Suites at Orchard is a 99-year leasehold with 118-unit condo completed in 2014
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Two-bedroom penthouse located at Suites on Orchard is currently on the market at $2.27 million. The price guide for the 1,367 square feet unit is $1,660 per square foot based on the floor area. The property is currently being marketed via an ERA Realty auctions team.
The home has a traditional layout that includes an en suite master bedroom, a secondary bedroom, and a shared bathroom. A small yard for service is attached to the open-concept kitchen, which opens into the dining and living rooms. A staircase inside the room’s living area leads to the second floor as well as a balcony next to the living space that faces Handy Road, while the upper floor is comprised of an unprotected roof terrace. In accordance with the property description, the property is rented until the end of December 2023, and then transferred to the tenant with the current lease.
Suites at Orchard is an 99-year leasehold development on Handy Road in prime District 9. The 118-unit project was completed in the year 2014. It is located inside the Dhoby Ghaut area, the condo is near the heritage and arts districts that run along Bras Basah Bencoolen Street and Middle Road. There is also the National Museum, the Singapore Management University campus, and The School of the Arts are close by.
There are 16 penthouses located at Suites at Orchard that span between 840 sq ft one-bedders, up to 1,485 square feet two-bedroom units. As of now, the most expensive penthouse to be sold was a 1,485 sq . ft two-bedroom unit which was sold to the value of $2.7 million ($1,818 per square foot) in April of this year.
Based on URA restrictions, transactions involving penthouse units in Suites at Orchard are extremely rare. None of the units were sold between the months of October 2018 and December 2020 . In addition, only four units were sold over the last 18 months. The most recent sale was for an area of 732 square feet which was purchased to a buyer for $1.4 million ($1,913 per square foot) on the 27th of May.
However, the condo has a long rental history. In the first quarter of this year, at the very least 36 apartments have been let out as compared to at most 60 units let out in 2021. A study of rental statistics in the past twelve months from EdgeProp Singaporeshows that the average rent is around $5.60 per month. EdgeProp Singaporealso estimates that landlords who lease their properties enjoy an approximate return on rental of 3.5%.
There are five residential developments that are located along Handy Road, which is a small road that runs along the northern edge of Mount Sophia. Suites At Orchard is the one closest in proximity to Plaza Singapura shopping mall, as well as adjacent to it is The Haus on Handy, which is scheduled to be completed this year. There is also The Luxe which is a boutique development that has only 20 apartments available to lease, which was completed in 2007. There’s Also Nomu that has 50 apartments. It went up in 2006 for sale and was completed in 2009. Then, there’s The Cathay Residences, which is part of the mixed-use development The Cathay, a landmark located near the at the end the Orchard Road.
It is believed that the Dhoby Ghaut area is served by Dhoby Ghaut MRT Station, which serves as an interchange for the North-South, North-East and Circle Lines. Bencoolen MRT Station on the Downtown Line and Bras Basah MRT Station on the Circle Line are also nearby.