Far East delays launch of Orchard Scotts

10 Sep 05

By ARTHUR SIM


THE launch of Orchard Scotts, Far East Organization's (FEO) long-awaited luxury development off Scotts Road, has been delayed, even though the developer is close to completing extensive upgrading work on common areas, which is said to have cost $20 million.


Three showflats, done up to the tune of $500,000, are also ready for buyers. But the doors will be locked for now.

News that the launch would be delayed came yesterday at a preview of the showflats for the media, which included representatives from Indonesia and Hong Kong. Chia Boon Kuah, FEO's COO, said that although demand for large luxury apartments like Orchard Scotts was growing quickly, 'developers all want to be able to get the highest price possible'.

And at the moment, FEO, as well as other property developers, are having a hard time trying to guess what this figure might be - or, more importantly, decide on a launch price.

Based on Singapore's property market figures, Mr Chia said prices had gone up by about 10 per cent compared with a year ago. 'Figures show that 163 luxury apartments were sold in July this year. In July 2004, only 66 luxury units were sold,' he added.

This should be compelling reason to launch the 387-unit Orchard Scotts as soon as possible - but when compared with neighbouring countries such as Hong Kong, where the property market has picked up phenomenally, developers here seem prepared to wait and see if the same will happen here.

Although FEO never committed to a specific launch date, market watchers first expected Orchard Scotts to be launched in 1998, when the developer got the sales licence from the Urban Redevelopment Authority. The three-block development was already close to completion then.

Five years later, when FEO topped up the property's 90-year lease back to 99 years, market watchers again expected the development to be launched, but again, it did not happen. By this time, the demand for large condominium units had dropped and FEO considered reconfiguring the large units, to make them smaller and more affordable. But the market changed again and the plans were dropped.

Yesterday's showflat preview was the closest FEO has come to launching Orchard Scotts, but sources say that the effect of spiralling oil prices on the global economy may have put a damper on the property market here. Tellingly, Mr Chia expects as many as 50 per cent of Orchard Scotts buyers to be foreigners.

And when it is launched, it will be launched simultaneously in Hong Kong, Jakarta and Singapore, he said, adding that FEO is even considering offering guaranteed rentals to property investors.

There is an upside to the delay, though. It will give FEO more time to iron out details of the extras they are planning to offer potential buyers. This includes providing concierge services, an in-house spa, sommelier and wine storage facilities and a fully fitted common dining and entertaining space. Even the extensive grounds, almost 200,000 sq ft, are being redone.

The stakes in the luxury property market have been raised.

http://img.photobucket.com/albums/v133/RafflesCity/eb1.jpg

^^ This project was featured in URA's current mini exhibition. :)

hmm..what features of it were they showing?

I didn't read the info in details. It's a mini exhibition to show some low-rise architecture in the world. Only the condo above was featured. No info about the exhibit on URA's website.

Huge!!!
What's that low white building on the left?

Cairnhill Community Centre ^^

Orchard Scotts condos' launch soon
387-unit development on prime land expected to draw locals and foreigners alike

Shobha Tsering Bhalla
shobha@newstoday.com.sg

RIDING the growing trend in large prime district apartments, Far East Organisation recently unveiled for previewing one of Singapore's largest major luxury residential developments in the prime Orchard/Scotts Road area.
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Orchard Scotts boasts the largest land area with the lowest site coverage in the upmarket Orchard Road and Scotts Road belt.
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It sits on a sprawling 1.5 hectare site next to the Newton MRT station.
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"On average most condos have a 40 per cent coverage. Orchard Scotts has only 25 per cent coverage," said a Far East spokesman.
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In keeping with this, most of the 387-unit development's apartments are large with sizes ranging from 1,500 sq ft to 3,700 sq ft. Only a few of the units are below 1,500 sq ft said the spokesman.
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Commenting on the demand for large luxury apartments in prime districts, Far East Organisation's chief operating officer Mr Chia Boon Kuah said the demand was "especially strong for new luxury developments in the Orchard/Scotts Road area where there is limited supply. We believe Orchard Scotts will fill this need."
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The average price of a unit at the condo would be about $1,200 psf, he said. This compares favourably with the price of an Orchard Road apartment today, say experts.
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The condo's expected date of launch has not been confirmed but sources say it is to be launched simultaneously in Singapore, Hong Kong, the mainland and Indonesia within the next three months.
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Noting that foreigners make up more than 20 per cent of private residential units in Singapore, Mr Chia said he hoped foreigners would make up 50 per cent of Orchard Scott's clientele.
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"We expect Orchard Scotts to draw considerable interest from wealthy local and foreign investors as well as homebuyers," he said.
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Designed by acclaimed award-winning American architect Bernardo Fort-Brescia, Orchard Scotts' stands out as an architectural landmark, said Mr Chia.
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The apartments are set in a tropical minimalist landscape with soothing water features such as mist jets and koi ponds.
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Facilities include four swimming pools, two tennis courts, a tennis-cum-recreational basketball court, steam and furo baths and one of Singapore's largest residential gyms.
387-unit development on prime land expected to draw locals and foreigners alike

eew far east eew

This is that colorful circle-triangle-square triple tower, right? @_@ I never imagined it was a condo.. It looks much like a typical office tower.

With 400 units in one condo it doesn't look too exclusive, but I'm very interested to see what it's like inside.

Orchard Scotts
http://gallery.design.com.sg/fareast/whatsnew_orchardscott_bldg.jpg

Yeah, that one.. It looks nothing like condo! I can't wait to see the layout and interior of it.

Eh ? It's looking like those old HDB blocks with the same shape somewhere near there. So lowrise :-(

the developer is quietly launching this project alreadi. heard dat the prices are still going up. intiail psf is $1350, but now it had shot up to about $1600. I believe it will continue to increase next year....... i do have some infor bt i cannot attached on the web, ani1 can help?

@bagus: try tinypics.com

I have to say that the showflat for this building was really top class.
Still this is actually an old building, so I have my doubts about all the rest ;-)

Although the interior is nice, but the exterior looks a bit like factory. IF anyone in here looking at this project, feel free to e-mail me for infor coz i got some infor for this project given by my frd... Aniwae, if u r looking at studio and 2 bedrooms, its like while stock last. Coz there are onli afew units in this whole project. The developer is reserving a tower to be service apartment to rent out in furture. Ask me for more infor if u really one... :)

Hi Everyone

I visited the showroom sometime 3Q/4Q last year and while the showroom was nicely done up, the exterior is so Office/HDB-like. I joked to the agent that I was not going to move from one HDB to another! In fact it reminds me not of new HDB flats, but those old ones in queenstown with long common corridors.

Anyone knows what's the status now? It doesn't seem occupied and there's still some minor landscaping works onsite when I passed by recently. When was the supposed TOP? I'm not surprised if it didn't sell well despite the great location.

I don't think its ugly exterior will affect its sales too much. Look at Cairnhill Crest, which is quite ugly in its own right; it's selling faster than the great-looking Light @ Cairnhill. (probably because of its facilities, I think)

I don't think its ugly exterior will affect its sales too much. Look at Cairnhill Crest, which is quite ugly in its own right; it's selling faster than the great-looking Light @ Cairnhill. (probably because of its facilities, I think)

i think it has to do with the view.

Cairnhill Crest does not have any great facilities instead they have very ATTRACTIVE commission for the agents that why the sales is so good.


I don't think its ugly exterior will affect its sales too much. Look at Cairnhill Crest, which is quite ugly in its own right; it's selling faster than the great-looking Light @ Cairnhill. (probably because of its facilities, I think)

to me it looks more like a cluster of office buildings from la defense... i quite like the exterior actually.

cairnhill crest - that one i can't stand. its truly hdb.

to me personally i dun really like cairnhill crest and orchard scotts. i find it weird... Interior looks normal for Cairnhill Crest but as for orchard scotts, its juz abit better compared to Crest. i'm not going to pay such high price for such layout and design..


to me it looks more like a cluster of office buildings from la defense... i quite like the exterior actually.

cairnhill crest - that one i can't stand. its truly hdb.

Far East plans to launch Orchard Scotts soon

20 Jun 06

Developer will sell one tower entirely as serviced residences

FAR East Organization says it will launch Orchard Scotts soon, and one tower will be entirely sold as serviced residences.

http://business-times.asia1.com.sg/mnt/media/image/launched/2006-06-20/BT_4266348_20_06_2006.jpg

Far East has not released details on the launch but says that it intends to blend private residences and serviced suites with hotel-styled luxury for the first tower.

The news comes shortly after City Developments Ltd launched St Regis Residences, which also offers hotel-style services, and achieved good take-up.

It may be too early to say if this is the start of a trend but serviced residences will certainly be more attractive to buyers in terms of leasing and investment potential and so other developers are likely to follow suit.

Tay Huey Ying, associate director of research and consultancy at Colliers International, says it would be a 'good trend' as it 'take the hassle away from property investors'.

'These investors will not need to worry about management and maintenance issues,' she added.

Far East may also offer leasing services or guaranteed rental returns. On this, Ms Tay says the concept is not new, and is usually done without fanfare.

She does not think the trend will develop along the lines of 'condotels' which are residential apartments leased out on a short-term basis, as there are currently restrictions on this.

'Mid- to long-term leases should not be an issue,' she said. A typical lease is about two to three years, she added.

Jones Lang LaSalle regional director and head of investments (capital markets) Lui Seng Fatt notes that rental yields for serviced residences could indeed be more attractive, at around 4.5 per cent.

Already, he says that non-serviced residences like Wing Tai's Light @ Cairnhill are fetching rental yields of 4 per cent. And the actual rental could be twice as much, at about $10 psf per month. 'There will be investors who are happy to park their money and wait for capital gain,' he said.

Still, Mr Lui says that not all developments are good candidates for becoming serviced residences. As a rough guide, he says that properties within one kilometre of the Orchard Road/Scotts Road junction are more likely candidates.

Highlighting that serviced residences are not common here, Mr Lui added: 'In the past, it was difficult in terms of management.' In this light, Far East, which already owns hotels and serviced apartments, could be at an advantage as it will have economies of scale.

Mr Lui expects response for Orchard Scotts to be good. Earlier estimates put the average price at around $1,000 psf but this could now be as high as $1,500.

By ARTHUR SIM

Orchard Scotts launch near top end of prices

22 Jun 06

50 leasehold units due to be sold at $1,400-$1,800 psf, come July 8


FAR East Organization will launch apartments at Orchard Scotts for sale at prices near the top end of current market prices.


The target launch date for the 99-year leasehold development is July 8, and 50 units will go on sale at $1,400-$1,800 psf.

On the expected take-up, Far East's chief operating officer Chia Boon Kuah says he is encouraged by the pace of redevelopment and the 'reinvention of Orchard Road'. Far East is also banking on the trend for city living and that those affected by the spate of en bloc sales in the Cairnhill area 'still want to live in the city'. As such, he expects about 50 per cent of buyers to be locals.

The current projected benchmark for prime 99-year leasehold residential property is $1,800-$2,000 psf for CapitaLand and Sun Hung Kai Properties' future Orchard Turn development. Other 99-year leasehold developments like Wing Tai's Draycott 8 are reported to be selling for $1,600-$1,800 psf, while the second tower of City Developments' The Sail @ Marina Bay is said to have been priced around $1,200 psf.

At Orchard Scotts, there will eventually be a total of 180 units for sale in two towers. Reflecting the high-end target market, 124 units or almost 70 per cent have four bedrooms or are suites. These units start at 2,282 sq ft and go up to 3,627 sq ft for the suites.

The third tower that makes up Orchard Scotts will be retained by Far East and operated as serviced residences. Explaining why, Mr Chia said rent returns from serviced residences here are generally more attractive, between 1.5-2.5 per cent above average residential rental returns.

With nine serviced residences projects, Far East is the largest owner-operator in Singapore. It does not have an umbrella brand for these but Mr Chia hinted that with the opening of Orchard Scotts serviced residences, Far East could be 'consolidating its brands next year' in line with plans to expand the business regionally.

Orchard Scotts serviced residences will represent the top tier, with units going for about $10 psf per month or $6,000 for a 600 sq ft unit.

By ARTHUR SIM

Getting ready to launch?

http://i65.photobucket.com/albums/h204/hyapic01/DSC_2134.jpg

they are previewing now but response is so-so, i think

its done by aquitatonica (yes i spelling wrong) if i am not wrong it was completed like some 5years ago or something?

the architecture is the companys' style, if you look at their proposal for the Duxton HDB competition, it looks pretty similar.

Rednering found on Far East newsletter
http://www.fareast.com.sg/landmark/1q2006/img/ud01_title.jpg

http://www.fareast.com.sg/landmark/1q2006/ud01.htm

the tower at orchard turn looks nice!

yup I hope they do come up with a really great design that light up at the crown as stated

Orchard Scotts is really beautiful and there is lotsa of spaces in between.

I was quite curious about this building, why was it built so long ago, and launched only now? So was it totally empty and collecting dust for 5 years?

I was quite curious about this building, why was it built so long ago, and launched only now? So was it totally empty and collecting dust for 5 years?

beats me.....i only know everytime i pass that area when it was completed, i see two huge boards writing (FOR LEASE).....i have always wondered if there are anyone staying there becasue the glass shades pretty much of the activities going on inside

I was quite curious about this building, why was it built so long ago, and launched only now? So was it totally empty and collecting dust for 5 years?
original plan is supposed to be a service apartment. 1 good thing about staying in Orchard Scotts, you can switch on your air-con 24/7 for you have paid that in the maintanence fee. There is also no ulitities bill to pay too, all cover inside the maintanence fee.

There is a full-page ad in today's Straits Times for a new Far East project called Orchard:Scotts. The ad also writes: Now open for sale.

The website is http://www.orchardscotts.com.sg/

I was quite curious about this building, why was it built so long ago, and launched only now? So was it totally empty and collecting dust for 5 years?

The developer must have really deep pockets to be able to leave such a project untouched for over 5 years. Hopefully they have paid all the contractors involved.

So what is happening to this condo now? Is it a service residence or are there people residing in it? Anybody have updates?

The building looks good in the renderings...but in real life....looks like some factory:lol:

The developer must have really deep pockets to be able to leave such a project untouched for over 5 years. Hopefully they have paid all the contractors involved.

So what is happening to this condo now? Is it a service residence or are there people residing in it? Anybody have updates?

Far East almost went bankrupt some years ago and were rumoured to have been bailed out by some people leaning on the banks to extend their financing. Far East were doing many Government projects at the time, so they couldn't let the banks pull the plug.

Hope they have finally sorted out their accounting and finance department.

Far East almost went bankrupt some years ago and were rumoured to have been bailed out by some people leaning on the banks to extend their financing. Far East were doing many Government projects at the time, so they couldn't let the banks pull the plug.

Hope they have finally sorted out their accounting and finance department.

Yikes!! That's scary. :eek:

the green tower is the service apartment 207units.. 3 towers 20storeys, 2.5 hectares.. feo only launching one of the towers only...launched price is 2600psf... the fascade looks ugly but the interiors not too bad... everything was rather dim inside...

passed by newton area and saw orchard scotts...nothing too headturning and stunning..seems tt the actual piece dont match up with the nice artiste impressions..sigh

Getting ready to launch?

http://i65.photobucket.com/albums/h204/hyapic01/DSC_2134.jpg

The roof of the building looks bare. No penthouses? They should at least decorate the top IMO
:tiasd:

cheers

excelsvr