SINGAPORE (EDGEPROP) - The owner of a 559 sq ft, one-bedroom unit at Suites at Orchard has offered to sell the property at Knight Frank’s auction on March 27. The unit has an indicative price of $1.28 million which translates to $2,289 psf on the floor area.
Located on Handy Road in prime District 9, Suites at Orchard is a 99-year leasehold development by Allgreen Properties, and was completed in 2014. The condominium is beside Plaza Singapura shopping mall and Dhoby Ghaut MRT Interchange Station, which is located on the North-South, North-East and Circle Lines.
The 118-unit development comprises a mix of one-bedroom apartments to three-bedroom duplexes and penthouses from 549 sq ft to 1,776 sq ft. The unit to be offered at the auction was purchased for $1.2 million ($2,152 psf) in November 2010, when the development first launched for sale.
Sharon Lee, head of auction and sales at Knight Frank Singapore, says: “In terms of the psf price, the asking price of this unit is much lower than those in the neighbouring developments.”
For example, at nearby Nomu – a freehold apartment block with 50 units – a 474 sq ft unit transacted for $1.16 million ($2,449 psf) in March 2018.
Based on URA caveats, one-bedroom units at Suites at Orchard with a size similar to the unit going under the hammer were last sold in 2018. A 549 sq ft unit on the fifth floor changed hands for $1.32 million ($2,405 psf) in September that year, while another 549 sq ft unit on the second floor transacted for $1.27 million ($2,304 psf) in February.
Lee expects the unit to appeal to buyers who “like quick access to transportation and malls, and also enjoy city living”. She says the development’s proximity to the major Dhoby Ghaut MRT interchange, as well as its central location along the prime Orchard Road shopping belt, will appeal to owner-occupiers and investors.
Moreover, the Dhoby Ghaut area has been earmarked as a family-friendly lifestyle zone, as part of rejuvenation plans for Orchard Road. Development plans include improving pedestrian access through green spaces such as Istana Park and Dhoby Ghaut Green, and more children’s play areas and flexible event venues.
Lee says the development’s proximity to higher educational institutions, such as Singapore Management University, Nanyang Academy of Fine Arts, and School of the Arts, also renders the unit attractive for own stay or for investment.
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