SHKP Singapore project fetches record price

PUBLISHED : Wednesday, 04 April, 2007, 12:00am
UPDATED : Wednesday, 04 April, 2007, 12:00am

Sun Hung Kai Properties and CapitaLand said their jointly owned luxury residential project at Orchard Road in Singapore sold several units at more than S$4,000 (HK$20,596) per square foot, a record in the city state.

The joint venture said all 98 units of between 2,000 and 3,000 square feet at the 56-storey Orchard Residences, the first phase of the project, were sold at an average of S$3,213 per square foot. The project, scheduled for completion in late 2009, has 175 units.

The remaining 77 units are expected to be put up for sale next month.

Based on the estimated price of S$4,000 per square foot, the more costly units sold for between S$8 million and S$12 million each.

Michael Ng, managing director of Savills (Singapore), said Orchard Residences broke the previous record of S$3,500 per square foot set by a penthouse in Marina Bay, the city's new financial district, a couple of months ago.

'Prices of penthouses and special units have risen significantly as lots of foreign capital from the Middle East, Malaysia, China, Europe and United States are flooding into Singapore,' he said.

He predicted luxury home prices would continue to grow with penthouses and special units at prestigious locations reaching a new high of S$4,500 per square foot.

Mr Ng said the soaring luxury home prices were partly driven by the development of the US$5.2 billion Sentosa Integrated Resort, which would attract more foreign capital to Singapore.

Last month, HKR International said its luxury residential project, Beaufort on Nassim, along Nassim Road near Orchard Road generated warm responses. It said 12 units sold for S$2,300 to S$3,200 per square foot.