Singapore developer to cast wide net

PUBLISHED : Wednesday, 14 September, 2005, 12:00am
UPDATED : Wednesday, 14 September, 2005, 12:00am

The Singapore-based property developer Far East Organisation is to offer half of its latest luxury residential project to overseas buyers, a major driving force of the country's housing market.

The 387-unit Orchard Scotts, on Anthony Road, about 10 minutes' walk from Orchard Road, will be launched simultaneously in Singapore, Hong Kong, the mainland and Indonesia within the next three months. Apartments in the development range in size from 950 sqft to 3,600 sqft.

Far East Organisation chief operating officer Chia Boon Kuah said foreigners accounted for 20 per cent of buyers of private residential units in Singapore and he hoped overseas buyers would make up 50 per cent of project sales.

He said the project with would be offered at more than S$1,200 per sqft ($5,554). This compares with S$1,900 per sqft, the latest highest price for an apartment on Orchard Road.

To drum up interest, the first 20 buyers of Orchard Scotts units will receive preferential terms, including guaranteed rental return. No details have been finalised but the rental yield in the area is 3.5 per cent to 4 per cent.