Park House condominium in Orchard road has been sold for $375.5 million. The quantum may not be record-breaking, but the price per square foot is. At $2,910 psf ppr, it has set a record high as far as collective sales.
Recording-breaking price per square foot for Orchard road property
With a plot ratio of 2.8 and zoned for residential development under the URA 2014 Masterplan, the 46,984 sq ft Park House condominium has set a new benchmark for psf prices of properties sold at collective sales.
This sale was brokered by CBRE and the property sold to Shun Tak Cuscaden Residential. The previous record was for the collective sale of Hampton Court at Draycott Park in 2013. Hong Kong’s Swire Properties bought the property for $2,526 psf ppr.
It is situated near the exclusive Orchard Boulevard area and is, of course, the Orchard Road shopping belt is highly accessible from there. A new development here could prove to be popular with expatriates and both foreign and local investors.
Developers came out in full force in bidding for this project. Responses were overwhelming, from both local and foreign developers from Hong Kong, Malaysia, China and Indonesia.
Large freehold site near the upcoming Orchard Boulevard MRT station
It is a freehold site, which is a rarity in the prime districts, and the current development holds 56 apartments and 4 shop units.
The property was originally put up for sale with an asking price of $308 million. This means that each of the owners will receive a gross payout of about $6.1 million and each shop owner, $8.1 million.
Sitting between River Valley and Orchard, behind the main Orchard road buzz, the property maintains a certain quiet and exclusivity. The upcoming Orchard Boulevard MRT station, however, will be just a short walk away. The station is slated for a 2021 completion.