Unit at The Orchard Residences sold for $3,679 psf
By Tan Chee Yuen
/ The Edge Property |
Sales of high-end homes in Districts 9 and 10 have been picking up in recent weeks, most notably at The Orchard Residences. Over the week of Sept 28 to Oct 4, there were two transactions at The Orchard Residences and OUE Twin Peaks, and both were concluded at prices above $3,000 psf.
Most recently, at the 54-storey The Orchard Residences, a 2,174 sq ft, three-bedroom unit on the 51st floor was sold for $8 million ($3,679 psf), according to a caveat lodged on Sept 29. On a per sq ft basis, it was the highest since June 2014 when a 2,852 sq ft, four-bedroom unit fetched $10.55 million ($3,699 psf).
There were two other transactions at The Orchard Residences last month. One was for a 4,532 sq ft, four-bedroom unit that was sold for $14.7 million ($3,244 psf), while the other was for a 6,060 sq ft, five-bedroom unit that changed hands for $17.5 million ($2,888 psf). Both units come with a private garden, and are located on the ninth floor, the same level as the facilities deck.
The Orchard Residences is a 175-unit luxury condo tower that sits on top of the ION Orchard mall and the Orchard MRT station
According to past caveats lodged at The Orchard Residences to date, there have been seven transactions this year, compared with just four in 2015. Some reckon the pick-up in deals this year could be due to the construction of the Orchard Boulevard MRT station on the Thomson-East Coast Line located next door. “Units on the lower floors may be more affected by the construction work,” says Dominic Lee, PropNex group district director.
However, Lee says the price of $3,679 psf for the unit on the 51st level represents “a good buy”, as many of the high-floor units were sold at prices above $4,000 psf at the height of the market. In fact, the four penthouses on the 54th floor were all sold at prices from $5,000 psf in 2007, when the project was first launched. Only one caveat was lodged for one of the penthouses, that of the 4,273 sq ft unit that was sold for $21.37 million ($5,000 psf). The other three penthouses were sold at $5,400 psf, $5,500 psf and $5,600 psf, with absolute prices of up to $28 million.
The Orchard Residences, despite its 99-year leasehold tenure, continues to be sought after today, says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. Developed jointly by CapitaLand and Sun Hung Kai Properties, the 175-unit luxury condo tower sits on top of the ION Orchard mall and the Orchard MRT station on the North-South Line. The Orchard Residences was completed in 2010, a year after ION Orchard opened.
Eyo sees the construction of the Orchard Boulevard MRT station as “just a temporary inconvenience”. When it is completed, residents will benefit from the future MRT station. “For buyers entering at prices today, there is a possibility of future capital appreciation,” he says.
The 99-year leasehold OUE Twin Peaks is a redevelopment of the former Grangeford condo that OUE purchased en bloc in 2007
The residents of OUE Twin Peaks will likewise benefit from its proximity to the Orchard Boulevard MRT station, says PropNex’s Lee. The 462- unit OUE Twin Peaks was launched in April with an innovative deferred payment scheme that other developers soon replicated. OUE Twin Peaks is also the first development in Singapore to offer fully furnished residences.
Both 35-storey towers at OUE Twin Peaks are identical and each contains 231 units. The first tower is almost fully sold and has just a handful of units still available. Units in the second tower were released towards end-July, and so far, about 100 units have been snapped up.
When the first tower was launched, some of the lower-floor units may have been sold at prices ranging from $2,100 to $2,300 psf. However, several units have since been sold at prices above $3,000 psf. Most recently, a 570 sq ft, one-bedroom unit on the 19th floor was sold for $1.74 million ($3,050 psf), according to a caveat lodged on Sept 29. A week earlier, an adjacent unit of 570 sq ft fetched $1.76 million ($3,076 psf).
The 99-year leasehold OUE Twin Peaks is a redevelopment of the former Grangeford condo that OUE purchased en bloc in 2007. “The project appeals to investors as they can rent out the units immediately,” says PropNex’s Lee.
This article appeared in The Edge Property Pullout, Issue 750 (Oct 17, 2016) of The Edge Singapore.
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Search Articles