All four units sold are four-bedroom apartment types and achieved prices of $12.516 million to $14.388 million, or $3,850 psf to $4,100 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - The final tower of 3 Orchard By-The-Park was launched for sale over the weekend of Sept 10–11, and four units were taken up. The apartments released for sale are the three- and four-bedroom lofts that come with double volume ceiling and spiral staircase linking the upper and lower floors. The three-bedroom lofts are 2,583 sq ft in size, while the four-bedroom lofts are 3,521 sq ft. The penthouses are 6,092 sq ft each.
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All four units sold are four-bedroom apartment types and achieved prices of $12.516 million to $14.388 million, or $3,850 psf to $4,100 psf. Three of the units were purchased by Chinese buyers, one of whom picked up two units. The fourth unit was purchased by an American citizen. Under the Free Trade Agreements, American citizens and those from Iceland, Liechtenstein, Norway and Switzerland are exempted from paying the additional buyer’s stamp duty (ABSD) of 30% for the first residential property purchase.
Designed by Italian architect Antonio Citterio, 3 Orchard By-the-Park has 77 units spread across the three 25-storey residential towers, with themes such as Water, Wilderness and Wood. The project was completed in 2017 and launched in July 2018. About 95% of the units released in the first two towers (Wood and Wilderness) have been taken up to date. Hence, units in the final tower, Water, were released.
Compared to the neighbouring Park Nova, where units sold to date average just shy of $5,000 psf, units sold at 3 Orchard By-the-Park at prices in the range of $3,580 to $4,100 psf are considered “a good deal”, says PropNex Realty head of luxury team Dominic Lee.
Incidentally, PropNex brokered the sale of all four units. “There is a lack of four-bedroom units above 3,000 sq ft in the market today,” adds Lim. As the project is already completed, owners can move in immediately. The Orchard Boulevard MRT Station on the Thomson-East Coast Line is just across the road and scheduled to open later this year.
The developer of 3 Orchard By-the-Park is YTL Westwood Properties, an entity of YTL Land & Development, the property development arm of Malaysian conglomerate YTL Group. On June 28, 2021, YTL Land & Development disposed of its entire stake in YTL Westwood Properties. As a result of the disposal, YTL Westwood is no longer part of YTL Group, according to the Malaysian listed conglomerate in its FY2021 annual report.
Following the disposal, YTL Westwood Properties was renamed Orchard Westwood Properties. Aquila Asia Investment Management now manages 3 Orchard By-the-Park under the stewardship of its founder Lim Ming Yan. The latter is the former president and group CEO of CapitaLand with many years of real estate experience.
At 3 Orchard By-the-Park, the 6,555 sq ft penthouse on the 25th floor of the Wood tower was sold to a Chinese buyer for $31.5 million ($4,805 psf) in June 2019. The second penthouse, a 6,900 sq ft unit in the Water tower, fetched $32 million ($4,638 psf) in September 2019.
Nearby along Orchard Boulevard is Boulevard 88, an upcoming luxury development with 154 units sitting on top of the 204-room Singapore Edition Hotel. Launched in 2019, Boulevard 88 has four penthouses: The two biggest penthouses are 6,049 sq ft and 6,028 sq ft on the 28th floor of the twin towers. The larger of the two penthouses was sold for $31 million ($5,125 psf) in June 2019, while the other penthouse fetched $29.53 million ($4,899 psf) in April 2019. Meanwhile, the remaining two penthouses sold for $28 million apiece. One was 5,683 sq ft and went for $4,927 psf, while the other, a 5,673 sq ft unit, sold for $4,936 psf.
The same trend was observed when Park Nova was launched last year: the largest penthouses fetched the biggest premium. The 54-unit Park Nova has three penthouses. Chinese buyers snapped up the two largest on the first day of launch. The largest penthouse of 5,499 sq ft went for $34.438 million ($5,838 psf), while the second largest of 4,499 sq ft, fetched $26.026 million ($5,784 psf). The third penthouse, of 3,229 sq ft, was sold for $17.189 million ($5,320 psf) a fortnight later, also to a Chinese buyer.
Given the appetite for penthouses, Orchard Westwood Properties is combining the three- and four-bedroom loft units on the 20th and 21st floors and the three-and four-bedroom loft units on the 22nd and 23rd floors of the Water tower to create two more penthouses of 6,092 sq ft each.
These penthouses will be priced at $30.638 million ($5,029 psf) and $30.233 million ($4,963 psf), respectively. The price tags include interior design and furnishing. Renovations are underway to amalgamate the units, which are expected to be completed next year.
Check out the latest listings near 3 Orchard By-The-Park, Boulevard 88, Park Nova, Orchard Boulevard MRT Station