Orchard Bel Air condo launched for en bloc sale at $587.5 million
Completed in 1984, this 99-year leasehold development 70 units in total, with typical sizes ranging from 3,208 - 3,251 square feet.
As the collective sale market continues to heat up, the Orchard Bel Air condo has been put up for en bloc with an asking price of $587.5 million.
This would also translate to a land rate of around $2,526 psf ppr.
The 99-year leasehold condominium was developed by UOL Group and was completed back in 1984.
It only has a single 25-storey residential block that comprises 70 units. Each typical unit has a size ranging from 3,208 sq ft to 3,251 sq ft.
In addition, there’s also a penthouse unit that measures 6,512 sq ft in size.
Orchard Bel Air condo has a site area of around 93,126 sq ft and has a gross plot ratio of 2.8.
It’s also located just next to the new Orchard Boulevard MRT station (along the new Thomson-East Coast MRT Line).
According to market watchers, the future new launch at Orchard Boulevard can yield around 128 private homes – based on an average size of 2,153 sq ft for each unit.
Each owner of the typical unit type could receive minimally around $8.1 million as sales proceeds, while the owner of the penthouse could bag around $16.3 million if the en bloc deal goes through.
The last en bloc deal concluded within the Orchard Boulevard precinct was the former Park House.
It was a freehold development sold to Shun Tak Holdings back in June 2018 for a whopping $375.5 million (translating to $2,910 psf ppr).
It’s located just across from the Orchard Bel Air condo.
The new luxury development is now known as Park Nova with a total of 54 units, and 37 units have already been sold at a median price of $4,970 psf.
Another project that’s still under construction is Cuscaden Reserve, but it has a 99-year leasehold tenure instead.
That is a 192-unit luxury condominium that’s being developed by SC Global, New World Development, and Far East Consortium (FEC).
However, only 10 units have been reportedly sold – at an average psf price of $3,629.