With the expected opening of the Orchard Boulevard station and Orchard interchange station, as part of the Thomson-East Coast Line in 2023, the Orchard Boulevard area will be the rising star of the property market in the years to come. Note that as part of the Orchard Road masterplan, a number of mixed-development 99-year leasehold sites atop the upcoming Orchard Interchange station will be offered under the GLS program in the years to come.
In addition, a grand plan is currently in the works to shape the development of Singapore’s premier shopping belt over the next 15 to 20 years. A committee headed by three ministers has been formed to drive the rejuvenation of Orchard Road as a shopping and lifestyle destination for both tourists and Singaporeans alike. There is much at stake because the retail industry is an important part of the Republic’s economy, with 23,000 retail establishments chalking up operating receipts estimated at S$35 billion in 2016. If these initiatives bear fruit, the Orchard Road area and vicinity is expected to remain as a prime property district – counterbalancing the pull of the Greater Southern Waterfront.
Click here for the URA press release on Orchard Rd rejuvenation plans.
Click here for news reports on the Orchard Rd rejuvenation plans.
In the Orchard Boulevard area, there are 5 notable new condo launches there:
This freehold 154-unit development rises above (and is integrated with) the new Singapore EDITION Hotel, and is just next to Four Seasons Hotel. The developer is a JV between CDL, Hong Leong and Lea Invesments. Click here for more details.
TwentyOne Angullia Park is a freehold condo located at 21, Angullia Park, next to Orchard MRT station and the upcoming Orchard Interchange station, with TOP already obtained. Developed by China Sonangol and designed by multi-award winning architects firm SCDA, the development comprises 54 units. Click here for more details.
This 77-unit freehold development is just next to the upcoming Orchard Boulevard MRT station, with TOP already obtained. The developer is Malaysian developer YTL Corporation.
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). The enbloc site has been redeveloped into 3 Orchard-by-the-Park. Click here for more details.
This freehold 96-unit development is located along Cuscaden Walk and the developer is Sustained Land. The units are spread over 23 floors on a land area of 21.560 sq.ft.
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 this 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. The consortium is now launching it as CUSCADEN RESERVE. Click here for more details.
Park House enbloc site (to be launched soon)
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 in June 2018.
In the Orchard Road area, the following are some notable new launches:
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