THE Orchard Road district is still the top residential property spot in Singapore, with plenty of high-end choices coming on stream.
These new high-end condominiums will be built on the numerous sites that have been sold en bloc at higher and higher prices.
As a result, property values in the area have risen substantially.
The Orchard district is where the bulk of the recent spate of collective sales were centred.
They were dotted throughout areas such as Ardmore Park and Grange Road.
Also, Cairnhill will feature many of the new developments.
At Orchard Turn, one penthouse unit at new condo The Orchard Residences, which sits atop the Orchard MRT station, is said to have been sold at up to $5,600 per sq ft. That means a price tag of more than $28 million.
Another condo, Scotts Square, which enables residents to live next door to a hotel and a mall, has sold for more than $4,000 psf.
Other new high-end condos that have recently registered sales at over $3,000 psf include 8 Napier, The Marq, Hilltops and Cliveden at Grange.
It was only at the start of last year that the market gauge was Ardmore Park - which set a record price of around $2,500 psf at the last property market peak.
The Orchard area has always been an investor's haven. For those looking to buy, there are plenty of options.
Launches expected in the next six months include the tiny Boulevard Vue in Angullia Park and The Vermont on Cairnhill in Cairnhill Rise.
Colliers International director of research and consultancy Tay Huey Ying said the Orchard area is likely to remain Singapore's leading prime and exclusive residential district, with possibly more upside to come.
This applies in particular to the luxury belt which includes Orchard Boulevard, Cuscaden Road and Ardmore Park.
"One of the main reasons would be the presence of an established expatriate community," said Mr Tay.
Source : Sunday Times - 18 Nov 2007
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