Friday, October 15, 2010

Suites at Orchard: More than 50% sold in 2 days!


Also in the BT today, Allgreen Properties had sold about 65 apartments in its 118-unit Suites at Orchard project at Handy Road as of 6.30pm yesterday.

suites-at-orchard

The average price for the 99-year leasehold project, a stone’s throw from The Cathay and Dhoby Ghaut MRT station, is in the $2,000 - $2,200psf range.

In absolute price terms, units cost from about $1.18 million for a one-bedder to about $3 million for a three-bedroom duplex unit of 1,550sqft or 1,571sqft.

About 40% of the units are one-bedders or one-bedders with study, while 37% are two-bedders or two-bedders with study.

There are 10 duplex units (all three-bedders) and 16 penthouses (one, two and three-bedroom units).

Unit sizes range from 584sqft for a one-bedder to 2,551sqft for a two-bedroom apartment with study and private enclosed space.

Allgreen previewed the development to its directors and staff on Wednesday; sales to VVIPs on the developer’s and DTZ’s (the project’s sole marketing agent) lists started yesterday.

The 10-storey project is expected to receive Temporary Occupation Permit in about two-and-half years.

The wife and I decided to do some digging on the internet and found that Allgreen had successfully tendered for this land parcel from URA in March 2007. The site has a total area of about 38,600sqft and a plot ratio of 2.8. Allgreen had paid $72.3 million for this land parcel, which equates to $669psf of GFA (gross floor area).

So one can imagine the kind of money they be making at $2,000psf!


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