Orchard Turn to launch 177 luxury residences next year
SINGAPORE: Orchard Turn looks set to be more than just a mega-mall and high-end residential complex along Singapore's prime shopping street.
The developer is promising a striking landmark that will draw in the crowds.
More details about the development were unveiled on Tuesday, including plans to launch 177 luxury residences in the first half of next year.
It is the first major retail development on Orchard Road in more than 10 years, and Orchard Turn plans to literally tower over the competition.
Standing at a projected 218 metres, or 56 storeys high, the $2b mall-cum-luxury residential landmark will be the tallest building along Orchard Road.
The developer is confident it will be one of the most sought-after addresses in Singapore.
Ms Soon Su Lin, CEO of Orchard Turn Developments Pte Ltd, says: "We have an excellent location; our residential tower is going to be the tallest building in the Orchard Road micro-market, so it will have a very commanding presence.
"It will have panoramic views all round, totally unobstructed. In terms of pricing, we will take the cue from the market when we launch it next year."
In addition to the residential apartments, Orchard Turn will boast more than 450 shops and restaurants, in a 942,000 sq ft retail mall.
That capacity rivals the size of nearby Ngee Ann City.
Comment: I believe that all these are part of the company's measures to differentiate its product(the Orchard ION) from rival malls such as Ngee Ann City. With the wide media coverage on the Orchard ION and catchy advertisements, Orchard ION may enjoy a temporary inelastic demand curve upon its launch as it is perceived as the most 'in' place in town. However as the effect gradually wear off, Orchard ION would have to look into new ways in promoting its mall, for e.g. Holding storewide sales or hosting variety shows in its mall.
CapitaLand is aiming to attract both retail brands new to the Singapore market as well as the flagship stores of familiar international brands.
Talks with interested retailers will begin in December, and the leasing of the mall will be launched in the second quarter of 2007.
Prices for both the residences and the retail space will be set closer to the launch dates.
Despite growing competition in the retail sector, Orchard Turn believes that it will be able to draw in the crowds.
"I think Orchard Turn with its ultimate location on Orchard Road will offer tremendous opportunity for retailers, both local and foreign," says Ms Soon.
"The design concept that we've unveiled today is a very exciting organic building that will allow top local brands to showcase their brand identity on the external facade of the building," she adds.
UK-based, award-winning architecture firm, Benoy, has been roped in to develop a striking, iconic design for the landmark development.
Orchard Turn will feature a two-tier observation deck, a new public square, and an integrated art space.
The project is being jointly developed by CapitaLand and Hong Kong-based Sun Hung Kai. - CNA/so
SINGAPORE: Orchard Turn looks set to be more than just a mega-mall and high-end residential complex along Singapore's prime shopping street.
The developer is promising a striking landmark that will draw in the crowds.
More details about the development were unveiled on Tuesday, including plans to launch 177 luxury residences in the first half of next year.
It is the first major retail development on Orchard Road in more than 10 years, and Orchard Turn plans to literally tower over the competition.
Standing at a projected 218 metres, or 56 storeys high, the $2b mall-cum-luxury residential landmark will be the tallest building along Orchard Road.
The developer is confident it will be one of the most sought-after addresses in Singapore.
Ms Soon Su Lin, CEO of Orchard Turn Developments Pte Ltd, says: "We have an excellent location; our residential tower is going to be the tallest building in the Orchard Road micro-market, so it will have a very commanding presence.
"It will have panoramic views all round, totally unobstructed. In terms of pricing, we will take the cue from the market when we launch it next year."
In addition to the residential apartments, Orchard Turn will boast more than 450 shops and restaurants, in a 942,000 sq ft retail mall.
That capacity rivals the size of nearby Ngee Ann City.
Comment: I believe that all these are part of the company's measures to differentiate its product(the Orchard ION) from rival malls such as Ngee Ann City. With the wide media coverage on the Orchard ION and catchy advertisements, Orchard ION may enjoy a temporary inelastic demand curve upon its launch as it is perceived as the most 'in' place in town. However as the effect gradually wear off, Orchard ION would have to look into new ways in promoting its mall, for e.g. Holding storewide sales or hosting variety shows in its mall.
CapitaLand is aiming to attract both retail brands new to the Singapore market as well as the flagship stores of familiar international brands.
Talks with interested retailers will begin in December, and the leasing of the mall will be launched in the second quarter of 2007.
Prices for both the residences and the retail space will be set closer to the launch dates.
Despite growing competition in the retail sector, Orchard Turn believes that it will be able to draw in the crowds.
"I think Orchard Turn with its ultimate location on Orchard Road will offer tremendous opportunity for retailers, both local and foreign," says Ms Soon.
"The design concept that we've unveiled today is a very exciting organic building that will allow top local brands to showcase their brand identity on the external facade of the building," she adds.
UK-based, award-winning architecture firm, Benoy, has been roped in to develop a striking, iconic design for the landmark development.
Orchard Turn will feature a two-tier observation deck, a new public square, and an integrated art space.
The project is being jointly developed by CapitaLand and Hong Kong-based Sun Hung Kai. - CNA/so
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