The collective sale tender for Orchard Bel Air will close on Sept 6 at 3pm (Picture: Samuel Isaac Chua/The Edge Singapore)
SINGAPORE (EDGEPROP) - Orchard Bel Air, a 99-year leasehold condominium at 245 Orchard Boulevard, has been launched for collective sale by public tender at a guide price of $587.5 million, according to a July 27 press release by exclusive marketing agent Knight Frank Singapore.
The price of $587.5 million translates to a land rate of approximately $2,600 psf per plot ratio (psf ppr), which includes an upgrading premium of approximately $131 million for the lease top-up. No development charge is payable. Taking into consideration the 7% bonus gross floor area allowed for balconies, this translates to approximately $2,526 psf ppr.
Orchard Bel Air is a 25-storey condominium built in 1984 that has 71 units (Picture: Samuel Isaac Chua/The Edge Singapore)
Orchard Bel Air was developed by UOL Group and completed in1984, with a 99-year lease from August 1980. The 25-storey tower has 70 residential units measuring between 3,208 and 3,251 sq ft, as well as one penthouse measuring 6,512 sq ft. It is located next to the Orchard Boulevard MRT Station on the Thomson-East Coast Line, which is slated to open soon.
The development sits on a land area of approximately 93,126 sq ft. Under the URA Master Plan 2019, the site has a gross plot ratio of 2.8 and a building height control of up to 36 storeys.
For Chia Mein Mein, Knight Frank Singapore’s head of capital markets (land & collective sale), the future development at the site will have all the qualities of a trophy asset. “Perfectly positioned next to the landed estate of One Tree Hill, the successful bidder can look forward to creating an iconic and ultra-luxurious landmark development with new homes soaring above the neighbouring developments with unobstructed views of the cityscape,” she comments.
The site can be developed up to its existing verified gross floor area of 276,298 sq ft, based on a gross plot ratio of 2.98. An estimated 128 new residential units with sizes averaging 2,153 sq ft could be developed, depending on layout and configuration, and subject to approval from the relevant authorities. The redevelopment would not require a pre-application feasibility study on traffic impact.
The collective sales committee for Orchard Bel Air was formed last year. “Although we have attempted to initiate the collective sale exercise in the past, this is the first time we have managed to secure the 80% consensus mandate to launch the tender,” says Baldev Singh, the committee’s chairman.
Owners of typical units at the condo stand to receive minimum gross prices of approximately $8.1 million, while the penthouse owner could walk away with at least $16.3 million from the successful sale of the development.
Knight Frank’s Chia anticipates Orchard Bel Air to garner strong interest not just from local developers but also from overseas players, given the boost in foreign interest following the reopening of Singapore’s borders. “We anticipate a further pick-up in demand, particularly in the high-end residential market, which has not experienced as much price growth in the last two years when compared to suburban homes,” she adds.
Recent sales transactions within a 500m radius of Orchard Bel Air include
The last en bloc transaction that occurred in the Orchard Boulevard area was Park House, located across the road from Orchard Bel Air. The freehold, 15-storey building was sold to Hong Kong-listed Shun Tak Holdings in June 2018 for $375.5 million, or $2,910 psf ppr. Shun Tak launched luxury residential development Park Nova at the site in May 2021. To date, 37 out of the 54 units available have been sold at an average price of $4,970 psf, based on caveats lodged. (See potential condos with en bloc calculator)
Beside Park Nova is Cuscaden Reserve. The 192-unit ultra-luxury project by Singapore developer SC Global Developments and two Hong Kong-listed real estate companies, New World Development and Far East Consortium, was launched for private previews in 3Q2019. To date, 10 units have been sold at an average price of $3,629 psf, based on caveats lodged.
Launches within a 500m radius of Orchard Bel Air in the last three years include ultra-luxury developments Park Nova and Cuscaden Reserve, highlighted on the map (Source: EdgeProp LandLens)
The collective sale tender for Orchard Bel Air will close on Sept 6 at 3pm.