Area west of Orchard Road may get boost

The broad, leafy boulevards to the west of the Orchard Road shopping district have been relatively quiet compared to the bustling eastern end but change is in the wind.

The precinct - which stretches from Far East Shopping Centre to Tanglin Mall - is a fairly posh one, populated by wealthy expatriates in ageing luxury apartments and dotted with embassies. These upscale homes have seen limited sales activity in recent months given the downturn in the luxury market, note consultants, but the area could get a second wind if potential redevelopment plans take flight.

The catalyst could be the upcoming Orchard Boulevard MRT station on the Thomson Line, which is expected to be completed near Camden Medical Centre by the end of 2021.

Developers that own plum sites nearby may consider redeveloping or expanding, to coincide with the station's completion.

Major private residential projects in this district include St Regis Residences, Cuscaden Residences and The Tomlinson.

The 173-unit St Regis Residences private apartment in Tanglin Road is on a 999-year lease and was completed in 2008. The average resale price over the past six months was $2,399 per sq ft (psf), according to caveats at the Urban Redevelopment Authority.

This is a steep drop from the historical high of $4,653 psf paid in May 2007 for a huge 6,017 sq ft unit, or nearly $28 million.

The psf prices at the other two, older, projects across the street have been slightly lower even though both developments are freehold.

The project has 150 units and was completed in 2002. The average resale price over the past six months was $2,080 psf, according to caveats.

It was developed by Hotel Properties (HPL), which owns four adjoining properties nearby - Forum The Shopping Mall, the Hilton Singapore and Four Seasons hotels and HPL House.

Those four sit on around 212,000 sq ft of land in total, which could potentially be redeveloped into a massive mixed project bigger than Ion Orchard, OCBC Investment Research analysts said in a report earlier this week.

The 29-unit The Tomlinson, which is next to Cuscaden Residences in Cuscaden Road, posted an average resale price of $1,896 psf over the period.

The freehold project was developed by Wing Tai and AIG and completed in 2002. The developers sold 13 freehold apartment units to SC Global for about $55 million or $1,500 psf in 2006.

PROPERTY LAUNCHES & INVESTMENTS

Property Launches & Investments

Area west of Orchard Road may get boost

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