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DEAL WATCH: Unit at The Orchard Residences on the market for $3,174 psf

By Tan Chee Yuen

/ The Edge Property |

January 13, 2017 10:00 AM SGT

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At The Orchard Residences, a luxury condominium perched atop ION Orchard mall and the Orchard MRT station, a unit has been put up for sale at $6.9 million ($3,174 psf). The 2,174 sq ft unit is located on the 17th floor of the 55-storey tower containing 175 units.

The Orchard Residences was completed in 2010, and the units are located from the ninth floor, so even the mid-floor units have unobstructed views of the city and beyond. Unit sizes range from three- to four-bedroom apartments of 1,808 to 2,852 sq ft. The units on the ninth floor are 4,532 to 6,534 sq ft and come with private gardens. Junior penthouses and penthouses range from 4,273 sq ft to over 5,000 sq ft.

The Orchard Residences was jointly developed by CapitaLand and Sun Hung Kai Properties. Last September, a 2,174 sq ft, three-bedroom unit on the 51st floor was sold for $8 million ($3,679 psf). It was the highest psf price achieved at the project since 2014 when three units were sold at prices ranging from $3,699 to $4,047 psf.

A 2,174 sq ft unit on the 17th floor of the 55-storey Orchard Residences is going for $6.9 million

Two units sold late last year were mid-floor, four-bedroom units. One was a 2,852 sq ft unit on the 16th floor that fetched $9.05 million ($3,173 psf), according to a caveat lodged in November. The other is a 2,465 sq ft unit on the 21st floor that was sold for $7.65 million ($3,104 psf) in December.

Therefore, the asking price of the 2,174 sq ft unit, which has three bedrooms and a study, is pegged to the latest transaction prices, says Jimmy Sim, a property agent with Faber Property who is marketing the unit. The apartment is currently tenanted at a monthly rent of $15,000.

The Singaporean owner is selling because he wants to tweak his investment portfolio, adds Sim. The unit is well maintained and in movein condition.

At the peak of the market in 2007, all four penthouses on the 54th level were sold at prices up to $28 million, or $5,000 psf, $5,400 psf, $5,500 psf and $5,600 psf. In May 2011, a 1,808 sq ft, three-bedroom unit on the 51st level changed hands at $8.68 million ($4,799 psf).

The current asking price for the mid-floor, three-bedroom-plus-study unit is attractive. The buyer can look forward to the additional connectivity provided by the Orchard Boulevard MRT station on the Thomson-East Coast Line, which is targeted for completion in 2021.