scotts Road between the Grand Hyatt and Marriott hotels, Scotts Square will be a 'super luxury' residential and retail development.

    It will comprise two residential towers - one with 43 storeys and the other with 34 - and an 80,000 sq ft retail podium.

    The freehold development will offer 338 luxury one, two and three-bedroom apartments.

    Wheelock acquired the site, comprising the freehold Scotts Shopping Centre and the 23-storey The Ascott Singapore Serviced Residences above it, for $345 million in June 2004.

    David Lawrence, chief executive of Wheelock Properties, said that Scotts Square will be built with the highest construction standards.

    'Once completed, it will be one of the most 'sexy' buildings in town with every apartment offering an astounding view of Scotts Road, Orchard Road and beyond,' he said.

    In the stock market yesterday, Wheelock shares closed three cents up at $2.76.

  3. #3
    value hunter Guest

    Default Re: Scotts Square (D9, Freehold, Wheelock Properties)

    I believe Scotts Square apartments will be more worth it compared to Orchard Residences as Scotts is freehold. But knowing Wheelock, they won't come cheap either. But even between a high flr Orchard Residences unit and a mid/low flr Scotts unit of the same size and price, I would get the Scotts one. Reason being, and this is something i painfully learned (when my condo's valuation dropped because of blockage), in Singapore, views are not always forever.

  4. #4
    Unregistered Guest

    Cool Re: Scotts Square (D9, Freehold, Wheelock Properties)

    Quote Originally Posted by value hunter
    I believe Scotts Square apartments will be more worth it compared to Orchard Residences as Scotts is freehold. But knowing Wheelock, they won't come cheap either. But even between a high flr Orchard Residences unit and a mid/low flr Scotts unit of the same size and price, I would get the Scotts one. Reason being, and this is something i painfully learned (when my condo's valuation dropped because of blockage), in Singapore, views are not always forever.

    Does anyone know when Scotts Square will launch the project and at what targeted average price psf??

  5. #5
    camelot Guest

    Default Re: Scotts Square (D9, Freehold, Wheelock Properties)

    Quote Originally Posted by Unregistered
    Does anyone know when Scotts Square will launch the project and at what targeted average price psf??
    The whisper number is $5000 psf !!!!

  6. #6
    Unregistered Guest

    Default Re: Scotts Square (D9, Freehold, Wheelock Properties)

    wow! 5k psf? if this is the case, then those who bought scotts highpark at 2k psf must have gotten a really good deal.

  7. #7
    Unregistered Guest

    Cool Re: Scotts Square (D9, Freehold, Wheelock Properties)

    I think penth houses could be possible as at highest 43rd floor, and comparing Bolvd Residence lastest auntion news for their 2 pen-houses.

    When is Wheelock soft-launching it. I believe there is sizeable queue in their private invitation list already!

    Investor.

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    Default Re: Scotts Square (D9, Freehold, Wheelock Properties)

    Published May 28, 2007

    Wheelock to set up art gallery at Scotts Square site

    By UMA SHANKARI


    INSTEAD of the usual construction hoardings, Wheelock Properties is setting up an art gallery to promote contemporary Singapore artists at the site where it is building Scotts Square, a luxury 43-storey residential and retail development.



    Promoting artists: Zul Othman @ Zero's ABC (above) and Ketna Patel's Rainbow Women. Their paintings will be among the works to be featured at Scotts Square, a luxury 43-storey residential and retail development. The Wheelock Art Gallery will feature 12 exhibitions by mainly Singaporean artists for two years from Aug 17


    The Wheelock Art Gallery, situated along the Scotts Road shopping belt, will feature 12 exhibitions by mainly Singaporean artists for two years starting from Aug 17 this year. Situated on the ground level with access to the pedestrian walkway between the Grand Hyatt Hotel and Marriot Hotel, the gallery will be open to the public free.

    'We want to make art more accessible to the man-in-the-street,' said Tan Bee Kim, an executive director at Wheelock. 'Instead of just having an interesting and attractive hoarding while Scotts Square is being built, as developer of this luxury residential and retail project, we decided on a community project that promotes local art.'

    The project also supports the Urban Redevelopment Authority's efforts to introduce art into the Orchard and Scotts Roads shopping belt, extending the art and cultural district from the Bras Basah area, Ms Tan added.

    Wheelock has appointed a team of three curators on the project. The inaugural exhibition will feature the work of Singaporean urban artist Zul Othman @ Zero, called Ephemural Space. This will be followed by a showcase of Ketna Patel's Asia Pop, then an installation by Lim Shing Ee, a Singapore artist now based in Tokyo. Nine other exhibitions will feature largely Singapore artists, with a handful from other South-east Asian and Asian countries.

    'Through the two years, we will be commissioning contemporary artists from Singapore and the region to make exciting new works with a 'shopping' theme', said Joanna Lee, the artistic director of the whole project. 'Many of the artworks will relate to popular culture and the lifestyle in the area.'

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    Default Re: Scotts Square (D9, Freehold, Wheelock Properties)

    Published July 21, 2007

    Wheelock Properties gearing up for launch of Scotts Square

    By UMA SHANKARI


    WHEELOCK Properties will launch its upmarket Scotts Square residential project only in September or October, but the developer is already pulling out all the stops now.


    Getting marketing down to a fine art: Ms Tan with the Moore sculpture that will grace Scotts Square

    To showcase the 338-unit freehold project, the company recently spent over $500,000 to build a 'corporate gallery', which is now being used to entertain potential buyers - even as the showflats are being constructed.

    Furnished with a fully equipped dry kitchen cum bar complete with champagne and piped-in music, the gallery also comes with a $2.3 million sculpture - British artist and sculptor Henry Moore's 1971 Working Model for Sheep Piece. The sculpture will be one of the four pieces of art that will grace Scotts Square once it is completed in 2010.

    Market watchers said that it is unsurprising that Wheelock is willing to fork out such large sums of money to market Scotts Square ahead of the launch as prices are expected to hit $5,000 per square foot (psf) there.

    Last month, SC Global said that a unit at its freehold The Marq On Paterson Hill has been sold for $5,100 psf. In all, a total of 21 apartments were sold at an average $4,137 psf.

    Scotts Square is generally considered to be in a better location, market watchers said.

    Pre-marketing for the project started two weeks ago, and the response has been 'very good' so far, said Tan Bee Kim, an executive director at Wheelock.

    'We don't price our properties until they are ready for launch,' said MsTan when asked about Scotts Square's launch price. 'But I am optimistic. We are getting a lot of demand.'

    There have been offers from both local and foreign funds to buy multiple units in the development for investment, Ms Tan said. But she added that Wheelock will prefer to sell to individual buyers, many of whom are likely to be previous customers of Wheelock.

    Typically, about 50 per cent of units in each of its projects are bought by foreigners, but Ms Tan expects the proportion to be higher this time around.

    Wheelock will be departing from current market trends in a few ways with Scotts Square. Unlike other upmarket launches of late, all the units will be launched at one go, rather than in phases.

    And Scotts Square will offer smaller units than other recent luxury projects - and no penthouses.

    The 338 units will consist of one, two and three-bedroom apartments of 600 sq ft, 900 sq ft and 1,200 sq ft respectively.

    Ms Tan said that Scotts Square is the only project the developer intends to launch for the rest of 2007.

    Two other upcoming freehold residential developments - Orchard View at Angullia Park and Ardmore Vue at Ardmore Park - are likely to be launched only next year, Ms Tan said.

    Wheelock's shares closed six cents up at $3.40 yesterday.

  10. #10
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    Quote Originally Posted by URA
    Private Residential Units Sold in the Month of August 2009

    Project Name .. Locality . Units Sold In Month . Highest $psf . Median $psf . Lowest $psf
    Scotts Square .. CCR ....... 1 ........................... 4,304 ........... 4,304 ........... 4,304
    We haven't seen this kind of pricing for quite some time now.

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    Going to TOP soon?

    No movement in price yet... interesting..

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    Unit at Scotts Square fetches $4,626 psf
    The Edge Singapore
    Monday, 7 March 2011

    Scotts Square, a 338-unit freehold highend condominium development in the prime Orchard Road-Scotts Road neighbourhood, is back on investors’ radar screens, as it scheduled to obtain the temporary occupation permit towards the latter part of this year.

    Scotts Square, by listed luxury developer Wheelock Properties, comprises two residential towers of 43 storeys and 32 storeys each atop a 3-storey retail podium, which is positioned as a luxury boutique shopping mall with around 75,000 sqft of prime retail space. As at end-January, of 241 units launched, 239 had been sold, according to URA’s newhome sales figures.

    When it was first launched in 2007, Scotts Square’s low-floor units were priced at $3,500 to $3,600 psf, while high-floor units went up to $4,600 psf. Today, sellers in the sub-sale market are asking for $4,200 to $4,600 psf. In the week of Feb 8 to 15, 2 high-floor, 947 sqft, 2-bedroom units were sold at $4,119 and $4,626 psf, according to caveats lodged with URA. A unit on the 32nd floor went for $3.9 million ($4,119 psf), while the other, on the topmost level (43rd floor), was sold for $4.38 million ($4,626 psf).

    The price of $4,626 psf is the second highest average price achieved since the project was launched in 2007, when a 1,249 sqft, 3-bedroom unit on the 37th floor changed hands in a sub-sale for $5.87 million ($4,701 psf) that September.

    “Some 80% of the buyers are investors, particularly Indonesians and Singaporeans who are cash-rich,” says ERA team director Daphne Lean, who is currently marketing over 20 units at the development. “The average psf price might be high, but for those who can afford to buy, they see the potential of good capital returns in Scotts Square.” Located in prime District 9, the residences at Scotts Square are positioned as city apartments and are therefore relatively small, with 1-bedroom apartments sized at 624 to 635 sqft, 2-bedroom units at 893 to 947 sqft and 3-bedroom apartments at 1,227 to 1,249 sqft.

    A price premium is also attached to its freehold status and location right in the heart of Orchard Road, notes Lean. Scotts Square is also a mere 5-minute walk to the Orchard MRT station via an underground link.

    However, the residential project to hit the highest prices to date in the neighbourhood is the 175-unit The Orchard Residences. It sits atop the ION Orchard landmark shopping mall and is integrated with the Orchard MRT station in the basement level, with underground links to the other shopping malls in the vicinity.

    Developed by listed giant property group CapitaLand and Hong Kong’s Sun Hung Kai Properties and completed last year, the 54-storey residential tower boasts four penthouses sold at $5,000, $5,400, $5,500 and $5,600 psf in the second half of 2007, at the peak of the last residential boom.

    Some 90% of units at The Orchard Residences had been sold as at end-January. The most recent caveat lodged with URA was that of a 1,808 sqft unit on the 46th level that was purchased from the developer for $7.7 million ($4,258 psf).

    The only other condo to have breached $5,000 psf is SC Global’s newly completed 66-unit, super-luxury condo The Marq on Paterson Hill. In July 2007, a 6,157 sqft apartment in the Signature Tower, which features only duplexes, each with a private lap pool, was sold for a whopping $31.4 million ($5,100 psf). This was the first time a residential unit in Singapore crossed $5,000 psf. In another transaction, a 3,003 sqft unit in the Premium Tower was sold for more than $15.8 million ($5,262 psf).

    According to a Feb 24 report, DMG Research property analyst Brandon Lee expects The Marq to be relaunched in the coming months given the project’s completion. Enquiries “are rising steadily”, Lee says. “Recently transacted prices of nearby Scotts Square [$4,626 psf] and The Orchard Residences [$4,258 psf] should provide pricing support.” In terms of asking rents at The Orchard Residences, the owner of a 3-bedroom, 1,808 sqft unit is asking for $17,500 ($9.68 psf) a month. Meanwhile, a 2,174 sqft, 4-bedroom unit is indicating $18,000 a month ($8.28 psf).

    According to Lean, a significant number of buyers at Scotts Square are investors, and given the availability of 1- and 2-bedroom apartments, in addition to three-bedroom units, the development is likely to appeal to singles and young couples. The condo also offers the esteem of an Orchard Road address and proximity to shopping malls and eateries as well as Mount Elizabeth Hospital and Medical Centre, and an MRT station.

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    I met alot of scotts square seller(owner), keep asking me to help to market. it seems that this project very hard to markte and very limited number of buyer. although the intended selling price is about the same with 2007 purchase price.

    What is the luxurious market heading to?


    Singapore Condo

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    I think only impressionable PRCs (who has a lot of money to burn or lie idle) can be "conned" into buying these projects at those price points. Those that bought Orchard Residences at $5,000psf clearly haven't done much due diligence and may not see light at the end of tunnel any time soon. Bear in mind had they invested in other areas during that time, they would be seeing at least 50% return. That's the problem of listening to agents about "location location location" crap without looking at the value relative to the location.

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    http://www.businesstimes.com.sg/sub/...45219,00.html?

    Published June 29, 2011

    Wheelock project to get $1.8m Chihuly chandelier


    WHEELOCK Properties will be installing a chandelier sculpture by renowned artist Dale Chihuly in its new super-luxury residential and retail development on Scotts Road.


    Work of art: The chandelier is made up of about 300 individually handblown glass forms

    The chandelier, V & A Chandelier 1999, is worth about $1.8 million.

    Three other sculptures which Wheelock has acquired are Alice in Wonderland by Salvador Dali, Working Model for Sheep Piece (1971) by Henry Moore, and Three Indeterminate Lines 1994 by Bernar Venet.

    In total, the four pieces of art are worth about $6.39 million.

    Wheelock was the first company to be awarded the Urban Redevelopment Authority Arts Incentive in August 2006.

    The URA art incentive scheme allows property developers of new projects to gain additional gross floor area, over and above the maximum allowed, if they integrate art permanently in the design of new commercial or residential buildings in the Central Area.

    The incentive was introduced to encourage more public art in the Central Area.

    'The incentive of extra gross floor area for the development is an added bonus for us. But more than that, these pieces by world renowned artists will redefine Scotts Road and give our development its unique character,' said David Lawrence, chief executive officer of Wheelock Properties.

    The glass chandelier, made up of about 300 individually handblown glass forms of varying shapes, colours and sizes, will be installed between June 29 and July 3 at Scotts Square.

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    "The URA art incentive scheme allows property developers of new projects to gain additional gross floor area, over and above the maximum allowed, if they integrate art permanently in the design of new commercial or residential buildings in the Central Area."

    It's just normal glass material. Any shopping mall definitely have some decorative pieces around. What is URA doing? Wasting public funds to benefit developers. Can home owners hang chandelier in their living room and get bonus from URA too?

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    WOW. Just add that hideous green thing (for a moment I thought its some Medusa inspired art) can add GFA??? Medusa chandeliar = $1.8m, add GFA which would be worth so much more leh! I wonder how much GFA is added because of the chandelier....

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    Just calculated:

    $1.8Million / $4000psf = 450sqft.

    All they needed to do was to be given additional GFA for a 1 bedroom unit and cost would have been recouped!

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    highest psf recorded for developer sales in feb goes to this project's 2 units sold:

    1 at 4404psf and 1 at 4661psf.

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    Nice lighting fixture. but way way too pricy location.

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