YTL’s uncanny timing

By Cecilia Chow and Charlene Chin / EdgeProp Singapore | December 15, 2018 12:24 PM SGT
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December is not commonly a choice month in which to roll out a luxury project. But a burst of interest from foreign buyers on holiday has prompted the Malaysian-listed conglomerate to launch 3 Orchard By-The-Park.

Most property developers are winding down their activities as the year draws to a close. Not Malaysian- listed YTL Corp, controlled by the Yeoh family and ranked 11th-richest in Malaysia by Forbes, though. The group’s subsidiary, YTL Land & Development, launched its luxury condo 3 Orchard By-The-Park in Singapore on Dec 1. “It felt as though the market had rebounded,” says Joseph Yeoh, 32, vice-president of YTL Land & Development and YTL Hotels, in an interview with EdgeProp Singapore.
YTL's 3 Orchard By-The-Park was officially launched on Dec 1 (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)
According to Jasmine Gwee, YTL Land & Development’s sales and marketing director, the decision to launch was prompted by a surge in enquiries from prospective buyers primarily from China, Hong Kong and Indonesia. “We decided to launch because we saw that many of them who are here on holiday are also using it as an opportunity to view property,” she says. “The luxury market is very resilient. It’s not so much about affordability. It’s what they want to buy.”
The property cooling measures in July may have slowed activity elsewhere in the residential market, but there has been a spurt of buying in the luxury segment. “If you compare with prices in Hong Kong and Shanghai, Singapore is still very attractive even with the new cooling measures in place,” adds Yeoh.
Yeoh needed to look no further than 3 Orchard By-The-Park to prove his point. The project is a redevelopment of the former Westwood Apartments, which YTL had purchased en bloc at end-November 2007 for $435 million. The purchase price for the freehold site on prime Orchard Boulevard translated into a record land rate of $2,525...