The month of December isn’t typically the most popular period for a property developer to roll out projects for sale and they usually wind down their activities as year-end approaches.
However, it is not the case for YTL Corporation as the group officially launches its luxury condominium project 3 Orchard By-The Park on 01 December 2018.
The Malaysia-listed group, YTL Corp is mainly managed by the Yeoh family which is Malaysia’s 11th richest and 3 Orchard By-The-Park is being developed by its subsidiary firm, YTL Land & Development.
In an interview session with property portal EdgeProp, YTL Land mentioned that the group is optimistic about the luxury property market and felt as though it had rebounded.
It was mentioned by the developer that decision was made to launch 3 Orchard By-The-Park during the holiday season was due to the increased number of inquiries received from prospective purchasers which were primarily from Indonesia, China, and Hong Kong; many of these buyers who are here in Singapore for holiday may likely utilize the opportunity to view properties as well.
Despite new property curbs were introduced since July this year, there’s been a surge in buying activities within the high-end segment – especially the new luxury condo projects in Singapore as prices are still relatively more attractive (even with the measures in place) when being compared with luxury homes in other cities such as Shanghai and Hong Kong.
It was noted that the freehold 3 Orchard By-The-Park is a redevelopment of the former condo Westwood Apartments, which was acquired by YTL via a collective sale back in November 2007 for a staggering $435 million or $2,525 psf ppr.
On the launch day, units at 3 Orchard By-The-Park were priced from $3,400 psf onwards and a total of 5 units have been sold since then (as of 15 December 2018).
One of the main draws of the condo was its architecture – brilliantly crafted by the award-winning Italian architect, Antonia Citterio who is also renowned for his works for Bulgari Hotels and Resorts in countries such as Italy, UK, and Indonesia.
Citterio was the man behind the design of all 77 homes at 3 Orchard By-The-Park, describing them as “villas in the sky”. The luxury condo along Orchard Boulevard has 3 residential towers in total (each 25 storeys tall), which are all given nature-aspired names: Wood, Water, and Wilderness. The project has also won the BCA Green Mark Gold Plus award for its tenable design, solid construction and the mature trees being conserved on-site.