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Yahoo
20-07-2025
- Business
- Yahoo
UOL-SingLand moves nearly 54% of units at UpperHouse at Orchard Boulevard on launch day at $3,350 psf
UOL-SingLand sold 162 units at Upperhouse at Orchard Boulevard on the first day of launch (Photo: UOL Group/Singapore Land Group) After two weekends of private previews, three new projects launched on July 19 — two of which are in the Core Central Region (CCR): UpperHouse at Orchard Boulevard and the 348-unit The Robertson Opus. The third is the executive condo, the 600-unit Otto Place in Tengah. The 301-unit UpperHouse, jointly developed by UOL Group and Singapore Land Group, saw 162 units (53.8%) sold before 6pm on launch day. The average price achieved was $3,350 psf. There was interest across all unit types, which range from one-bedroom plus study to four-bedroom suites. The most popular were the two-bedroom premium plus study units, with 60 out of 67 sold at prices ranging from $2.338 million to $2.72 million, or $3,060 to $3,560 psf. Search for the latest New Launches, to find out the transaction prices and available units The second most popular were the three-bedroom premium units, with 33 out of 34 sold at prices ranging from $3.269 million to $3.781 million, or $3,230 to $3,736 psf. According to Anson Lim, UOL Group's senior general manager of residential marketing, the Bespoke Collection — comprising 31 four-bedroom suites with private lift and private carpark — also saw a healthy 30% take-up. A high-floor unit in this collection sold for $7.66 million, or $3,724 psf. Almost all buyers were Singaporeans or Permanent Residents, with a mix of owner-occupiers and long-term investors, Lim adds. 'Many were drawn to the Orchard Boulevard address, direct MRT access, efficient layouts and the attractive quantum for a development in this location,' he notes. UpperHouse sits at the corner of Orchard Boulevard and Grange Road, right in front of the Orchard Boulevard MRT Station (Source: EdgeProp Landlens) "The take-up rate at the private preview of UpperHouse at Orchard Boulevard is the strongest for a CCR new project, since Watten House sold 57% of its 180 units when it was launched in November 2023," says Kelvin Fong, CEO of PropNex. UpperHouse is located at the junction of Orchard Boulevard and Grange Road in prime District 10, directly in front of the Orchard Boulevard MRT Station on the Thomson-East Coast Line. It is also within 1km of River Valley Primary School. Read also: Project Spotlight: Ardmore Park tops the resale price chart UOL and SingLand submitted the top bid of $428.28 million ($1,616 psf per plot ratio) for the 99-year leasehold site in a government land sale (GLS) tender that closed on 1 February 2024. According to Yvonne Tan, chief corporate and development officer at UOL Group, the price gap between the CCR and the Rest of Central Region (RCR) is currently at its narrowest. 'The price differential between freehold and leasehold high-end luxury products is also at its most attractive,' she observes. The gap between the median psf of new homes in the CCR and RCR has narrowed from a high of 56.5% in 2018 to a mere 1.9% in 1H2025, says Mark Yip, CEO of Huttons Asia. "There is potential for a strong upside once the gap between CCR and RCR home prices widens," he adds. The average per sq ft price done at UpperHouse at Orchard Boulevard is one of the most competitive prices for a new launch that is located near Orchard Road recently, says PropNex's Fong. He points to the average price for new freehold units sold at Park Nova across the road, which reached a high of $6,150 psf this year, while the resale price at Boulevard 88 averaged about $4,200 psf. Meanwhile, Cuscaden Reserve, which is also 99-year leasehold, fetched an average price of more than $3,100 psf for the resale units transacted in the first four months of 2025. 'UpperHouse is well-positioned to benefit from the upcoming master plan developments in the Paterson and Newton areas, as well as the revitalisation of Orchard Road,' says Marcus Chu, CEO of ERA Singapore. Despite recent adjustments to the Seller's Stamp Duty and multiple rounds of cooling measures, 'demand for high-end properties with strong fundamentals — such as location, tenure and developer reputation — remains resilient, as such buyers tend to take a long-term investment view,' Chu adds. Read also: Is it a Good Deal?: A three-bedroom freehold unit in District 10 sold at a loss of $867,842 Recent flash estimates indicate that Singapore's economy remained resilient, with an estimated average year-over-year (y-o-y) growth of 4.2% in 1H2025. It led some economists to revise their forecasts for the Singapore economy upward for 2025. "This may have bolstered confidence among homebuyers," reckons Huttons' Yip. "Furthermore, the 3-month SORA (Singapore Overnight Rate Average) has dipped below 2.0% in Jul 2025, lowering borrowing costs for buyers." Check out the latest listings for Upperhouse At Orchard Boulevard properties See Also: Singapore Property for Sale & Rent, Latest Property News, Advanced Analytics Tools New Launch Condo & Landed Property in Singapore (COMPLETE list & updates) Project Spotlight: Ardmore Park tops the resale price chart Is it a Good Deal?: A three-bedroom freehold unit in District 10 sold at a loss of $867,842 UOL, Hilton sign deal for first NoMad Hotel in Apac at former Faber House site En Bloc Calculator, Find Out If Your Condo Will Be The Next en-bloc HDB Resale Flats Up For Sale, Affordable Units Available
Business Times
20-07-2025
- Business
- Business Times
Firm take-up at UpperHouse and The Robertson Opus with prices averaging about S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
Business Times
20-07-2025
- Business
- Business Times
Firm take-up at two prime CCR projects; UpperHouse 53% sold at average S$3,350 psf
[SINGAPORE] Two new projects in the Core Central Region (CCR) – UpperHouse at Orchard Boulevard and The Robertson Opus – launched over the weekend, drawing firm demand with both moving more than 40 per cent of their units. The launches of UpperHouse (301 units) and The Robertson Opus (348 units) mark the largest supply injection in the CCR since additional buyers' stamp duty measures were tightened in 2023, said PropNex chief executive Kelvin Fong. UpperHouse, by UOL Group and Singapore Land Group, sold 162 units or more than 53.8 per cent on Saturday (Jul 19), at an average price of S$3,350 per square foot (psf). The 99-year leasehold project offers units from one-bedroom and study to four-bedroom suites. Fong added that one-bedders were priced at nearly S$1.4 million, while two-bedders ranged from about S$2.1 million to S$2.7 million. Anson Lim, UOL's senior general manager of residential marketing, noted 'healthy take-up across all unit types'. The Bespoke Collection – 31 four-bedders with private lift and parking – had a 30 per cent take-up, with a high-floor unit selling for S$7.66 million, or S$3,724 psf. UpperHouse is the best-selling CCR project since The M launched in 2020, said Huttons Asia chief executive Mark Yip. Nearly all three-bedroom units were sold, and one-third of the four-bedders were taken up, indicating 'strong owner-occupier demand'. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up Singaporeans and permanent residents made up 99 per cent of buyers, with the rest being foreigners. The project drew a mix of owner-occupiers and long-term investors. 'To sell above 50 per cent of the units for a CCR project is an excellent set of results. It highlights the resilient demand for prime CCR homes and strong fundamentals in Singapore's property market,' Yip noted. UOL's chief corporate and development officer Yvonne Tan attributed the strong showing to the narrowing price gap between CCR and Rest of Central Region (RCR), and the attractive premium between freehold and leasehold luxury products. Huttons data shows that the median psf price gap between CCR and RCR narrowed from 56.5 per cent in 2018 to 1.9 per cent in H1 2025. 'There is potential for a strong upside once the gap between CCR and RCR home prices widens,' said Yip. Fong also noted that the average price of S$3,350 psf makes UpperHouse one of the most competitively priced new launches near Orchard Road. He compared this to Park Nova's new units which averaged at about S$6,150 psf this year and Cuscaden Reserve which fetched an average price of more than S$3,100 psf for the resale units transacted in the first four months of 2025. Located in District 10, UpperHouse sits along Grange Road and Orchard Boulevard, opposite Orchard Boulevard MRT and near River Valley Primary School. UOL and SingLand acquired the 7,013.4 square metre site last year for S$428.3 million or S$1,617 psf per plot ratio (ppr) – 30 to 40 per cent lower than the S$2,377 psf ppr fetched by a nearby Cuscaden Road site in 2018. Steady take-up at The Robertson Opus Of the 348 units available in the mixed-use The Robertson Opus, 143 were sold at an average price of S$3,360 psf. This works out to a take-up rate of 41 per cent, said developers Frasers Property and Sekisui House on Sunday. The 999-year leasehold development comprises one to four-bedroom units across five blocks. Studio units start from S$1.37 million, one-bedders from S$1.58 million, two-bedders from S$2.17 million, three-bedders from S$3.1 million, and four-bedders (1,539 sq ft) from S$5.09 million. 'There has been healthy demand across all the unit types, with the three-bedroom and four-bedroom premium units under the Legacy Collection being the most popular and almost sold out,' said the developers. The buyers comprise professionals purchasing for their own stay or investment – 83 per cent are Singaporeans, 16 per cent are permanent residents mainly from China and Indonesia, and the rest are foreigners from the US and Switzerland. Soon Su Lin, Frasers Property Singapore's CEO, said: 'The project's rare 999-year tenure, prestigious District 9 address, and sophisticated riverside lifestyle – alongside its proximity to key business and lifestyle hubs – make it a compelling choice for discerning buyers seeking long-term value and generational wealth.' The Robertson Opus is a 999-year leasehold mixed-use project and a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk. ILLUSTRATION: FRASERS PROPERTY, SEKISUI HOUSE The Robertson Opus, which also includes a retail podium on the first floor and basement, is a redevelopment of Frasers' serviced residence Fraser Place Robertson Walk and its adjoining commercial area, Robertson Walk – undertaken by Frasers Property and Japanese developer Sekisui House in a 51:49 joint venture. Given the steady take-up at both launches, PropNex's Fong expects Q3 developers' sales in the CCR to rebound. 'To be sure, the units sold at UpperHouse at Orchard Boulevard during the private preview alone has already far exceeded the 46 CCR new units sold for the whole of Q2 2025.' Despite the recent hike in seller's stamp duty rates, demand for luxury homes remains resilient, supported by buyers focused on capital stability and wealth diversification, said Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc. 'These factors point to a strategic reset in the CCR market. With strong fundamentals, supportive policies, and improving economic signals, the luxury housing segment is well-positioned to regain momentum.' Brisk sales at Otto Place EC Executive condo (EC) Otto Place sold 351, or 58.5 per cent of its 600 units during its launch, said developers Hoi Hup Realty and Sunway Developments. The average price of its units sold under the normal payment scheme was S$1,700 psf. Otto Place features unit sizes starting at 872 sq ft for three-bedroom deluxe types, priced from S$1.41 million (S$1,617 psf), up to 1,195 sq ft for four-bedroom plus study luxury units, which went for S$2.18 million (S$1,824 psf). More than 70 per cent of the larger units were sold. The 600-unit Otto Place at Plantation Close in Tengah is located near two MRT stations and Princess Elizabeth Primary School. ILLUSTRATION: HOI HUP REALTY, SUNWAY DEVELOPMENTS Located in Tengah's Plantation District, Otto Place is near two MRT stations and Princess Elizabeth Primary School. ERA Singapore CEO Marcus Chu said: 'Despite broader economic headwinds, demand for ECs remains strong, supported by steady local interest, significant price advantages over private condos and government grants.'
Forbes
20-07-2025
- Business
- Forbes
UOL Sells 54% Of Upscale Singapore Housing Project Despite New Property Curbs
The Marina Bay Sands hotel and casino in Singapore. UOL Group—controlled by the family of the late banking and real estate tycoon Wee Cho Yaw—sold more than half of an upscale residential project even as the government recently introduced new measures to curb housing prices in one of the world's most expensive property government earlier this month raised the stamp duty for investors who sell their private homes within four years, with those selling their property within Earlier this month, the government raised the stamp duty on homebuyers who sell their property within one year of purchase to 16% tax from 12% previously. The holding period for homes that will incur the stamp duty has also been extended to four years from three years previously. Undaunted by the fresh property curbs, UOL started selling the Upperhouse, a 35-story residential tower in the Orchard Road shopping district, on Saturday. The launch of Upperhouse follows recent launches of several upscale projects within the Singapore central business district such as W Residences, a 683-unit project being built by Malaysia's IOI Properties in Marina Bay, and Robertson Opus, a 348-unit development along the Singapore River by Frasers Property and Japan's Sekisui House. UOL said it sold 162 of the 301-unit residential skyscraper on Saturday at an average selling price of S$3,350 ($2,610) per square foot. A high floor unit was sold at about S$7.66 million or around S$3,724 per square foot, it added. 'The strong take-up at Upperhouse at Orchard Boulevard's private preview reflects buyers' confidence in its location in the Orchard Road precinct,' Yvonne Tan, chief corporate and development officer at UOL Group, said in an emailed statement. 'It also affirms that buyers are drawn to launches with strong product and locational attributes.' The 99-year leasehold site was acquired by UOL and its subsidiary Singapore Land in a government land auction in February 2024 for S$428 million. The property is adjacent to the Orchard Boulevard MRT station and right across Park Nova, the most expensive residential condominium in the city-state developed by billionaire Pansy Ho's Shun Tak Holdings. UOL, along with United Overseas Bank, is among the assets left by billionaire Wee Cho Yaw—who passed away in February last year at age 95—to his family. With a net worth of $7.8 billion, the Wee family is among the wealthiest in Singapore. The late tycoon's three sons—Ee Cheong, Ee Chao and Ee Lim—joined the Forbes billionaires list in April this year. Ee Cheong is the vice chairman and CEO of UOB, while Ee Lim is chairman of UOL.
BusinessToday
13-07-2025
- Business
- BusinessToday
SGX Review: STI Hits Record High Amid Global Optimism And Property Rally
Singapore's benchmark Straits Times Index (STI) extended its winning streak for the week ended July 11, closing at a new all-time high of 4,087.81 amid strong global cues, resilient economic data and bullish momentum in property and tech-related counters. The STI surged past the 4,100 mark during intraday trading on July 11, peaking at 4,102.97 before paring gains slightly by the close. For the week, the index advanced steadily, supported by optimism over easing trade tensions, favourable interest rate dynamics and encouraging signals from the US labour market. Property developers and real estate investment trusts (REITs) led gains as falling Singapore government bond yields improved the relative appeal of income-generating assets. City Developments Ltd rallied toward S$5.40, while UOL Group approached its 52-week high of S$6.50, buoyed by strong demand and favourable valuations. However, the recent implementation of new Seller's Stamp Duty rules effective July 4 added a layer of caution to the property sector. The revised regulations extended holding periods and raised stamp duty rates, prompting selective re-pricing in residential property stocks. Technology and financial stocks also contributed to the STI's gains. Market participants noted increased institutional interest in tech-enabled growth counters, helped by improving earnings prospects and a softening in global interest rate expectations. The week's bullish tone was underpinned by robust US economic data, including a stronger-than-expected jobs report and signs of progress in global trade negotiations, particularly with Vietnam and the European Union. These developments reduced fears of escalating protectionism, further supporting investor appetite for risk assets. With the STI up around 6% year-to-date, analysts remain cautiously optimistic. Looking ahead, investors will be closely watching upcoming US inflation data, Federal Reserve meeting minutes and corporate results from SGX-listed companies for further direction. Related
