The Copthorne Orchid Hotel, which was due for closure by the end of the year to make way for a condominium development, will keep its doors open a little longer as it continues to take bookings until March 31, 2011.
Tenants will also keep their operations until that date, though some sources reckon that the closure could be delayed further depending on the conditions within the property market.
A 150-unit condo planned for development on the 180,000 sq ft freehold site was scheduled for preview last month. Show suites for the new condo have been constructed on the rooftop of the six-storey hotel, which is bounded by Trevose Crescent, Dunkirk Avenue and Dunearn Road.
“There was probably no hurry to shut the hotel at the end of this year, as the new condo planned on the site has yet to be released,” said an industry observer.
According to market observers, the delay in the condo project’s preview could be partly attributed to the more subdued buying sentiment after the government announced the recent property cooling measures.
Other sources say that City Developments Ltd (CDL), which manages the marketing of the condominiums on behalf of Millennium & Copthorne Hotels (M&C), may have needed more time to finalise brochures and other marketing materials and revamp the show suites.
Units in the planned freehold development range from approximately 690 sq ft for a one-bedroom apartment with a study of 3,563 sq ft for a five-bedroom penthouse, with average prices at approximately $2,000 psf.
Agents are also believed to begin gathering interest from potential homebuyers, including those who are eager to see the show suites.
“They’ll probably build up sufficient interest first and look for a window of opportunity to release the project. It would be better to launch this year than next year as there’ll be more competition then,” said a property consultant.