RafflesCity
December 30th, 2004, 12:37 PM
Orange Court to make way for condo Orion
30 Dec 04
Redevelopment by Sime Properties Singapore to cost $80m, reports ANDREA TAN
SIME Darby Berhad's Orange Court Service Residences will soon make way for an upmarket condominium development called Orion.
http://business-times.asia1.com.sg/mnt/media/image/launched/2004-12-30/tsime30-223704.jpg
Reaching for the sky: The Orion will have 46 units spread over 27 storeys. Completion is slated for mid-2007
The 36-unit service apartment in Orange Grove Road will be redeveloped at a cost of some $80 million, according to Sime.
Sime Properties Singapore, the Malaysian conglomerate's property arm, is expected to tear down Orange Court in the second quarter of 2005. It sits on a 27,450 square foot freehold site in a prime residential area, which can be built up to a potential gross floor area of 76,860 sq ft or 2.8 times its land area.
At $80 million, including a development charge of $4.9 million, this works out to a land cost of $1,040 psf. Sime said that Orion would have 46 units spread over 27 storeys. Completion is slated for mid-2007.
The units are expected to be released in the first quarter at an average price of around $1,300 psf.
'With the higher living standards in Singapore and the increasing demand for more upscale residences, this redevelopment at a strategic premier location will allow discerning buyers a preferred purchase,' said Sime Properties Singapore director Yip Jon Khiam.
'With all the exclusive facilities provided, coupled with the choice address, we are confident that the Orion will generate favourable sales during its upcoming special preview.'
The condominium will include a sky gymnasium, spa in the sky and relaxation area located midway in the building.
Orange Court is located at 6C Orange Grove Road, a prime residential enclave in the Orchard area of District 10. Sime also has another property - the 75-unit Darby Park Executive Suites - also at Orange Grove Road. The company said that it has no plans for now to redevelop Darby Park.
Sime is not the only developer to bulldoze a service residence development in order to make way for a condominium.
Wheelock Properties (formerly Marco Polo Developments) also has plans to redevelop The Ascott Singapore and Scotts Shopping Centre into a condo and commercial project.
Sime is also developing the 62-unit freehold Balmoral Hills at Balmoral Park which it plans to launch next year.
Other properties the group has developed include The Armadale at Gilstead Road, The Amston at Hillview Avenue and Petro Centre in Bukit Merah.
Sime has set up Aquila Development Pte Ltd to undertake the development of the Orange Court property.
30 Dec 04
Redevelopment by Sime Properties Singapore to cost $80m, reports ANDREA TAN
SIME Darby Berhad's Orange Court Service Residences will soon make way for an upmarket condominium development called Orion.
http://business-times.asia1.com.sg/mnt/media/image/launched/2004-12-30/tsime30-223704.jpg
Reaching for the sky: The Orion will have 46 units spread over 27 storeys. Completion is slated for mid-2007
The 36-unit service apartment in Orange Grove Road will be redeveloped at a cost of some $80 million, according to Sime.
Sime Properties Singapore, the Malaysian conglomerate's property arm, is expected to tear down Orange Court in the second quarter of 2005. It sits on a 27,450 square foot freehold site in a prime residential area, which can be built up to a potential gross floor area of 76,860 sq ft or 2.8 times its land area.
At $80 million, including a development charge of $4.9 million, this works out to a land cost of $1,040 psf. Sime said that Orion would have 46 units spread over 27 storeys. Completion is slated for mid-2007.
The units are expected to be released in the first quarter at an average price of around $1,300 psf.
'With the higher living standards in Singapore and the increasing demand for more upscale residences, this redevelopment at a strategic premier location will allow discerning buyers a preferred purchase,' said Sime Properties Singapore director Yip Jon Khiam.
'With all the exclusive facilities provided, coupled with the choice address, we are confident that the Orion will generate favourable sales during its upcoming special preview.'
The condominium will include a sky gymnasium, spa in the sky and relaxation area located midway in the building.
Orange Court is located at 6C Orange Grove Road, a prime residential enclave in the Orchard area of District 10. Sime also has another property - the 75-unit Darby Park Executive Suites - also at Orange Grove Road. The company said that it has no plans for now to redevelop Darby Park.
Sime is not the only developer to bulldoze a service residence development in order to make way for a condominium.
Wheelock Properties (formerly Marco Polo Developments) also has plans to redevelop The Ascott Singapore and Scotts Shopping Centre into a condo and commercial project.
Sime is also developing the 62-unit freehold Balmoral Hills at Balmoral Park which it plans to launch next year.
Other properties the group has developed include The Armadale at Gilstead Road, The Amston at Hillview Avenue and Petro Centre in Bukit Merah.
Sime has set up Aquila Development Pte Ltd to undertake the development of the Orange Court property.