Luxury Zone: Ardmore/Draycott and Orchard Boulevard/ Nassim Enclaves
As a small island state, Singapore has a limited land resource. As a result, the value of land and the price of apartment projects have been rising steadily over the years.
Luxury housing in prime residential enclaves are often well sought after by high-net-worth investors. The Core Central Region (CCR) consists of three main areas - districts 9, 10, 11, the Downtown Core and Sentosa. The CCR is largely constituted by the Central Business District (CBD) and the finest shopping belt at Orchard Road, where major commercial buildings, large-scale shopping malls and hotels can be found. Full amenities are within reach, such as theaters for the arts, fine dining establishments, well-known international schools, advance medical facilities and clubs.
Due to the limited supply of residential properties in the luxury zone, prices has been rising steadily over the years.
In the Ardmore/Draycott enclave, the average price of luxury apartments in has risen by 48% from $2,410 psf in 2010 to $3,559 psf in 2019. Over at Orchard Boulevard/Nassim enclave, apartment prices have risen by 23% from $2,678 psf to $3,303 psf over the same period. Except for land sourced from the government, most of the sites are privately-held with a freehold tenure, a key attribute which facilitates its price appreciation over time.
Older freehold luxury developments such as Ardmore Park fetched $1,800 psf in the late 1990s. Today it is going at above $3,200 psf. Newer freehold luxury developments such as Le Nouvel Ardmore and Sculptura Ardmore are going above $4,000 psf in the present-day.
A new addition to the neighbourhood, ultra-luxury condominium Eden debuts at $6,000 psf. With only 20 exclusive apartments, it is a masterpiece constructed with bespoke characteristics tailored for the lifestyle of the ultra-rich.
Opposite of Eden, on the other side of the road, is One Draycott, which is still under construction. However, unlike Eden which comes with four-bedroom apartments of 3,035 sq ft each, One Draycott comprises only 64 two-bedroom apartments of 732 sq ft and 797 sq ft. Each unit is served by a private lift lobby, befitting the lifestyle of high net-worth residents. Taking the cue from its current pricing of $3,200 psf, it is possible for One Draycott to enjoy a price upside in five to 10 years’ time, in line with other developments in the same enclave.
New projects at the Orchard Boulevard/ Nassim enclave include the freehold 3 Cuscaden and 99-year leasehold Cuscaden Reserve which are priced at $3,583 psf and $3,523 psf respectively. While these two projects also have a high proportion of two-bedroom units, One Draycott is more attractively priced than them. That means its residents can enjoy the exclusivity and prestige of staying in this luxury zone, but at a more affordable price.