Orchard Road is considered the shopping capital street of Singapore. It is a home of colours, styles, fashions plus loads of other lifestyle amenities and choices. Orchard Road stretches to a 2.2km shopping belt, a hub for retail therapy.
Who would have thought that 150 years ago, the place which has only a small lane occupied with organics such as pepper, nutmegs and fruit orchards.
Today, Orchard Road is congested with iconic shopping centres, high-end hotels, restaurants, choc -a- bloc match with retail, entertainment and other facilities that cater each need and wants.
Property development around Orchard Road is expected to increase its prices or even goes higher than $4,000 psf, based in the competitive bidding to the major sites, says the expectations of DBS Group Research, told Singapore Business Review.
HongKong recorded Shun Tak Holdings bought, for example, two major sites around Orchard Road – 21 Orchard Boulevard and 14 & 14A Nassim Road which totals to $593.5 million.
‘These are solid bids submitted of Shun Tak while the bid figure simply denotes a market selling prices will measure latest highs along the areas of Orchard district,” explained by Derek Tan, a DBS analyst.
DBS approximations presented a breakeven between the two properties, Park House and 14 & 14A Nassim Road for $3,300 psf and $3,100 psf jointly, following an anticipation of 10 per cent extra promo in balcony space. This signifies that development within the pipeline can hit or even exceed the $4,000 psf level.
“We documented over 20 sites were purchased along the CCR or Core Central Region year to June 2018, increasing of CCR ‘s supply for new projects in nearest term while the competition for purchaser’s attention is on height, ” Told Tan.
With close to the whole district of Government Land Sales area which was awarded to SC Global, YTL’s 3 Orchard by the Park, Cuscaden Road and the Far East Consortium, it will never be a surprise if a new set of property development projects will strike in next months to come.
Some of the current new condos in Orchard Road include
