Penthouse at 3 Orchard By-The-Park fetches $31.5 mil

A five-bedroom penthouse at 3 Orchard By-The-Park has been sold for $31.5 million. In terms of absolute price, it is the most expensive penthouse sold this year to date. The price for the 6,555 sq ft unit translates to $4,805 psf. The sale took place earlier this week and a caveat has yet to be lodged. It was brokered by Savills Residential, one of the joint marketing agents for 3 Orchard By-The-Park.
The buyer of the penthouse is believed to be a Chinese national. The penthouse is one of just two penthouses in the luxury, freehold condo with just 77 units. The condo was developed by the Yeoh family-controlled Malaysian developer, YTL Group, a name synonymous with luxury property developments, hotels and resorts. YTL also developed the luxury bungalows at Kasara Villas and Sandy Island at Sentosa Cove, Singapore’s luxury waterfront residential resort.
The penthouse that was sold features a music lounge and wine storage (Pictures: SuMisura)
Completed in 2017, 3 Orchard By-The-Park was designed by Italian architect and furniture designer, Antonio Citterio, renowned for his designs of Bulgari hotels and resorts. His architectural firm, set up jointly with his business partner Patricia Viel, is the eponymous Antonio Citterio Patricia Viel Studio.
The other penthouse at the condo, also a duplex, is more than 6,900 sq ft in size, and is still available.
The price of $4,805 psf for the just-sold penthouse at 3 Orchard By-The-Park is higher than the average price of $3,695 psf for typical units sold within the development, based on caveats lodged with URA Realis to date.
According to Alan Cheong, executive and head of research & consultancy at Savills Singapore, the prices of luxury penthouses are higher on a psf basis compared to the rest of the units in a development. “There is a premium attached to these penthouses which are sought after by the uber-high-networth buyers,” he says. As such, the pricing matrix is different from typical non-landed projects, whether in the prime districts or suburbs, he adds.
3 Orchard By-The-Park was developed by YTL Group (Picture: Samuel Isaac Chua/EdgeProp Singapore)