Orchard Turn condo to launch soon

Singapore Companies
Published February 6, 2007

Orchard Turn condo to launch soon

Many foreigners indicating interest before March/April opening

By UMA SHANKARI


SINGAPORE developer CapitaLand and Hong Kong's Sun Hung Kai Properties plan to launch The Orchard Residences - their upcoming residential project on the prime Orchard Turn site above Orchard MRT - sometime in March or April, but the project has already attracted a lot of interest, the developers said yesterday.


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Super-luxury development: Units in The Orchard Residences are set to offer panoramic views of S'pore


'Our project has drawn a lot of interest and attention,' said Soon Su Lin, chief executive of joint venture company Orchard Turn Developments. 'We have received a lot of interest from foreigners, even though we have not even started any advertising.'

Because of this, the 99-year leasehold, 175-unit project will be launched first in Singapore, said Ms Soon. 'Given that the foreigners who are interested are fully aware of our project, we are likely to launch it in Singapore,' she said. 'As for later launches, we may consider taking it overseas if we need to.'

Sun Hung Kai Properties' executive director Victor Lai echoed her, saying that particulars of interested buyers from Hong Kong have already been passed on to the Singaporean side, which will then contact them when the project is launched.

Ms Soon said that there has been interest from private funds to acquire large chunks of the project, but the developer has instead decided to sell the apartments through a regular launch.

While Ms Soon declined to say what prices the apartments will go for, The Orchard Residences has been dubbed 'super-luxury', and CapitaLand Residential Singapore's chief executive Patricia Chia recently told reporters that average prices in the 'super-luxury' segment could rise to $3,000 per square foot (psf) by the end of this year.

The Orchard Residences is scheduled for completion in late-2009, and Ms Soon said that the recent price hike and tightened supply of ready-mixed concrete will not affect the completion date. The price of ready-mixed concrete has shot up by about 50 per cent here since Indonesia banned the export of sand last month.

Most of the units in the 218-metre, 56-storey The Orchard Residences will be three and four-bedroom apartments ranging from 1,800 sq ft to 2,900 sq ft. The development will also have seven 'garden units' and penthouses ranging from 4,300 sq ft to 6,500 sq ft. The building will be the district's tallest when completed and apartments will offer unobstructed panoramic views of Singapore, Ms Soon said. Residents will also have exclusive access to a 75,000 sq ft high-rise garden.

Feb 6, 2007

Orchard Turn homes may be sold next month

By Joyce Teo, Property Correspondent


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INDICATIVE PRICING: Average prices at The Orchard Residences could range from $2,500 psf to $2,600 psf, says Mr Ku, Savills Singapore's director of marketing and business development. But industry talk is that some units on the higher floors will probably be priced at above $3,000 psf.


THE 175 luxury apartments at the Orchard Turn site may be launched as early as next month, with industry talk that some units will probably be priced at above $3,000 per sq ft (psf).

With surrounding residential projects capped at 36 storeys, units on the higher floors of the new development could fetch $3,000 psf and above, market watchers said.

Average prices could range between $2,500 psf and $2,600 psf, said Savills Singapore's director of marketing and business development, Mr Ku Swee Yong.

Many in the industry are eyeing the 99-year leasehold project - called The Orchard Residences - as it is likely to set benchmark prices for the area.

The 56-storey block will be completed in late 2009 and is part of the bigger Orchard Turn development, which includes a mall.

Orchard Residences has three- and four-bedroom apartments ranging from 1,800 sq ft to 2,800 sq ft, and seven special units ranging from 4,200 sq ft to 5,000 sq ft.

All have private lift access. It also boasts a 75,000 sq ft garden on level nine.

The project is being developed by Orchard Turn Developments, the joint venture vehicle between CapitaLand and its Hong Kong partner, Sun Hung Kai Properties.

Orchard Turn Developments said yesterday the launch could be as early as next month or in April.

Its chief executive officer, Ms Soon Su Lin, said it may not need to launch the project overseas because of strong indicative demand from people in Singapore.

Meanwhile, CapitaLand Residential Singapore's chief executive, Ms Patricia Chia, said the firm will review construction contracts on a case-by-case basis because of Indonesia's ban on sand exports.

'We are certainly very sympathetic with the contractors' position and we will consider ex-gratia payments when the case warrants it,' she said yesterday.

Expected price ranges from $3,200 to $3,900 psf. Cool!