New Condo Review: 3 ORCHARD BY THE PARK
In 2018, being an interested estate agent, I was among the first to visit the showflat at 3 Orchard by the Park, which is strategically located in the heart of city, along the tree-lined Orchard Boulevard, away from the busy bustling Orchard Road area. It is just across the road from the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line. In the immediate vicinity are Hotel Jen and Regent Hotel, as well as Tanglin Mall.
This new condo has already obtained its TOP, and is a freehold 25-storey luxury development consisting of 3 towers with 77 apartments, including 2-bedroom, 3-bedroom, 4-bedroom units and penthouse units. Facilities include swimming pool, children’s pool, gym, library lounge, private dining room, and bespoke concierge services.
The developer is Malaysian developer YTL Corporation, whose portfolio in Singapore includes the award-winning Sandy Island and Kasara, the Lake villa collections in Sentosa Cove. This project is designed by world-renowned Italian architect Antonio Citterio, who holistically designed the architecture, from the exterior to interiors including fixtures and fittings of the development.
As background, YTL Corp set the benchmark in the last collective sale fever about 10 years ago, when it purchased Westwood Apartments en bloc for $435 million in November 2007. The purchase price translated into a land rate of $2,525 psf per plot ratio (ppr), a record at that time, which has since been broken by the recent collective sale of freehold Park House (about 100m down the road) in June 2018. Park House fetched a record collective sale price of $2,910 per sq ft per plot ratio (psf ppr), when it was sold for $375.5 million to a subsidiary of Hong Kong-listed Shun Tak Holdings. It is also useful to note that in April 2018, a consortium of SC Global Developments, New World Development and Far East Consortium International lodged the top bid of $410 million for a 99-year leasehold GLS site at Cuscaden Road. This translates to $2,377 per square foot per plot ratio (psf ppr) and trumped eight other bidders.
All units come with private lift lobby access and balcony (except for 2nd floor), and come in various sizes – 1066sf-1163sf for 2-bedroom units and 2260sf for 4-bedroom units. 3-bedroom units will be launched in a subsequent phase. I find the quality of the development to be quite exceptional, with great attention to detail. I guess that if you have always fancied the prime Orchard Road area, this condo may be worth looking at. One caveat is that over the next 3-4 years, there is going to be quite a bit of construction work that will be starting in the Cuscaden Road and Park House sites!
Mike Tan | CEA Regn R059706Z | 98280030
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