Around 65 apartments at the 118-unit Suites @ Orchard project have been sold as of yesterday, at average prices of between $2,000 psf and $2,200 psf.
“About 65 percent of buyers are Singaporeans. Many of those who purchased were young professionals although we’ve also had families picking up two units. Some bought for their children, some for investment with a view to renting out the units perhaps to foreign students and lecturers in the nearby educational institutions like SMU,” said Margaret Thean, executive director at DTZ, which is the sole marketing agent for the project.
In absolute price terms, one-bedroom units cost approximately $1.18 million, while three-bedroom duplex units with sizes between 1,550 sq ft and 1,571 sq ft cost about $3 million.
About 40 percent of the total units are one bedders or one bedders with study, while 37 percent are two bedders or two bedders study. The project also comprises 10 duplex units and 16 penthouses with one-, two-, or three-bedroom units.
The 10-storey Suites @ Orchard development, which is close to The Cathay and Dhoby Ghaut MRT stations, is expected to obtain Temporary Occupation Permit by mid-2012.
“Buyers have been drawn by the project’s attractive location, including the convenience of the MRT station nearby, the investment potential plus the reputation of the developer,” said Ms. Thean.