A five-bedroom penthouse at 3 Orchard By-The-Park has been sold for $31.5 million. In terms of absolute price, it is the most expensive penthouse sold this year to date. The price for the 6,555 sq ft unit translates to $4,805 psf. The sale took place earlier this week and a caveat has yet to be lodged. It was brokered by Savills Residential, one of the joint marketing agents for 3 Orchard By-The-Park.
The buyer of the penthouse is believed to be a Chinese national. The penthouse is one of just two penthouses in the luxury, freehold condo with just 77 units. The condo was developed by the Yeoh family-controlled Malaysian developer, YTL Group, a name synonymous with luxury property developments, hotels and resorts. YTL also developed the luxury bungalows at Kasara Villas and Sandy Island at Sentosa Cove, Singapore’s luxury waterfront residential resort.
The penthouse that was sold features a music lounge and wine storage (Pictures: SuMisura)
Completed in 2017, 3 Orchard By-The-Park was designed by Italian architect and furniture designer, Antonio Citterio, renowned for his designs of Bulgari hotels and resorts. His architectural firm, set up jointly with his business partner Patricia Viel, is the eponymous Antonio Citterio Patricia Viel Studio.
The other penthouse at the condo, also a duplex, is more than 6,900 sq ft in size, and is still available.
The price of $4,805 psf for the just-sold penthouse at 3 Orchard By-The-Park is higher than the average price of $3,695 psf for typical units sold within the development, based on caveats lodged with URA Realis to date.
According to Alan Cheong, executive and head of research & consultancy at Savills Singapore, the prices of luxury penthouses are higher on a psf basis compared to the rest of the units in a development. “There is a premium attached to these penthouses which are sought after by the uber-high-networth buyers,” he says. As such, the pricing matrix is different from typical non-landed projects, whether in the prime districts or suburbs, he adds.
3 Orchard By-The-Park was developed by YTL Group (Picture: Samuel Isaac Chua/EdgeProp Singapore)
This was also seen at Boulevard 88, a luxury integrated development located nearby. Three of the four penthouses there were sold at prices ranging from $28 million to $29.53 million, with an average price of $4,920 psf. Stripped of the penthouse transactions, the average price of typical units sold in the development is $3,633 psf, based on caveats lodged to date.
The development at 3 Orchard By-The-Park has three 25-storey residential towers sitting on a 62,179 sq ft site, with one side fronting Orchard Boulevard, and the other, Cuscaden Road. Only one tower of 30 units has been released for sale, and about half of the units have been taken up.
Including the penthouse, Savills has brokered the sale of five units within 3 Orchard By-The-Park. “The penthouse has a panoramic, unblocked view towards Bukit Timah, which has a lot of lush greenery,” says George Tan, managing director of Savills Residential. “And yet it’s just a stone’s throw away from Orchard Road.”
The living room of the penthouse that was sold at 3 Orchard By-the-Park
The interiors of the $31.5 million penthouse at 3 Orchard By-The-Park were designed by interior designer SuMisura. The buyer is said to be a foreigner, which means the additional buyer’s stamp duty payable is 20% of the purchase price, on top of the 4% buyer’s stamp duty for properties above $1 million.
Viewings at 3 Orchard By-The-Park have been “healthy”, says Savills’ Tan.
Interest may have picked up in anticipation of the upcoming preview of Cuscaden Reserve next door, a luxury residential project by a consortium led by SC Global Developments together with Hong Kong developers, Far East Consortium and New World Development. The consortium purchased the 61,597 sq ft, 99-year leasehold site in a government land sale for $410 million or $2,377 psf per plot ratio in April last year. It is still considered a record price for a residential development site purchased in a government land sale.
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