New Launches NEWS: Orchard Bel Air relaunches for full block sale.
PRIME District 10 Orchard Bel Air was relaunched on Tuesday (January 31) for a collective sale among New Launches. The guide price remains at S$587.5 million after the previous attempt ended on September 6 without selling. Located next to the entrance to the newly opened Orchard Boulevard Metro Station, the 99-year rental unit – which began leasing in August 1980 – was first listed for sale on July 27, 2022.
This New Launch Condo has a land area of approximately 93,126 square feet (sq ft) with a gross lot ratio (GPR) of 2.8 under the 2019 Master Plan and controls building heights up to 36 stories. It is likely to be redeveloped with a current total verified floor area of approximately 276,298 square feet with a GPR of 2.96.
Marketing agent Knight Frank said its guide price translates to a land rate of about S$2,620 per square foot per lot (psf ppr) after factoring in an upgrade fee of around S$136 million for rental contract. Taking into account 7% of the total floor space allowed for the balcony, this translates to approximately S$2,551 psf.
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New Launch Condo also said an estimated 128 new residential units averaging 2,153 square feet could be developed on the site, subject to layout and configuration, and subject to approval from the site. The redevelopment will not require a pre-feasibility study of traffic impacts.
New Launch Condo NEWS: Orchard Bel Air relaunches for full block sale
Built in 1984, Orchard Bel Air consists of 71 apartments on 25 floors. Upscale residential areas, hotels, offices and shopping malls, including Tanglin Mall, Ion Orchard and The Forum are all nearby.
Chia Mein Mein, Knight Frank's head of capital markets (land and semi-collectives), said the development's "perfect location" offers unobstructed panoramic views of the city and making it one of the rare redevelopment sites available for sale in land-scarce Orchard area.
“There may not be another residential redevelopment for sale in this prestigious area in the foreseeable future,” she said. “Especially in the current situation, as owner concerns about replacement costs make it difficult to secure authority in any inter-blockchain process.”
According to Knight Frank, the demand for luxury housing in Singapore started to increase after the opening of international borders. Sales momentum has been positive at nearby Park Nova, with nine units traded as of Q3 2022 for around S$4,400 to S$4,900 each, with the project accounting for around 87% of sales.
A 2,799 square foot New Launch Property at 88 Avenue along Orchard Avenue was sold for S$13.78 million or S$4,924 psf in December 2022. Meanwhile, Les Maisons Nassim has four intersections. translated for S$36 million to S$68 million, or S$5,296 to S$5,296. $6,057 psf in recent months. The project has now sold about 79%.
Chia added: “The luxury housing market, which has not seen much price gain over the past two years relative to suburban housing, will benefit from the flight of the private wealth to safe havens. entirely represented by Singapore.” that this is especially true of the luxury family homes in the heart of Orchard Road.
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