Two-bedroom penthouse at Suites at Orchard selling for $2.27 mil

/ EdgeProp Singapore |
July 15, 2022 11:27 AM SGT
Suites at Orchard is a 99-year leasehold, 118-unit condominium that was completed in 2014. (Picture: Samuel Isaac Chua/The Edge Singapore)
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SINGAPORE (EDGEPROP) - A two-bedroom penthouse unit at Suites at Orchard is on the market for $2.27 million. The guide price for the 1,367 sq ft unit translates to about $1,660 psf based on the floor area. The property is currently marketed by the ERA Realty auctions team.
The unit features a regular layout with an en suite master bedroom, a second bedroom and a common bathroom. A small service yard is connected to the open-concept kitchen, which leads into the living and dining room. A staircase in the living room leads to the upper floor and a balcony beside the living room facing Handy Road, while the upper floor consists of an unsheltered roof terrace. According to the property listing, the unit is tenanted until December 2023 and will be sold with the existing tenancy.
Suites at Orchard is a 99-year leasehold development along Handy Road in prime District 9. The 118-unit development was completed in 2014. Located in the Dhoby Ghaut area, the condominium is also close to the arts and heritage districts along Bras Basah, Bencoolen Street and Middle Road. The National Museum, the Singapore Management University campus and the School of the Arts are also nearby.
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EdgeProp amenities map - EDGEPROP SINGAPORE
Suites at Orchard benefits from its proximity to the Orchard Road shopping belt and the arts and heritage district at Bras Basah and Bencoolen Street. (Map: EdgeProp Singapore)
There are 16 penthouse units at Suites at Orchard that range from 840 sq ft one-bedders to 1,485 sq ft, two-bedroom units. So far, the most expensive penthouse sold was a 1,485 sq ft, two-bedroom unit that changed hands for $2.7 million ($1,818 psf) in April 2016.
Based on URA caveats, transactions involving penthouse units at Suites at Orchard are rare. No units of any size were sold between October 2018 and December 2020 and only four units have been sold in the past 18 months. The most recent transaction was for a 732 sq ft unit that was sold for $1.4 million ($1,913 psf) on May 27.
However, the condominium has had a steady rental track record. So far this year, at least 36 units have been leased out, compared to at least 60 units that were leased in 2021. A compilation of rental data over the past 12 months by EdgeProp Singapore shows that the average rent is about $5.60 psf per month. EdgeProp Singapore also estimates that owners who lease out their units enjoy an approximate rental yield of 3.5%.
transactions at Suited at Orchard - EDGEPROP SINGAPORE
Source: URA, EdgeProp Singapore
There are five boutique residential developments that line Handy Road, a short road on the edge of Mount Sophia. Suites at Orchard is the residence closest to the Plaza Singapura shopping mall, and located beside it is the Haus on Handy, which is expected to be completed next year. Also in the area is The Luxe, a boutique development with just 20 apartments for lease that was completed in 2007. There is also Nomu, which features just 50 apartments and was launched for sale in 2006 and completed in 2009. Finally, there is The Cathay Residences, which is part of the mixed-use development The Cathay, a landmark located at the end of Orchard Road.
The Dhoby Ghaut area is served by Dhoby Ghaut MRT Station, which is an interchange serving the 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.
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