ION Orchard (218m, 56 floors) - Page 5

RafflesCity · September 3rd, 2005, 02:03 PM

Orchard Road's place in a vibrant, global city

2 Sep 05

I REFER to the letter, 'Preserve open space at Orchard MRT station' (ST, Aug 25), by Mr Michael Loh Yik Ming.

Singapore has its own unique assets which we can capitalise on to differentiate ourselves from other cities. We are a modern metropolis, but, at the same time, we are also a tropical island, surrounded by water and lush greenery.

Each district in Singapore's City Centre has its own unique character. As city planners, the Urban Redevelopment Authority (URA) takes a holistic view and will try to capitalise on the unique characteristics of each district to make our city an exciting and vibrant one.

This is what URA has done in our plans for Orchard Road, Bras Basah and Bugis and Marina Bay. We envision Orchard Road to be one of the great shopping streets of the world. We therefore want to encourage new developments and retail concepts.

The piece of land above Orchard MRT station (Orchard Turn site) is strategically located and has always been intended for development. It has the potential to host a landmark building of up to about 40 storeys and, with an observation deck atop it, the building will be spectacular, the highest along Orchard Road.

The development will certainly be a strong attraction for visitors, allowing them a panoramic view of Orchard Road and its surroundings, not to mention the array of shops.

As part of the development of the Orchard Turn site, the successful tenderer is required to set aside a minimum 3,000 sq m of public space for shoppers and pedestrians to enjoy. It will be a focal point for various street activities, events and celebrations that will contribute to the buzz along Orchard Road.

Bras Basah and Bugis will be a district for the arts, culture, learning and entertainment. This has been realised. Three major campuses - Singapore Management University (SMU), Nanyang Academy of Fine Arts and, soon, Lasalle-SIA College of the Arts - as well as numerous museums, arts facilities and arts groups in the area make this a delightful and lively district.

We appreciate Mr Loh's concern that we should ensure there is sufficient greenery and parks within the city. Hence, many of our roads and pedestrian malls are lined with trees, as can be seen along Orchard Road, Orchard Boulevard and Bras Basah Road.

The SMU campus has been designed to be freely accessible at street level, with courtyards and a common green which incorporated many of the original trees. The common green which frames the Singapore History Museum and the Singapore Art Museum at both ends is in the heart of the SMU complex, and is a place where visitors and students can mingle freely.

The city as a whole is also dotted with parks, gardens like the Istana Park along Orchard Road, the Fort Canning Hill Park next to the Bras Basah area, the Padang and the Esplanade Park within the Civic District. To further leverage on our unique waterfront assets, URA and National Parks Board plan to create three world-class gardens along the Marina Bay waterfront. These gardens will each feature a distinctive design and character.

Collectively, they will be linked to form a public waterfront loop interwoven with urban developments and offer a diversity of activities, recreational options and entertainment in a scenic setting that will provide a signature image of Singapore as a Garden City by the Bay.

These plans, when realised, will bring out the unique selling point of our City Centre as a vibrant, global garden city.

Fun Siew Leng (Mdm)
Deputy Director
(Urban Planning and Design)
Urban Redevelopment Authority

Charging Bull · September 14th, 2005, 02:10 PM

URA is counting money again: at least S$600m
Very savvy, buy cheap cheap sell high high.

URA to launch sale for Orchard Rd site after receiving S$600m bid
By Loh Kim Chin, Channel NewsAsia

A plot of land along Orchard Road will be put up for sale in two weeks, after a property developer placed a bid of more than S$600m for the commercial site.

It will be the very first sale of land in the prime district in 15 years.

The 1.8-hectare plot of land at Orchard Turn is to be developed into a signature retail development.

It will yield a total gross floor area of nearly 126,000 sq metres, at least 40% of which has to be set aside for retail, food & beverage and entertainment use.

The site could cater for a commercial building of about 40 storeys, which would make it the tallest along Orchard Road.

Market watchers are expecting to see strong interest for this site. - CNA/ir

RafflesCity · September 14th, 2005, 03:22 PM

Best news yet on this one!

From the URA site, the tender process is expected to last 12 weeks.

ncon · September 14th, 2005, 03:34 PM

Quote:

Originally Posted by RafflesCity

Best news yet on this one!

From the URA site, the tender process is expected to last 12 weeks.

great news

more shopping in Orchard

those old mall make me boring

Charging Bull · September 14th, 2005, 03:37 PM

More eye popping in 3 to 5 months time when they award both IRs site to successful bidders. Could be easily another $2b

"WOW":

1. BFC site awarded for $1.8B
2. Orchard turn: at least S$600m
3. 2 IRs: $2b?

RafflesCity · September 14th, 2005, 03:41 PM

Timing so coincidental...or just positive market sentiment...

well...its makes for the "feel-good" factor!

@encon
I'm excited about this project for it will offer amazing views given its location.

Pengui · September 14th, 2005, 05:36 PM

At 40 storeys, it's unlikely that it's going to be 218m tall, or even 200m.
It sounds more like 160m or so.

babystan03 · September 15th, 2005, 12:31 AM

A more detailed report....

Sept 15, 2005
Developer offers $600m for Orchard MRT site

By Fiona Chan

THE long-empty block of land above Orchard MRT station once dubbed 'the mother of all shopping centre plots' can finally be developed.

An unnamed property developer put in a bid of at least $600 million for the prime Orchard Turn site yesterday.

The bid has triggered a tender process to be run by the Urban Redevelopment Authority (URA), which has had the 1.8ha site on its reserve list since March.

This means a bid such as the one received yesterday allows the URA to call for tenders, so the $600 million offer could be trumped by other contenders.

It will be the first land sale in the district since 1993, when the Wheelock Place site was sold to Marco Polo Properties, said the URA yesterday.

The site - it is the open land opposite Tangs - boasts frontages at Paterson Road, Orchard Boulevard and Orchard Road. The URA offered it for tender in 1992 with a reserve price of $436 million, but no bids were received.

Property consultants expect intense competition among developers for the 99-year leasehold site.

'Retail occupancy in Orchard Road is already high at 96.7 per cent, and there is limited new supply of retail space in the pipeline,' said Ms Soon Su Lin, executive director of property consultancy CB Richard Ellis.

'We expect the site would generate much interest.'

The winner of the tender is likely to be a consortium of developers, said Knight Frank director of research Nicholas Mak, who added that total investment for the site could reach $2 billion.

The Orchard Turn site includes an adjoining 0.3ha of space below Paterson Road. It is slated for commercial use and will yield a total gross floor area of 125,726 sq m - more than two-thirds the size of Ngee Ann City.

An underground mall will be built across Paterson Road to link Wheelock Place directly to the MRT station. The Orchard Turn development will also be linked directly to the fourth floor of Wisma Atria.

The URA has laid down guidelines for what can be built on the site - an iconic 40-storey skyscraper with a specific mix of facilities.

At least 40 per cent of the floor area must go towards retail, food and beverage, and entertainment. There must also be an observation deck on one of its top three floors, an art exhibition space and a public event space.

URA will launch the public tender in about two weeks, and a tender period of 12 weeks will be provided.

fiochan@sph.com.sg

Copyright © 2005 Singapore Press Holdings. All rights reserved.

Charging Bull · September 15th, 2005, 04:56 AM

Will be even better if we can allow tourists to sky jump from this 218m tower.

Tourists are now able to sky jump from Macau Tower (223m):

http://www.rlenelive.com/Whats_happe...MacauTower.htm

ncon · September 15th, 2005, 05:45 AM

40 storey??

means there are office tower ?

hyacinthus · September 15th, 2005, 07:48 AM

An external full-glass (excluding top and bottom of course) capsule-like express lift to the observation floor will be nice. I remembered how the teenage girls react to the new library's express lift. They were so thrilled that they went up and down the lift a few times.

@encon
Buildings like Wisma Atria, Heeren and Takashimaya etc have offices too.

Pengui · September 15th, 2005, 01:46 PM

Most buildings on Orchard are office towers with a shopping mall podium, actually ^ ^

ncon · September 15th, 2005, 01:50 PM

Quote:

Originally Posted by hyacinthus

An external full-glass (excluding top and bottom of course) capsule-like express lift to the observation floor will be nice. I remembered how the teenage girls react to the new library's express lift. They were so thrilled that they went up and down the lift a few times.

@encon
Buildings like Wisma Atria, Heeren and Takashimaya etc have offices too.

yup i notice that too

so guess this will be the tallest in Orchard once it is finish?

btw currently what is the tallest??

Charging Bull · September 15th, 2005, 04:29 PM

He is encouraging all potential bidders to bid @ or below S$1billion so that he can win the site with his S$1 billion & 1 cent bid.

Orchard Turn site winning bid could top $1b: Wheelock
By Matthias Chan, Channel NewsAsia

The winning bid for the Orchard Turn site could reach up to $1 billion, says the CEO of Wheelock Properties, David Lawrence.

One day after the URA announced that it was releasing the site for tender - after receiving a minimum bid of $600 million -the talk in the market is that a fierce bidding war will ensue.

The developer which triggered the bid remains a mystery but Channel NewsAsia can confirm that it is not Wheelock Properties.

In an exclusive interview, the Wheelock CEO revealed that his company had earlier put in a bid of $550 million but was rejected.

David Lawrence said: "We didn't make the bid. Last month, we did make a bid of $550m which was rejected by the URA, not quite high enough.

"We were thinking of making another bid but whoever this party is, was ahead of us at $600m and I think that was probably the URA's figure to release the site."

Now that the site has been released for tender, the competition is just about to hot up.

But with strong interest expected, bidders will have to come with deep pockets.

David Lawrence said: "I think it's an iconic site....I think because it is such a good site, there will so much interest in it. It would probably go for between $800m and $900m. If someone is really keen and puts together a strong syndicate, it could be up to $1b."

Wheelock says it prefers to go it alone.

But if it forms a consortium, it prefers financial partners to developers.

David Lawrence said: "We could form a consortium, if they were more financial partners rather than other developers, as long we were leading and designing the project. Like a lot of projects that we do, we're very design-focused. So we wouldn't want to be in a syndicate if we didn't have design and project management. We can get a couple of banks to come in with us or funds. That would probably work, but not other developers."

Nearly all property heavyweights - Far East and Wing Tai included - are expected to bid for the site which will be given a tender period of 12 weeks.

Market watchers say the unnamed bidder could also be Hong Kong Land or Hotel Properties or consortia featuring these companies.

Whatever the case, the Orchard Turn site looks set to lift capital values of the area.- CNA/ir

babystan03 · September 15th, 2005, 05:37 PM

Business Times - 15 Sep 2005

Big boys poised to bid for plum Orchard Turn site

Tender for reserve plot with $600m minimum price to be launched soon

By KALPANA RASHIWALA

ALL the big property boys in Singapore and even some from the region are expected to bid for the plum Orchard Turn site, although there is no confirmation yet who had triggered the release of the reserve-list site with a minimum price of $600 million.

The 99-year leasehold site above Orchard MRT Station is earmarked for a 40-storey commercial project with at least 40 per cent of the 1.35 million sq ft gross floor area dedicated to retail, food and beverage, or entertainment uses. This will be the second largest mall on Orchard Road after Ngee Ann City.

The minimum $600 million price works out to about $443 per square foot of potential gross floor area. Bids during the actual state tender, which will close towards the end of the year, are expected to come in much higher, with some market watchers suggesting a range of $600 to $800 psf per plot ratio.

Assuming a bid at the top end of this range, break even cost could range from about $1,900 to $2,000 psf for the retail portion of the project to about $1,250 psf for a possible apartment component, say analysts. 'These breakeven levels are still viable, which suggest the more aggressive bidders have some room to bid even higher,' suggested an analyst.

Practically all those who were unsuccessful in their bids for the July tender of the mega Business and Financial Centre site in Singapore's New Downtown - from Malaysia's IOI Group to local heavyweights like City Developments and CapitaLand - are expected to tender for Orchard Turn.

Other natural contenders are owners of nearby Orchard Road properties. One would be German insurer Ergo, whose Prime Reit owns stakes in Wisma Atria and Ngee Ann City next to the Orchard Turn plot. Wheelock group (owner of Wheelock Place across the road from the latest parcel) and Far East Organization (which owns a string of properties in the prime shopping belt including Orchard Parksuites near the Orchard Turn plot) are also widely tipped to bid. Some observers also reckon Hotel Properties as a likely contender.

Most bidders are expected to rope in partners and form consortiums, given the high capital outlay. The entire project will cost well over $1 billion.

Indonesian tycoon James Riady's Lippo group is also keen, confirmed Lippo Realty Singapore executive director Thio Gim Hock. Lippo was the third highest bidder for the BFC site a few months ago. Wheelock Properties (Singapore) CEO David Lawrence said his group will 'certainly look seriously' to putting in a bid.

'The development will be linked by underground tunnel to Wheelock Place. It's a very prime site but not an easy one to develop because of the MRT station underneath,' he said.

Wing Tai Holdings, whose consortium was the second highest bidder for the BFC site, and GuocoLand (which reportedly triggered the release of the BFC site) are also expected to be keen on the site.

Analysts say Hongkong Land - part of the group that won the BFC site - will also make a very credible bidder for the Orchard Turn site given that its name is synonymous with top-end office and retail developments in Hong Kong.

The site comprises 1.8 hectares of land above the MRT Station and an adjoining underground area of 0.3 ha below Paterson Road to be developed into an underground pedestrian mall linked to Wheelock Place. This will complete the subterranean pedestrian network at the Orchard/Paterson Road junction.

The site being offered by the Urban Redevelopment Authority is part of the government's reserve list. Sites in this list are released for tender only upon successful application by a developer undertaking to offer a minimum price which is acceptable to the state.

Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

RafflesCity · September 15th, 2005, 05:40 PM

Quote:

Originally Posted by encon

yup i notice that too

so guess this will be the tallest in Orchard once it is finish?

btw currently what is the tallest??

Yes, and I hope it stands head and shoulder above the rest. But it must really feel exciting at ground level too.

Currently the tallest should be Mandarin Hotel (and maybe the SingTel Building).

heirloom · September 15th, 2005, 05:53 PM

far east must not get it because far east pays no attention to detail, resulting in crap developments.

Charging Bull · September 16th, 2005, 02:46 AM

Chinese Proverb:

Small snake eat BIG elephant?
URA must buy him Ya Kun coffee for starting the Great Orchard Sales party.

SINGAPORE PRESS: SC Global Behind Bid For Orchard Site
SINGAPORE (Dow Jones)--SC Global Developments Ltd. (S72.SG) was the mystery company that triggered the release of a 1.8 hectare commercial site along Singapore's prime Orchard Road shopping belt with its bid of S$600 million, the Business Times reports.

The paper didn't cite its sources but said SC Global, despite having a market capitalization of only around S$150 million, had the ability to develop the Orchard Turn site, which was on the government's reserve list.

That was because its key shareholders and management, led by Chairman Simon Cheong, comprised former real estate investment bankers with structuring and corporate finance experience.

The Urban Redevelopment Authority, the city-state's real estate planning agency, releases land from its reserve list and offers it for sale by tender whenever a developer makes a bid that the authority deems is acceptable.

The Orchard Turn site is designated for a signature 40-story commercial project with 1.35 million square feet of gross floor area, at least 40% of which must be set aside for retail, food and beverage or entertainment use.

heirloom · September 16th, 2005, 08:04 AM

omg, the govt should have just awarded to sc global immediately

babystan03 · September 17th, 2005, 03:01 AM

Sept 17, 2005
Orchard Turn could boast some of Singapore's priciest condos
Site has potential to set new benchmark for 99-year leasehold homes

By Joyce Teo
Property Correspondent

THE race is hotting up over the prime Orchard Turn site as blue-chip developers vie for the chance to build a landmark project that could have some of Singapore's priciest condos.

Industry heavyweights City Developments (CDL) and Wing Tai are both keen to develop the 1.8ha site, which has the potential to set a new benchmark for 99-year leasehold homes.

Experts are tipping prices of up to $1,600 per sq ft (psf) - a whopping 40 per cent above the highest sub-sale leasehold prices fetched at The Sail @ Marina Bay.

It is also equivalent to top-end freehold properties like The Light at Cairnhill, which sells at $1,300 psf on average, or Grange Residences at more than $1,400 psf.

'It has fantastic potential to be a landmark, a postcard representation of Orchard Road. It will be hotly contested,' said Jones Lang LaSalle managing director Yu Lai Boon.

A developer said: 'When Orchard Turn is awarded, the benchmark for Orchard Road will be set.'

The site's huge potential has also attracted interest from SC Global, Pontiac Land and Wheelock Properties. So crucial has the block become to the industry that some projects are holding off on pricing until they see what levels could be set at Orchard Turn.

The 40-storey project must contain at least 40 per cent retail space, with the rest for commercial, hotel or residential, and it is this that holds the key for developers.

Hotel returns are unattractive but residential promises a huge payoff and the fact that developers can exit via a real estate investment trust makes it even more attractive.

The sale process started this week when a $600 million bid - said to be from SC Global - was submitted. That will trigger a general tender round in about two weeks' time, and the sky's the limit.

Bids could reach $900 million or $1 billion, and the total development cost would probably add up to $1.75 billion, said Wheelock Properties (Singapore) chief executive David Lawrence.

Wheelock submitted a $550 million bid last month that was rejected by the Urban Redevelopment Authority. While it could tie up with a partner, it is likely do it alone, said Mr Lawrence.

Bids of $600 million to $1 billion work out to $443 to $729 psf per plot ratio.

'As with the recent bid for the Business and Financial Centre, pricing could set benchmarks for valuing nearby real estate,' said a JP Morgan report on Thursday.

JP Morgan expects the successful developer to opt for a retail and residential mix.

'The combination is quite fluid but if the bid comes in at $1 billion, and there is a residential component, it could cost $1,600 psf, or at least not less than $1,500 psf,' said property consultancy Jones Lang LaSalle's regional director, Mr Lui Seng Fatt.

Other consultants put it around $1,300 psf or more. Even so, the price would probably set a benchmark for leasehold luxury properties.

Sources said Far East Organization would likely delay launching its leasehold Orchard Scotts condominium until it sees how much Orchard Turn gets.

The selective recovery in the luxury homes market has already resulted in transaction prices not seen since 1997. SC Global has sold units at BLVD and The Ladyhill at prices of up to $1,900 psf and $2,000 psf respectively.

Hong Leong's St Regis Residences could fetch over $2,000 psf - a benchmark for freehold prime properties.

Wheelock's Ardmore Park has the costliest condos in the Orchard area with the most expensive units at above $2,000 psf in 1996 to 1997.

joyceteo@sph.com.sg

Copyright © 2005 Singapore Press Holdings. All rights reserved.

September 15th, 2005, 05:45 AM	#90
ncon Dangerous User Join Date: Apr 2005 Location: singapore-jakarta Posts: 9,191 Likes (Received): 14	40 storey?? means there are office tower ? __________________ Signature was too big and distracting.

September 16th, 2005, 02:46 AM	#98
Charging Bull Registered User Join Date: Mar 2005 Posts: 1,233 Likes (Received): 0	Chinese Proverb: Small snake eat BIG elephant? URA must buy him Ya Kun coffee for starting the Great Orchard Sales party. SINGAPORE PRESS: SC Global Behind Bid For Orchard Site SINGAPORE (Dow Jones)--SC Global Developments Ltd. (S72.SG) was the mystery company that triggered the release of a 1.8 hectare commercial site along Singapore's prime Orchard Road shopping belt with its bid of S$600 million, the Business Times reports. The paper didn't cite its sources but said SC Global, despite having a market capitalization of only around S$150 million, had the ability to develop the Orchard Turn site, which was on the government's reserve list. That was because its key shareholders and management, led by Chairman Simon Cheong, comprised former real estate investment bankers with structuring and corporate finance experience. The Urban Redevelopment Authority, the city-state's real estate planning agency, releases land from its reserve list and offers it for sale by tender whenever a developer makes a bid that the authority deems is acceptable. The Orchard Turn site is designated for a signature 40-story commercial project with 1.35 million square feet of gross floor area, at least 40% of which must be set aside for retail, food and beverage or entertainment use. Last edited by Charging Bull; September 16th, 2005 at 02:51 AM.

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September 3rd, 2005, 02:03 PM	#81
RafflesCity By Spirit Join Date: Sep 2002 Location: S I N G A P O R E Posts: 26,215 Likes (Received): 6	Orchard Road's place in a vibrant, global city 2 Sep 05 I REFER to the letter, 'Preserve open space at Orchard MRT station' (ST, Aug 25), by Mr Michael Loh Yik Ming. Singapore has its own unique assets which we can capitalise on to differentiate ourselves from other cities. We are a modern metropolis, but, at the same time, we are also a tropical island, surrounded by water and lush greenery. Each district in Singapore's City Centre has its own unique character. As city planners, the Urban Redevelopment Authority (URA) takes a holistic view and will try to capitalise on the unique characteristics of each district to make our city an exciting and vibrant one. This is what URA has done in our plans for Orchard Road, Bras Basah and Bugis and Marina Bay. We envision Orchard Road to be one of the great shopping streets of the world. We therefore want to encourage new developments and retail concepts. The piece of land above Orchard MRT station (Orchard Turn site) is strategically located and has always been intended for development. It has the potential to host a landmark building of up to about 40 storeys and, with an observation deck atop it, the building will be spectacular, the highest along Orchard Road. The development will certainly be a strong attraction for visitors, allowing them a panoramic view of Orchard Road and its surroundings, not to mention the array of shops. As part of the development of the Orchard Turn site, the successful tenderer is required to set aside a minimum 3,000 sq m of public space for shoppers and pedestrians to enjoy. It will be a focal point for various street activities, events and celebrations that will contribute to the buzz along Orchard Road. Bras Basah and Bugis will be a district for the arts, culture, learning and entertainment. This has been realised. Three major campuses - Singapore Management University (SMU), Nanyang Academy of Fine Arts and, soon, Lasalle-SIA College of the Arts - as well as numerous museums, arts facilities and arts groups in the area make this a delightful and lively district. We appreciate Mr Loh's concern that we should ensure there is sufficient greenery and parks within the city. Hence, many of our roads and pedestrian malls are lined with trees, as can be seen along Orchard Road, Orchard Boulevard and Bras Basah Road. The SMU campus has been designed to be freely accessible at street level, with courtyards and a common green which incorporated many of the original trees. The common green which frames the Singapore History Museum and the Singapore Art Museum at both ends is in the heart of the SMU complex, and is a place where visitors and students can mingle freely. The city as a whole is also dotted with parks, gardens like the Istana Park along Orchard Road, the Fort Canning Hill Park next to the Bras Basah area, the Padang and the Esplanade Park within the Civic District. To further leverage on our unique waterfront assets, URA and National Parks Board plan to create three world-class gardens along the Marina Bay waterfront. These gardens will each feature a distinctive design and character. Collectively, they will be linked to form a public waterfront loop interwoven with urban developments and offer a diversity of activities, recreational options and entertainment in a scenic setting that will provide a signature image of Singapore as a Garden City by the Bay. These plans, when realised, will bring out the unique selling point of our City Centre as a vibrant, global garden city. Fun Siew Leng (Mdm) Deputy Director (Urban Planning and Design) Urban Redevelopment Authority

September 14th, 2005, 02:10 PM	#82
Charging Bull Registered User Join Date: Mar 2005 Posts: 1,233 Likes (Received): 0	URA is counting money again: at least S$600m Very savvy, buy cheap cheap sell high high. URA to launch sale for Orchard Rd site after receiving S$600m bid By Loh Kim Chin, Channel NewsAsia A plot of land along Orchard Road will be put up for sale in two weeks, after a property developer placed a bid of more than S$600m for the commercial site. It will be the very first sale of land in the prime district in 15 years. The 1.8-hectare plot of land at Orchard Turn is to be developed into a signature retail development. It will yield a total gross floor area of nearly 126,000 sq metres, at least 40% of which has to be set aside for retail, food & beverage and entertainment use. The site could cater for a commercial building of about 40 storeys, which would make it the tallest along Orchard Road. Market watchers are expecting to see strong interest for this site. - CNA/ir

September 14th, 2005, 03:22 PM	#83
RafflesCity By Spirit Join Date: Sep 2002 Location: S I N G A P O R E Posts: 26,215 Likes (Received): 6	Best news yet on this one! From the URA site, the tender process is expected to last 12 weeks.

September 14th, 2005, 03:37 PM	#85
Charging Bull Registered User Join Date: Mar 2005 Posts: 1,233 Likes (Received): 0	More eye popping in 3 to 5 months time when they award both IRs site to successful bidders. Could be easily another $2b "WOW": 1. BFC site awarded for $1.8B 2. Orchard turn: at least S$600m 3. 2 IRs: $2b?

September 14th, 2005, 03:41 PM	#86
RafflesCity By Spirit Join Date: Sep 2002 Location: S I N G A P O R E Posts: 26,215 Likes (Received): 6	Timing so coincidental...or just positive market sentiment... well...its makes for the "feel-good" factor! @encon I'm excited about this project for it will offer amazing views given its location.

September 14th, 2005, 05:36 PM	#87
Pengui Tallest on his iceberg Join Date: Jun 2003 Location: Singapore / Paris Posts: 3,628 Likes (Received): 1	At 40 storeys, it's unlikely that it's going to be 218m tall, or even 200m. It sounds more like 160m or so.

September 15th, 2005, 12:31 AM	#88
babystan03 More excitment ahead!!! Join Date: Jun 2003 Location: Singapore Posts: 17,790 Likes (Received): 0	A more detailed report.... Sept 15, 2005 Developer offers $600m for Orchard MRT site By Fiona Chan THE long-empty block of land above Orchard MRT station once dubbed 'the mother of all shopping centre plots' can finally be developed. An unnamed property developer put in a bid of at least $600 million for the prime Orchard Turn site yesterday. The bid has triggered a tender process to be run by the Urban Redevelopment Authority (URA), which has had the 1.8ha site on its reserve list since March. This means a bid such as the one received yesterday allows the URA to call for tenders, so the $600 million offer could be trumped by other contenders. It will be the first land sale in the district since 1993, when the Wheelock Place site was sold to Marco Polo Properties, said the URA yesterday. The site - it is the open land opposite Tangs - boasts frontages at Paterson Road, Orchard Boulevard and Orchard Road. The URA offered it for tender in 1992 with a reserve price of $436 million, but no bids were received. Property consultants expect intense competition among developers for the 99-year leasehold site. 'Retail occupancy in Orchard Road is already high at 96.7 per cent, and there is limited new supply of retail space in the pipeline,' said Ms Soon Su Lin, executive director of property consultancy CB Richard Ellis. 'We expect the site would generate much interest.' The winner of the tender is likely to be a consortium of developers, said Knight Frank director of research Nicholas Mak, who added that total investment for the site could reach $2 billion. The Orchard Turn site includes an adjoining 0.3ha of space below Paterson Road. It is slated for commercial use and will yield a total gross floor area of 125,726 sq m - more than two-thirds the size of Ngee Ann City. An underground mall will be built across Paterson Road to link Wheelock Place directly to the MRT station. The Orchard Turn development will also be linked directly to the fourth floor of Wisma Atria. The URA has laid down guidelines for what can be built on the site - an iconic 40-storey skyscraper with a specific mix of facilities. At least 40 per cent of the floor area must go towards retail, food and beverage, and entertainment. There must also be an observation deck on one of its top three floors, an art exhibition space and a public event space. URA will launch the public tender in about two weeks, and a tender period of 12 weeks will be provided. fiochan@sph.com.sg Copyright © 2005 Singapore Press Holdings. All rights reserved.

September 15th, 2005, 04:56 AM	#89
Charging Bull Registered User Join Date: Mar 2005 Posts: 1,233 Likes (Received): 0	Will be even better if we can allow tourists to sky jump from this 218m tower. Tourists are now able to sky jump from Macau Tower (223m): http://www.rlenelive.com/Whats_happe...MacauTower.htm

September 15th, 2005, 07:48 AM	#91
hyacinthus Success and Happiness Join Date: Nov 2004 Location: Singapore Posts: 6,765 Likes (Received): 0	An external full-glass (excluding top and bottom of course) capsule-like express lift to the observation floor will be nice. I remembered how the teenage girls react to the new library's express lift. They were so thrilled that they went up and down the lift a few times. @encon Buildings like Wisma Atria, Heeren and Takashimaya etc have offices too.

September 15th, 2005, 01:46 PM	#92
Pengui Tallest on his iceberg Join Date: Jun 2003 Location: Singapore / Paris Posts: 3,628 Likes (Received): 1	Most buildings on Orchard are office towers with a shopping mall podium, actually ^ ^

September 15th, 2005, 04:29 PM	#94
Charging Bull Registered User Join Date: Mar 2005 Posts: 1,233 Likes (Received): 0	He is encouraging all potential bidders to bid @ or below S$1billion so that he can win the site with his S$1 billion & 1 cent bid. Orchard Turn site winning bid could top $1b: Wheelock By Matthias Chan, Channel NewsAsia The winning bid for the Orchard Turn site could reach up to $1 billion, says the CEO of Wheelock Properties, David Lawrence. One day after the URA announced that it was releasing the site for tender - after receiving a minimum bid of $600 million -the talk in the market is that a fierce bidding war will ensue. The developer which triggered the bid remains a mystery but Channel NewsAsia can confirm that it is not Wheelock Properties. In an exclusive interview, the Wheelock CEO revealed that his company had earlier put in a bid of $550 million but was rejected. David Lawrence said: "We didn't make the bid. Last month, we did make a bid of $550m which was rejected by the URA, not quite high enough. "We were thinking of making another bid but whoever this party is, was ahead of us at $600m and I think that was probably the URA's figure to release the site." Now that the site has been released for tender, the competition is just about to hot up. But with strong interest expected, bidders will have to come with deep pockets. David Lawrence said: "I think it's an iconic site....I think because it is such a good site, there will so much interest in it. It would probably go for between $800m and $900m. If someone is really keen and puts together a strong syndicate, it could be up to $1b." Wheelock says it prefers to go it alone. But if it forms a consortium, it prefers financial partners to developers. David Lawrence said: "We could form a consortium, if they were more financial partners rather than other developers, as long we were leading and designing the project. Like a lot of projects that we do, we're very design-focused. So we wouldn't want to be in a syndicate if we didn't have design and project management. We can get a couple of banks to come in with us or funds. That would probably work, but not other developers." Nearly all property heavyweights - Far East and Wing Tai included - are expected to bid for the site which will be given a tender period of 12 weeks. Market watchers say the unnamed bidder could also be Hong Kong Land or Hotel Properties or consortia featuring these companies. Whatever the case, the Orchard Turn site looks set to lift capital values of the area.- CNA/ir

September 15th, 2005, 05:37 PM	#95
babystan03 More excitment ahead!!! Join Date: Jun 2003 Location: Singapore Posts: 17,790 Likes (Received): 0	Business Times - 15 Sep 2005 Big boys poised to bid for plum Orchard Turn site Tender for reserve plot with $600m minimum price to be launched soon By KALPANA RASHIWALA ALL the big property boys in Singapore and even some from the region are expected to bid for the plum Orchard Turn site, although there is no confirmation yet who had triggered the release of the reserve-list site with a minimum price of $600 million. The 99-year leasehold site above Orchard MRT Station is earmarked for a 40-storey commercial project with at least 40 per cent of the 1.35 million sq ft gross floor area dedicated to retail, food and beverage, or entertainment uses. This will be the second largest mall on Orchard Road after Ngee Ann City. The minimum $600 million price works out to about $443 per square foot of potential gross floor area. Bids during the actual state tender, which will close towards the end of the year, are expected to come in much higher, with some market watchers suggesting a range of $600 to $800 psf per plot ratio. Assuming a bid at the top end of this range, break even cost could range from about $1,900 to $2,000 psf for the retail portion of the project to about $1,250 psf for a possible apartment component, say analysts. 'These breakeven levels are still viable, which suggest the more aggressive bidders have some room to bid even higher,' suggested an analyst. Practically all those who were unsuccessful in their bids for the July tender of the mega Business and Financial Centre site in Singapore's New Downtown - from Malaysia's IOI Group to local heavyweights like City Developments and CapitaLand - are expected to tender for Orchard Turn. Other natural contenders are owners of nearby Orchard Road properties. One would be German insurer Ergo, whose Prime Reit owns stakes in Wisma Atria and Ngee Ann City next to the Orchard Turn plot. Wheelock group (owner of Wheelock Place across the road from the latest parcel) and Far East Organization (which owns a string of properties in the prime shopping belt including Orchard Parksuites near the Orchard Turn plot) are also widely tipped to bid. Some observers also reckon Hotel Properties as a likely contender. Most bidders are expected to rope in partners and form consortiums, given the high capital outlay. The entire project will cost well over $1 billion. Indonesian tycoon James Riady's Lippo group is also keen, confirmed Lippo Realty Singapore executive director Thio Gim Hock. Lippo was the third highest bidder for the BFC site a few months ago. Wheelock Properties (Singapore) CEO David Lawrence said his group will 'certainly look seriously' to putting in a bid. 'The development will be linked by underground tunnel to Wheelock Place. It's a very prime site but not an easy one to develop because of the MRT station underneath,' he said. Wing Tai Holdings, whose consortium was the second highest bidder for the BFC site, and GuocoLand (which reportedly triggered the release of the BFC site) are also expected to be keen on the site. Analysts say Hongkong Land - part of the group that won the BFC site - will also make a very credible bidder for the Orchard Turn site given that its name is synonymous with top-end office and retail developments in Hong Kong. The site comprises 1.8 hectares of land above the MRT Station and an adjoining underground area of 0.3 ha below Paterson Road to be developed into an underground pedestrian mall linked to Wheelock Place. This will complete the subterranean pedestrian network at the Orchard/Paterson Road junction. The site being offered by the Urban Redevelopment Authority is part of the government's reserve list. Sites in this list are released for tender only upon successful application by a developer undertaking to offer a minimum price which is acceptable to the state. Copyright © 2005 Singapore Press Holdings Ltd. All rights reserved.

September 15th, 2005, 05:53 PM	#97
heirloom Registered User Join Date: Nov 2002 Posts: 6,158 Likes (Received): 0	far east must not get it because far east pays no attention to detail, resulting in crap developments.

September 16th, 2005, 08:04 AM	#99
heirloom Registered User Join Date: Nov 2002 Posts: 6,158 Likes (Received): 0	omg, the govt should have just awarded to sc global immediately

September 17th, 2005, 03:01 AM	#100
babystan03 More excitment ahead!!! Join Date: Jun 2003 Location: Singapore Posts: 17,790 Likes (Received): 0	Sept 17, 2005 Orchard Turn could boast some of Singapore's priciest condos Site has potential to set new benchmark for 99-year leasehold homes By Joyce Teo Property Correspondent THE race is hotting up over the prime Orchard Turn site as blue-chip developers vie for the chance to build a landmark project that could have some of Singapore's priciest condos. Industry heavyweights City Developments (CDL) and Wing Tai are both keen to develop the 1.8ha site, which has the potential to set a new benchmark for 99-year leasehold homes. Experts are tipping prices of up to $1,600 per sq ft (psf) - a whopping 40 per cent above the highest sub-sale leasehold prices fetched at The Sail @ Marina Bay. It is also equivalent to top-end freehold properties like The Light at Cairnhill, which sells at $1,300 psf on average, or Grange Residences at more than $1,400 psf. 'It has fantastic potential to be a landmark, a postcard representation of Orchard Road. It will be hotly contested,' said Jones Lang LaSalle managing director Yu Lai Boon. A developer said: 'When Orchard Turn is awarded, the benchmark for Orchard Road will be set.' The site's huge potential has also attracted interest from SC Global, Pontiac Land and Wheelock Properties. So crucial has the block become to the industry that some projects are holding off on pricing until they see what levels could be set at Orchard Turn. The 40-storey project must contain at least 40 per cent retail space, with the rest for commercial, hotel or residential, and it is this that holds the key for developers. Hotel returns are unattractive but residential promises a huge payoff and the fact that developers can exit via a real estate investment trust makes it even more attractive. The sale process started this week when a $600 million bid - said to be from SC Global - was submitted. That will trigger a general tender round in about two weeks' time, and the sky's the limit. Bids could reach $900 million or $1 billion, and the total development cost would probably add up to $1.75 billion, said Wheelock Properties (Singapore) chief executive David Lawrence. Wheelock submitted a $550 million bid last month that was rejected by the Urban Redevelopment Authority. While it could tie up with a partner, it is likely do it alone, said Mr Lawrence. Bids of $600 million to $1 billion work out to $443 to $729 psf per plot ratio. 'As with the recent bid for the Business and Financial Centre, pricing could set benchmarks for valuing nearby real estate,' said a JP Morgan report on Thursday. JP Morgan expects the successful developer to opt for a retail and residential mix. 'The combination is quite fluid but if the bid comes in at $1 billion, and there is a residential component, it could cost $1,600 psf, or at least not less than $1,500 psf,' said property consultancy Jones Lang LaSalle's regional director, Mr Lui Seng Fatt. Other consultants put it around $1,300 psf or more. Even so, the price would probably set a benchmark for leasehold luxury properties. Sources said Far East Organization would likely delay launching its leasehold Orchard Scotts condominium until it sees how much Orchard Turn gets. The selective recovery in the luxury homes market has already resulted in transaction prices not seen since 1997. SC Global has sold units at BLVD and The Ladyhill at prices of up to $1,900 psf and $2,000 psf respectively. Hong Leong's St Regis Residences could fetch over $2,000 psf - a benchmark for freehold prime properties. Wheelock's Ardmore Park has the costliest condos in the Orchard area with the most expensive units at above $2,000 psf in 1996 to 1997. joyceteo@sph.com.sg Copyright © 2005 Singapore Press Holdings. All rights reserved.