Tell somebody that you live in Orchard area and you will instantly be recognised as a member of Singapore’s elite. Recent developments of retail space and condominiums in Orchard bring it closer to established metropolitan stars like New York and Hong Kong, with an entire stretch of high-end shopping malls and luxurious private residences

Not just the average shopping mall

Orchard is upgrading itself from just rows of malls to a truly luxurious and exclusive shopping paradise. A very good example would be Ion Orchard, a joint venture between Singapore’s CapitaLand and Hong Kong’s Sun Hung Kai Properties. Scheduled to launch in the fourth quarter this year, it is a world class retail center that houses haute couture retailers. This dazzling line-up pushes Orchard shopping a few notches up the ladder of sophistication and exclusivity. Shopping in Orchard in the near future will resemble that of New York’s Fifth Avenue and Hong Kong’s Nathan Road as more and more duplex flagship stores grow in downtown Singapore. Although Orchard has what downtown in New York and Hong Kong can offer, the price of property is still relatively much lower than these two cities.

Luxurious and exclusive condominiums

Strong growth spurts in the economy and good prospects in the near future have given developers the boost to conceptualize the sort of luxurious living spaces never thought possible before this. What we see in the market right now is a series of uber-exclusive and luxurious private residences. Furthermore, the developers are inching closer and closer to Orchard Road itself, rather than building their projects at the outskirts of this street because it was once considered too precious and too expensive for private residential projects.

Rising demand and record prices

The demand in the market is overwhelming. Over the past year, new developments in Orchard have been sold fast and at record prices in auctions open to only those with special invitations. This fight for a space in Orchard has led to a huge surge in prices. Projects lying slightly further away from Orchard Road but still close enough to be convenient are a good investment option. 8 @ Mount Sophia, for instance, a tranquil sanctuary hidden away from the hustle and bustle of the city yet only 20 minutes walking from Orchard Road.

Orchard Road is indeed the cherry on the cake of Singapore’s prime property market. The undergoing projects only serve to reiterate its position as the ultimate in luxurious living in a sophisticated environment. If you are looking for the best in Singapore, Orchard Road is probably the answer.

Keith Lau is a professional real estate agent based in Singapore, and may be contacted at: Singapore Prime Districts

A leading Dubai based real estate developer, Fortune Group, announced yesterday that its high-end retail offering - The Corporate Mall, which is planned to be in the world’s tallest commercial tower, Burj Al Alam, Dubai, has drawn an extremely positive investor response from the ultra-luxury segment of the retail sector.

The group has already sold out 75% of the total 313,000 square feet of available retail space. The mall is not only a freehold facility but also has the distinction of being the only mall within Business Bay, a mere two weeks from the launch. The group has also retained some of the retail area for leasing out to anchor tenants.

The Corporate Mall was designed by the world-famous Japanese architects, Nikken and Sekkei. The state-of-the-art enclosure will cater exclusively to discerning corporate clients, featuring nothing but the most expensive ultra-luxury outlets, top-of-the-line regional and international brands including high-end fashion brands, sophisticated dining and entertainment experiences. Not restaurants – experiences, which is a completely different thing and far more sophisticated.  The mall will also house trendy coffee shops, a modern fitness centre and parking space for over 1000 cars.

The Fortune Group has already begun construction on Burj Al Alam and the project is slated for completion by 2011.

Nikken & Sekkei