Singapore’s Orchard Road is famous for its luxurious malls, hotels, and upscale residences. Recently, a new record high price was set for Orchard Area Condo. Located in the heart of Orchard, this five en-suite bedrooms condo has been leased for an astounding SGD of $32,000 per month! The transaction marks an unprecedented surge in demand for exclusive residential properties in the prime district. This blog post will explore the features and amenities of this luxurious apartment that attracted such a high price tag and why Orchard is such a desirable neighborhood for luxury living.
Orchard Road Condo sets new lease record at S$15.60/sq ft/month
The Orchard area condo in Singapore continues to break records as a luxurious condo recently leased for a staggering S$15.60 per square foot per month, setting a new high water mark. The Marq on Paterson Hill also leased a four-bedroom apartment for S$100,000 a month. With the highest median monthly rent for three-bedders, properties in District 9, particularly Orchard Residences, continue to experience high demand. Park House in the Orchard area also made headlines recently for being sold at a record-breaking price of S$2,910 psf. The rental demand in the Orchard area has been fueled by a reduction in available properties. Despite the high prices, the median unleveraged return for resale condos stands at an impressive 23.9%. Two penthouses at 3 Orchard By-The-Park have also been sold for close to S$60 million, indicating that the demand for luxurious properties in the area is still strong. Even Orchard Towers is showing promising sales and rental demand.
Marq on Paterson Hill leases an apartment for S$100k per month
Adding to the high demand for rental properties in Singapore’s Orchard area, The Marq on Paterson Hill has set a new record with the lease of a four-bedroom apartment for S$100,000 a month. The luxurious freehold property, completed in 2011, boasts 66 units and offers residents top-of-the-line amenities and stunning views. The Marq on Paterson Hill’s success highlights the increasing demand for high-end properties and the willingness of tenants to pay record-breaking prices for the ultimate luxury living experience. As the competition for rental properties heats up, it will be interesting to see how far rental prices in Orchard can soar.
District 9 has the highest median monthly rent for three-bidders
In the midst of rising rental costs in Singapore’s property market, District 9 has emerged as the top submarket for condominium rents when it comes to three-bedders. With a median monthly rent that is significantly higher than other districts, the allure of living in the prime district’s Orchard and River Valley neighborhoods continues to attract tenants. In fact, Orchard Residences experienced high demand in Q2 of this year and had a much higher median rent than non-landed homes in the same district. Additionally, the recent sale of Park House at a record-breaking price of S$2,910 per square foot demonstrates the value placed on properties in this area. While these high prices may deter some renters and buyers, the trend looks set to continue with the current reduction in available properties fueling rental demand.
Orchard Residences in District 9 experiences high demand
It’s not surprising that Orchard Residences in District 9 continues to experience high demand, given its prime location and luxurious amenities. As mentioned earlier, District 9 has the highest median monthly rent for three-bedders, and this development, situated on top of ION Orchard Shopping Mall and Orchard MRT station, is no exception. With towering luxury condominiums dominating the area, properties like Orchard Residences offer ex-pats and affluent locals a top-tier living experience. In fact, the recent record-breaking lease price for a condo in Orchard Road emphasizes the demand for high-end properties in this submarket. The upcoming Great World MRT station and the allure of Orchard Road’s shopping and dining options only add to the appeal of developments like Orchard Residences. It’s no wonder that experiencing life in this part of Singapore remains highly desirable for many.
Rents for private non-landed properties in District 9 reach new heights
As the demand for luxury rental properties increases, rents for private non-landed properties in District 9 have reached new heights. The Orchard Residences and Marq on Paterson Hill have set the bar high, with record-breaking leases and rentals. Park House in the Orchard area was sold at a record-breaking price of S$2,910 psf. Furthermore, penthouses at 3 Orchard By-the-Park were sold for close to S$60 million. The limited availability of properties has fueled rental demand in the Orchard area, resulting in a median unleveraged return of 23.9% for resale condos. Despite the high prices, Orchard Towers shows promising sales and rental demand. District 9 has the highest median monthly rent for three-bedders, establishing it as a prime location for luxury living.
Park House in the Orchard area sold at a record-breaking price of S$2,910 psf
Continuing the trend of rising property prices in Singapore’s Orchard area, Park House was sold at a record-breaking price of S$2,910 per square foot per plot ratio. The freehold condominium was acquired by Shun Tak Cuscaden Residential, a subsidiary of Hong Kong-listed Shun Tak Holdings. This sale price has set a new collective sale record for the Orchard Boulevard area. It seems like the Orchard area is showing no signs of slowing down, with rentals reaching new heights and demand remaining high. Additionally, unlocking an unleveled return for resale condos at 23.9% is making it more appealing to investors. However, a reduction in available properties, is only fueling the demand for rentals.
Orchard Towers shows promising sale and rental demand
In addition to the record-breaking lease at S$15.60 per sq ft per month, Orchard Towers is also showing promising demand for sales and rentals. This freehold apartment completed in 1975 offers 58 units and has seen strong interest from buyers and tenants alike. As the high-end market becomes increasingly saturated, the demand for properties in District 9, particularly in the Orchard area, has continued to rise. With a median unleveraged return for resale condos at 23.9%, investors want to capitalize on the potential for strong returns in this area. Additionally, the recent sale of two penthouses at 3 Orchard By-The-Park for close to S$60 million highlights the continued allure of luxury properties in the Orchard area. Overall, Orchard Towers is just one example of the strong demand and potential for growth in this sought-after district.
Median unleveraged return for resale condos at 23.9%
In terms of resale condos, the median unleveraged return currently sits at an impressive 23.9%. This further reinforces the popularity of the Orchard area amongst investors and buyers. With high demand and limited availability, resale condos in the area are fetching high prices and yielding significant returns. This trend is expected to continue as new developments in Orchard are attracting attention from both local and foreign buyers. Overall, the Orchard area continues to be a hot spot for real estate investment in Singapore.
Two penthouses at 3 Orchard By-The-Park sell for close to S$60 million
Continuing the trend of luxurious and high-priced properties in Singapore’s Orchard area, two penthouses at 3 Orchard By-The-Park were recently sold together for close to S$60 million. Both units are 4-bedders with ensuite bathrooms, measuring an impressive size. The condo’s prime location and top-notch amenities have attracted buyers who are willing to pay for the exclusivity and prestige that come with living in the area. This sale adds to the list of record-breaking prices and high demand for properties in District 9, including the recent lease of an apartment in Marq on Paterson Hill for S$100,000 a month. The competitive market has fueled rental demand and reduced the availability of properties in the area.
Reduction in available properties fuels rental demand in the Orchard area
The reduction in available properties in Singapore’s Orchard area has sparked an increase in rental demand, as seen in the record-breaking lease at S$15.60 per square foot per month for a condo in prime District 9. This has resulted in higher median monthly rents for three-bedders in the area, with the Marq on Paterson Hill leasing a four-bedroom apartment for a whopping S$100,000 a month. Additionally, the Orchard Residences and Orchard Towers have also experienced high demand for their rental properties. Despite the high prices, the demand for rental properties in the Orchard area continues to remain strong, with the median unleveraged return for resale condos at 23.9%, attracting investors and renters alike.