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[COMPLETED] D9 | The Cosmopolitan (36 x2 floors)

32K views 147 replies 44 participants last post by  PrecisionDrive 
#1 ·
The 112,862 sq ft freehold site is strategically located at the junction of River Valley Road and Kim Seng Road. The residential site is just off the fringe, about 1 kilometer, from Orchard Road and Grange Road and about 2 to 3 kilometers to the Central Business District of Singapore. The redevelopment will yield more than 200 condominium units. Opposite is Great World City and adjacent to the redevelopment is River Valley Primary School. Public transportation is easily accessible along River Valley Road and the nearest MRT Station at Orchard is within 1 kilometre.

 
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#7 ·
Oh shit, look at the base...CitiGroup Tower!!
 
#9 ·
hyacinthus said:
River Valley Primary School has moved to somewhere next to Pacific Mansions. Wondering if the government will sell that piece of prime land (former school site next to Yong An Park) for condo development too??

Just checked the Master Plan... it's true... :cry:
Not sure where Pacific Mansions is but I saw that the new RVPS is quite nearby. I see a lot of highrise condo development in that area :banana:

@heirloom

Architects 61
 
#12 ·
The project is mentioned in the last paragraph

15 Feb 05

Wheelock Prop Q3 profit up four-fold due to condo sale

By JEAN CHUA

WHEELOCK Properties Singapore's third-quarter net earnings surged more than four-fold, helped mainly by profit recognition from its Grange Residences condominium development.

The sale of units in the development in the quarter to Dec 31, 2004, pushed net profit to $37.93 million, against $9.11 million in the previous corresponding quarter. Q3 revenue came in at $91.87 million, up from $7.19 million. For the nine-month period, income rose from $20.18 million to $113.39 million, on revenue of $289.49 million, compared with $22.51 million.

'Increase in investment properties and fixed assets was due to acquisition of the Oakwood Residence Azabujyuban located in Minato-ku, Tokyo, which comprises 83 serviced apartments,' the company said in a release yesterday. It also acquired Scotts Shopping Centre and The Ascott Singapore, the serviced residences above it, for $345 million last year.

On its current year's prospects, Wheelock said the group's properties - Wheelock Place, Oakwood Residence Azabujyuban, The Ascott Serviced Apartments and the retail space at Scotts Shopping Centre - are expected to enjoy high occupancy rates with stable rentals.

It has sold 90 per cent of Grange Residences and expects to sell the rest by the middle of the year.

On development of its other properties - The Sea View, The Cosmopolitan and Ardmore Vue - Wheelock said they will be ready for marketing this year.
 
#13 ·
Wheelock Prop may make $116m from Cosmopolitan

12 Mar 05

By KALPANA RASHIWALA

WHEELOCK Properties (Singapore) could reap a pretax profit of about $116 million from The Cosmopolitan condo on the former Times House site, based on the average $1,100 per square foot (psf) price at which it is selling the project at a preview that began this week.


High living: More than 50 units from The Cosmopolitan have been released for preview, prices range from $1-2m

The $116 million profit calculated by analysts is a handsome gain considering that it nearly matches the $118.88 million price the listed property group paid for the site in late 2003.

Wheelock Properties, formerly known as Marco Polo Developments, bought the 112,859 sq ft site at the corner of Kim Seng and River Valley roads from Singapore Press Holdings (SPH).

The Cosmopolitan is a 36-storey freehold development with a total of 228 apartments, of which more than 50 selected units located at various floors - but excluding the top floor - have been released for the preview.

Unit prices range from about $1 million to $2 million. The units come in four sizes: two-bedroom units of 1,141 sq ft, three-bedroom apartments of 1,324 and 1,399 sq ft and four-bedders of 1,679 sq ft. All the apartments have balconies. There are no penthouses.

The $1,100 psf average price is after a 10 per cent discount.

The apartments will be housed in two blocks set on colonnades, or a row of columns, resulting in the lowest floor being the eighth storey in one block, and the ninth storey in the other.

Typically, apartments on higher levels command higher prices, and this design scheme - by Architects 61 - should help Wheelock Properties command a higher price. Based on the price that Wheelock Properties paid for the site, once the nerve centre of Singapore's English-language newspapers, analysts estimate Cosmopolitan's break-even cost at $750 psf.

Over at Orange Grove Road, Sime Properties Singapore officially launches today, marking the start of an advertising campaign for Orion. The 27-storey freehold development, which will come up on the site of the Orange Court serviced residences, has 46 apartments priced on average at $1,350 psf.

More than five units have been sold since the preview began a couple of weeks ago, including a 4,400 sq ft penthouse, which was sold to a Permanent Resident couple for nearly $6 million. Orion has two penthouses. The remaining apartments have either three or four bedrooms.
 
#21 ·
I live next to this project(Great World serviced residence) and I found out that the construction progressed quite a bit. I think it's now at 5~6ish floors. I'll try to take a pic whenever possible.

Is it going to be a "super-luxury" condo just like some of Wheelock's other condos? (Grange Residences, Ardmore Park, etc)
 
#23 ·
ZZOOzzoo said:
I live next to this project(Great World serviced residence) and I found out that the construction progressed quite a bit. I think it's now at 5~6ish floors. I'll try to take a pic whenever possible.

Is it going to be a "super-luxury" condo just like some of Wheelock's other condos? (Grange Residences, Ardmore Park, etc)
I think so. Wheelock won't have any showflat for this, only private showcase.
I've also seen the construction site recently and it's quite impressive at the moment :)
 
#26 ·
^^

it looks monstrous already at that stage. Wonder what that huge empty land in front will be used for in future.

Wife of Wheelock MD may buy condo unit

1 Nov 05

MAYBE it's the desirability of the location of The Cosmopolitan - at the crossroads of River Valley and Kim Seng Roads.

Or it could be a vote of confidence for the potential of the high-end, freehold condominium project.

Either way, Tay Lai Yong - otherwise known as Wheelock Properties' managing director and CEO David Lawrence's wife - has obtained the option to purchase a unit of the company's newest project for a cool $2.2 million.

The unit comes with an auspicious number: #33-08.

Going by the $1,220 per-square-foot official launch price, the unit is likely to be a four-bedroom apartment, although Wheelock was not available to confirm this last night.

In a statement to the Singapore Exchange, Wheelock said the option to purchase 'was issued on the basis of the same pricing offered to the public and no special or preferential terms were accorded to the aforesaid purchaser for the purchase of the unit'.

Mr Lawrence had earlier told BT that he is 'not in a hurry to sell' units of The Cosmopolitan and officially launched only 50 out of 228 units around Oct 21.

'Our target is to sell 50 per cent of the development first, then reassess the price, perhaps, raising it by 5 to 8 per cent later,' Mr Lawrence had said.

Before the public launch, Wheelock had already sold about 50 units through private previews. As of late last week, Wheelock said it had moved about half of the total units.


By ALEXANDRA HO
 
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