Three bungalows is located on the very top of Claymore Road, just off Orchard Road. The three bungalows are located at 9, 11 as well as 15, Claymore Road — the few remaining bungalows in the enclave’s most sought-after residential area of Claymore, Ardmore Park and Draycott. In the vicinity are high-rise luxurious condo towers like The 85-unit Tate Residences, 34-unit Sculptura Ardmore and one-hundred unit The Claymore.
Three bungalows specifically 11. Claymore Road, is on the market for sale along with Savills Singapore as the exclusive agent for marketing. The bungalow, constructed in the late 1940s, features an gross floor space of 4,796 sq feet. It is situated on the freehold site comprising 17,974 square feet.
According to an property title lookup the property is controlled by a private corporation, Kok Kim Chuan. The company is part of the Kok family, which were involved in finance and trading.
The house was originally a family residence, the property has been leased by Pat’s Schoolhouse (recently redesignated The Schoolhouse through Busy Bees) for the for the past 24 years. Therefore that the property will be sold in conjunction with the current lease.
According to the URA Master Plan, the site is designed for residential development with an area ratio of 2.8 and an maximum height of 36 stories. Should the site is converted to a condo with a high-rise with a land betterment fee of $57.889 million is due in addition to that $95 million asking value. After incorporating the land betterment fee the land price will be $2,839 per plot ratio (ppr).
“Revitalisation of Orchard Road’
The site located at 11 Claymore Road could attract developers who are looking to establish themselves in the highly sought-after District 9 neighborhood. “With the revival of this area of Orchard Road — the renovation of Tanglin Shopping Centre, Ming Arcade, Hotel Properties Ltd’s HPL House, Forum The Shopping Mall and Voco Orchard Singapore, there’s an uproar around the area,” says Jeremy Lake the managing director of capital markets and investment sales, Savills.
In the year 2016 for example three premium freehold residential sites located off Orchard Road were put on the market and bought by local developers For instance, the site located at 120 Grange Road was purchased by Roxy-Pacific Holdings $48.5 million The site in 8 Hullet was sold to a consortium headed by Patrick Kho of Lian Huat Group for $38.2 million. The site located at 3. Cuscaden Walk which was the largest at 21,560 sq feet and was transferred by SL Capital, a consortium headed by Sustained Land, for $103.8 million.
Lake sold the property through Lake three units at Cuscaden Walk, just off Orchard Boulevard in prime District 10. SL Capital redeveloped the site into a 23-story building with 96 luxurious units comprised of onetwo, three-bedroom homes that measure between the 420- 1,281 square feet. The property is completely sold and is scheduled to be completed by 2022.
In the time that the 3 Cuscaden Walk was introduced in November of 2018 The average cost for units that were sold was $3,596 per sq ft. The sale of eight units was for prices over $4,000 per square foot, with the highest selling price of $4,241 for a 657 square foot two-bedroom apartment located on the 19th floor, which was sold for $2.784 millions in the month of February, 2022. The most recent sale was a purchase of an sub-sale to a 452 sq. ft one-bedder on the 8th floor, which sold for $1.8 million ($3,982 per square foot) in February of this year.
Alongside in addition to local developers, Savills’ Lake believes that the site could also attract foreign developers as well. “We could have someone who is brand unfamiliar with Singapore’s market. Singapore,” he says.
For instance the Hong Hong Kong-listed Shun Tak Holdings purchased the Park House Park House en block in June 2018 for $375.5 millions in the month of June. With a price of $2,910 per sq ft it is the highest-priced a in-block site in the present. Lake brokered the deal.
The Park House, which was once the Park House was transformed into the forthcoming luxury condominium that is freehold and has 54 units Park Nova. The project was officially launched in May 2021 the prices of units sold exceeded $5,000 psf, and reached an all-time high of $5,838 for the most expensive penthouse. Based on caveats filed in URA Realis as at Sept 27th, the project was more than 90% sold for the average price of $4,889 per square foot.
In June of 2018, Shun Tak also purchased an unattached house located on a 66,452 square foot freehold site located at 14 and 14A Nassim Road for $218 million or $2,744 psf per ppr. The property was transformed into the luxurious Les Maisons Nassim with just 14 units which range from 6,049 square feet.
The units in Les Maisons Nassim were sold for a range of prices, ranging between $30.764 million ($5,050 per sq ft) for 609 sq ft and up to $85 million ($6,210 per square foot) for the biggest penthouse measuring 12,077 square feet. The development was 100% sold at July’s end with an average transaction cost of $5,559 per sq ft.
A luxury market that is more subtle
Following the property cooling measures that were announced in April, when the stamp duty for buyers (ABSD) on behalf of foreigners increase to 60% the market for luxury condos has become more cautious. “Following the increase of ABSD for foreigners as well as the recent money laundering scandal the luxury residential market is quieter,” observes Lake.
A fascinating trend is the growth of foreign buyers who have US citizenship. In the second quarter of 2023, US nationals overtook the Chinese as the most significant category of foreign buyers in the housing market in the 2Q2023, as per OrangeTee & Tie Research in an article published on the 20th of July.
The trend was evident in August the same way, with US citizens making up 13.3% of all 15 non-landed resales of private homes that were sold to foreign buyers according to PropNex Research in its Sept 26 report. Two of the foreign buyers originated of Indonesia in the Philippines and Myanmar.
The principal reason behind the increase of US buyers is the fact that the US together as Iceland, Liechtenstein, Norway and Switzerland have Free Trade Agreements (FTAs) together with Singapore which allow their citizens to receive exactly the same stamp tax benefits that they enjoy as Singapore citizens. Therefore, they are exempt from having to pay 60% ABSD for the residential property purchase.
Lake isn’t ruling out the possibility of interest from ultra-high-net-worth people (UHNWIs) who have US citizenship, or any of any of the other four nations with FTAs. “We might imagine an UHNWI seeking to build and construct a new high-rise with apartments bespoke for family use similar to those in the Ambanis which includes Antilia,” he reckons.
The homes of the super-rich
Indian billionaire Mukesh Ambani’s residence private, Antilia located located in Mumbai’s billionaires’ Row is a 27-storey, 173m tall tower that covers 400,000 square feet of living space. The upper floors comprise the residential section which includes amenities on lower floors, which include an 168-car garage, a ballroom, nine elevators that are high-speed as well as a 50-seat theatre. landscaped gardens, spas, swimming pools, a temple and the snow room, which has sparkling snowflakes emitted out of the walls as per Wikipedia. The structure was created in collaboration with two US architectural firms – Chicago-based Perkins & Will and Los Angeles-based Hirsch Bedner Associates — and was said to cost approximately $2 billion ($2.7 billion).
Singapore might not have Antilia However, it does have the Eden. The 22-storey residential tower located at 2 Draycott Park was developed by Swire Properties, a Hong Kong-based company Swire Properties and completed in the year 2019. Eden was developed by British designer Thomas Heatherwick of Heatherwick Studio and was his first residential project in the world.
Eden is home to 20 luxury freehold apartments, each of which is a four-bedroom home measuring 3,035 square feet occupying the entire floor. Eden was purchased in block at $293 million on April 20, 2021. The penthouse unit on 22nd floor was sold for $18.287 million ($6,024 per square foot) and the lowest floor unit (the third floor) was offered at $13.069 million ($4,305 per square foot). The intermediate units ranging from the fourth to 21st storeys made up the remainder of $261.644 million ($4,789 per sq ft). The purchaser came from one of the Tsai family in Taiwan who own Want Want Holdings, a confectionery manufacturer renowned in the world of rice crackers and snacks beverages and food items.
Eden can be described as a renovation project of the previously Hampton Court, an apartment complex with four floors which Swire Properties purchased en bloc for $155 million at the end of December 2012. Lake was the broker for the transaction. Eden is Swire Properties’ first residential development in Singapore.
In light of 11 Claymore’s estimated price of $95 million, and an average land price of $2,839 per square foot an developer could create an ultra-luxury project with only 10 to 15 custom-designed units with at least 4,000 square feet each. They could be priced as high as $4,500 per sq ft or even $5,000 per sq ft according to Lake.
Another alternative an option for developer is to construct the most expensive condo in the area, with 64 apartments that are averaging 800 sq ft per. The units will be priced higher than $4,000 psf. “The total prices are attractive to homeowners and investors because of the proximity for access to Orchard Road,” says Lake.
The site located at 11 Claymore will go on tender auction on September 28, and will be closed on November 8.