Four units at tower 3 Orchard By-the-Park sold at $3,850 psf to $4,100 psf

Read more: First Private Residential Condominium Launch in 2 Decades

The last tower in three floors at Orchard By-The-Park was launched for sale on September 10-11. Four units were purchased. The units that were released for to be sold are lofts with three and four bedrooms which have a the double volume ceiling as well as a spiral staircases connecting the lower and upper floors. The lofts for three bedrooms measure 2,583 square feet in area as opposed to the four-bedroom lofts which have a total of 3,521 square feet. The penthouses measure 6,092 square feet each.

The four units sold are four-bedroom apartment styles and were sold at rates between $12.516 millions between $12.516 million and $14.388 million, which is $3,850 to $4,100 per square foot. The three units sold were bought by Chinese buyers One of them purchased two units. The fourth one was purchased through the American citizen. In accordance with the Free Trade Agreements, American citizens as well as those from Iceland, Liechtenstein, Norway and Switzerland are not required to pay the additional buyer’s stamp tax (ABSD) that is 30%% when making the first property purchase.

The design was created in the style of Italian designer Antonio Citterio, 3 Orchard By-the-Park comprises 77 apartments spread over three 25-storey residential towers. The towers are themed with themes like Water, Wilderness and Wood. It was finished in the year 2017 and officially launched in July. The project was completed in 2017 and launched in July 2018% all units that were released in the two towers that were first released (Wood as well as Wilderness) were taken until the present. Therefore, units from Water, the last tower Water were also released.

In comparison to Park Nova in which units sold in the past have averaged less than $5,000 per square foot the units that were sold with a price of three Orchard By-the-Park at prices in the range of $3,580 – $4,100 are considered “a excellent value” According to PropNex Realty head of luxury team Dominic Lee.

In addition, PropNex brokered the sale of the entire four units. “There is a dearth of four-bedroom homes that exceed 3,500 sq feet in the current market,” adds Lim. Because the project is completed, the owners are able to move in as soon as they want. There is an Orchard Boulevard MRT Station on the Thomson East Coast Line is situated across the road , and is expected to be open later in the year.

It is believed that the developer for 3 Orchard By-the-Park is YTL Westwood Properties which is an affiliate that is part of YTL Land & Development, the property development part of Malaysian group YTL Group. The 28th of June, 2021 YTL Land & development disposed of its entirety of its holding of YTL Westwood Properties. Due to the sale, YTL Westwood is no any longer an element in YTL Group, according to the Malaysian listed conglomerate’s Annual report for FY2021.

Following the sale, YTL Westwood Properties was changed to Orchard Westwood Properties. Aquila Asia Investment Management now is managing 3 Orchard By-the-Park under the supervision of the company’s founding director Lim Ming Yan. Lim Ming Yan is the former group CEO and president of CapitaLand with a wealth of experience in the real estate industry.

The building at 3 Orchard By-the-Park, the penthouse measuring 6,555 square feet located on the 25th level in the Wood tower was purchased by an Chinese buyers in the amount of $31.5 million ($4,805 per square foot) in June of 2019. The penthouse on the second floor, a 6,900 sq ft apartment within the Water tower, sold for $32 million ($4,638 per square foot) in September of 2019.

Nearby on Orchard Boulevard is Boulevard 88 the upcoming luxurious development that has 154 apartments on the above the towering 204 room Singapore Edition Singapore Edition Hotel. The project was inaugurated in 2019. Boulevard 88 has four penthouses Two of them comprise 6,049 square feet and 6,028 sq ft , both on the top 28th level of twin towers. The largest penthouse was purchased at $31 million ($5,125 per square foot) in June of 2019, and the penthouse on the other side was sold for $29.53 million ($4,899 per square foot) in April of 2019.

The remaining two penthouses went for $28 million each. One of them was 5,683 square feet and was sold for $4,927 psf and the other one, a 5,673 sq feet unit, went at $4,936 per square foot.

The same pattern was evident at the time Park Nova was first launched in the year before: the biggest penthouses sold for the highest price. Its 54-unit Park Nova has three penthouses. Chinese buyers bought the two largest penthouses on the day it was launched. The biggest penthouse with 5,499 square feet sold to $34.438 million ($5,838 per square foot) The second-largest, which was 4,499 sq feet, was sold for $26.026 million ($5,784 per square foot). The third penthouse, which was 3,229 sq ft was auctioned off at $17.189 million ($5,320 per square foot) within a fortnight in the same transaction to an Chinese buyer.

In light of the growing demand to buy penthouses Orchard Westwood Properties is combing the threelofts with four bedrooms located on floors 20 and 21,, as well as the lofts with three and four bedrooms located on floors 22 and 23 in the Water tower to create two penthouses with 6,092 square feet each.
These penthouses are valued for $30.638 million ($5,029 per sq ft) as well as $30.233 million ($4,963 per sq ft) and $30.233 million ($4,963 psf) respectively. The prices will comprise interior design and furnishings. Work is underway to merge the two units, and are scheduled to be completed in the next few years.