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 residence fit for a King - or a Queen. Possibly the most expensive, most exclusive, most desirable, most spectacular, most………. When they talk of ultra-luxury, this is what the word was coined for.

“Oakmayne bespoke,” will soon be launching what has to be the most (see above) properties in London – 6 double-fronted ambassadorial residences, and 3 apartments in 20-21, Cornwall Terrace Mews, Regent’s Park London, NW1. I hesitate to use the words home, or house. These are residences.

This is probably the most prestigious address in London. (Found another superlative) and it is unlikely another property such as this will ever come on the market again.

This particular stretch of the Terrace was leased to British Land as their headquarters, and when the lease ran out, Oakmayne jumped at the chance to buy it. I spoke to Beth Dean, the director of sales and marketing at Oakmayne, and she was a little “coy,” about the price paid. Translation – she wasn’t saying and is not going to.

Cornwall Terrace is part of the Crown Estate, and as such, you can honestly say that you live in one of the Queen’s houses should you choose to buy one. Cornwall Terrace is also a grade one listed building, and must therefore be restored in a way that remains true to the original features and styling.

Restoration work is underway at the moment and there is no expense being spared. Apparently, the previous tenant had covered all the beautiful crown moldings and ceilings with a suspended ceilings and hidden the original fireplaces with plasterboard. Most of this is still intact and where it was missing, new moldings have been created using casts. Each floor has a different molding, presumably to remind the servants when they were in a forbidden area.

What little I have seen is nothing less than perfect. Their brochure states:

The conversion has been designed to ensure that each reception room and bedroom maximize space and allow light to stream through to every corner.

From floor finishes hand crafted from beautiful Italian marble and oiled and polished elegant hard wood, to the carefully restored fireplaces and corniching, every element is designed to appeal to a sensory awareness of exquisite quality and the promise of an unparalleled finish.

Prices have not been decided yet, but a starting point of £4,000 per square foot was mentioned ($8,000 psf). Residences will vary in size from 8,000 to 14,000 sf ft. So, prices will range from $64 million to $112 million, depending of the level of finish required. These properties make One Hyde Park look cheap and tacky.

The launch will be mid-June. By invitation only. But don’t be too disappointed if your invitation gets lost in the post. It is estimated that there are only 300 Europeans likely to be wealthy enough to afford one of these. Although, if you feel you have been left off the mailing list by mistake, feel free to send me a copy of your bank statement and I will pass along your details for a small fee

Cornwall Terrace was designed by the prolific British architect, John Nash, after he was forced to return to work following a bankruptcy. This is what they looked like back in the day:

Photo credit - 1

Photo Credit - 2

Oakmayne Bespoke

I visited the “Top Marques,” show in Monaco this weekend and bumped into Knight Frank’s on-site representative, Nick Brennan, who is a London-based sales director, dealing with luxury property for sale in the Bahamas.

Knight Frank chose to sponsor this year’s show, in the hope of meeting potential buyers, and when I asked Mr. Brennan how things were going, he smiled, shrugged, and said, “I ran out of business cards the first day.”  Which, if you are English (as both Mr. Brennan and I are) this  means, “Pretty damn fine thank you very much.”

Realistically, if some one can afford a $200,000 car, they are probably wealthy enough to be potential buyers of luxury property in the Bahamas, so a real estate agent sponsoring a luxury supercar show is not as outlandish as one might think.

One of the promotional tools Knight Frank were using at this show was a DVD giveaway of their “One Hyde park,” development. Produced as a promotion for both Candy & Candy and the development itself, stunning is the word that comes to mind. I have a copy and will hopefully be sharing sometime soon. Watch this space.

The cars them selves were pretty spectacular, (if a little boring – I must be getting old) although I would think they could afford to pay some one to polish the fingerprints off a little more regularly than they did. I only saw one fingerprint polisher the entire time I was there.

In the meantime, this is an excellent example of thinking outside the box, and certainly worth bearing in mind when considering appropriate venues for high-end property promotions.

Which also brings me to the opposite end of the spectrum. The broken promise, or “Getting it wrong on purpose,” which seems to be a prevalent marketing attitude, even when marketing a high-end show such as this one. I purchased two “V.I.P” tickets to the show, at just over sixty dollars a piece. After arriving at the show, I discover that all the tickets are “V.I.P” tickets and this entitles you to be able to pay $5 for a lousy cup of coffee, served by a surly waiter prepared to pretend he doesn’t speak English or French when you complain about said lousy cup of coffee. On top of that - they wouldn’t even let me drive the Lamborghini ‘round the Monaco F1 course.

Why bother? A massive advertising campaign, some of the most expensive brochures I have ever seen and then annoy the life out of everyone by treating them this way. Remember when your mother told you that you were special and then later said everyone is special. Yes – if everyone is a V.I.P – no one is a V.I.P. I doubt I will be returning next year unless I get a free ticket.

It seems as though everyone wants a piece of Singapore right now. The city state is undergoing a facelift, causing more people than ever to invest in its booming property market. With ambitious plans to transform its downtown area into a prime vacation spot and international financial centre, Singapore is bound to attract much global attention in the next few years.

New Developments

Scheduled to be completed in 2012, White Sands and Genting are developing luxurious resorts equipped with world class casinos and high-end retail in Marina Bay and Sentosa. These developments will almost certainly increase Singapore bays’ appeal. More importantly, property around the area will likely increase in value as the resorts draw in a large group of professional expatriates and glitterati. Demand and prices are expected to continue rising and we are confident the value will only peak when the resorts are launched.

Good location, modern design

Singaporean developers fuse trustworthy engineering with modern architecture, creating a series of eclectic living spaces in town. In fact, you could easily mistake them for a designer building in the heart of Tokyo or Hong Kong. Herein lays the catch. These boutique units are gradually becoming the norm in downtown residences in Singapore and cost only half the price of those in the city’s competitors. It is no surprise foreign talents are moving to the island nation.

Could it be a bubble?

When 2007 came to an end, the state newspaper, Straits Times reported on the record property prices reached in the past year. While it is true that several condominiums fetched eye-popping prices, these were exceptions to the general picture. Overall, the prices of downtown property are forecast to rise at a more sustainable pace of 10 to 20% this year. What investors can expect is steady returns over the long run.

Lower real interest rates

Home loan rates in Singapore typically range from 3 to 4%. Yet due to the record-high inflation of 3.6% in October 2007, pressure will be put on the already low interest rates. Real mortgage rates at the moment are only slightly above zero, at about 0.5 to 1.0%. What this means is a positive effect on borrowers. Instead of keeping money in the bank and losing out from the low bank rates, investing in property is a far more attractive proposition.

There is so much talk about Asia, yet many Asian countries suffer from a corrupt and shaky market. Singapore stands out in the eyes of property investors because the market is matured and stable. Singapore promises exciting developments tempered with careful governance and there is perhaps no better time to invest in the garden city.

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

As usual, the news regarding the condition of the luxury real estate market appears at odds with many statements coming from the real estate agencies.

At a recent luxury real estate auction in Fort Lauderdale, Florida, properties were quickly taken off the block after receiving no bids. One penthouse condominium in Williams Island for example, was previously listed for $5.6 million, went on the block for $5million, was dropped to $2.5 million and immediately withdrawn.

Those properties that did sell, invariably sold for much less than previously offered. Two bay-front properties on Venetian Islands sold for $500,000 and $1 million – the last time they changed hands, back in 2005, the same properties sold for $2 million and $2.75 million respectively.

Yet at the same time, The Star quotes SKY Sotheby’s president Chad Roffers as saying: “The high end is resilient. Certainly the market has corrected since the peak of 2005. What we are seeing is that quality waterfront inventory is holding value." Which rather contradicts the prices achieved.

Unsurprisingly, many of the sales went to foreign buyers.

In London, much the same story unfolds. Prices realized and analysts opinion are in sharp contrast to the real estate agents opinions.

Savills are predicting that the amount of money available to invest in high-end properties will fall by as much as 65% this year. This thanks to smaller bonuses in the city as the banks start to feel the effects of mortgage write-downs in the USA sub prime market. Traditionally, London’s luxury property market has relied heavily on bonus laden financial brokers propping prices up.

Having said that, Knight Frank claims to have sold 40 of the 80 available apartments in the One Hyde Park development. Once again, the bulk of the sales were to foreign buyers – of the 40 sold so far, 13 were to Russian buyers, 10 to Middle eastern and just 8 to British buyers. One would have expected them all to have sold by now in a strong market, but the average sale price is around £20 million.

Donald Trump hit the news recently also. A recent press release from "Ultimate Homes," said:  Donald Trump’s  much-publicized Palm Beach mansion has a new price: $100 million. Along with the $25 million price reduction, Trump also turned the listing over to Lawrence Moens, a Palm Beach broker who has a reputation as a low-key but highly effective dealmaker.

When it debuted on the market in 2006, the estate’s $125 million price tag made it the most expensive property for sale in America and generated a great deal of attention. It took the No. 1 spot in that year’s edition of Ultimate Homes, and, most importantly, it was one of the first, if not the first, to break the $100 million price point.

While the media always has focused on price, what makes this estate so important, according to Moens, are the 6.75 acres and almost 500 feet of unobstructed oceanfront. Also significant is the location itself, which he describes as “prime, one of the most desirable places on the Eastern seaboard.”

Another change, according to Moens, is the potential that the property could be sold as two separate parcels or a single compound.

The price change means Trump’s estate is no longer one of the five most expensive residential listings in the country, although it is still in the top 10. Unique Homes is currently compiling its annual list of the 1,000 most expensive properties on the market in the country. This list is published in a magazine called Ultimate Homes, which also will include the 10 priciest listings in each state. Ultimate Homes is a new magazine, launched this May.

For those of you spending Euros or British pounds, the U.S.A is an attractive destination at the moment. Some luxury hotels are feeling the pinch, and offering specials at what becomes an insanely low price when the exchange rate is taken into consideration.

The Sir Francis Drake Hotel in San Francisco for instance, is currently offering packages from as little as $159. (or $3.50 in the unlikely event  you happen to have visited before 1958 and kept your receipt.)

The Sir Francis Drake is a San Francisco landmark on Powell street, and Harry Denton’s Starlight room, an national treasure. Of course, in true American marketing style you do not eat in their restaurants, you have  a "dining experience." Damn fine food nonetheless. A recent press release states: The legendary Sir Francis Drake Hotel turns 80 years young this year, and like a good bottle of wine, proves that things only get better with age. The hotel, a Kimpton Hotel in San Francisco’s Union Square, recently underwent a $20 million transformation, giving it a more contemporary look and feel that perfectly complements the traditional elements and original architecture of the property.

In honor of this historic milestone, the Sir Francis Drake Hotel will offer a variety of exciting and enticing programs and packages throughout the year, which are outlined below:

Roaring 20s Roll-Back Rate

To kick off the year-long celebration, the hotel will offer a Roaring 20s Roll-Back Rate to past guests who have original receipts dating back prior to 1958, in an effort to collect historical artifacts for a future display at the hotel. With rates ranging from $3.50 per night when the hotel opened to $40 for the best suite in the 40s, guests who have held onto these mementos will find extraordinary value in this special offering when during the month of April when the Sir Francis Drake will honor the rates on these original receipts.

Ruby Jubilee Treasure Hunt

The Sir Francis Drake will offer guests the chance to win a variety of fantastic prizes with the Ruby Jubilee Treasure Hunt. During the month of April, 80 faux ruby rings will be hidden throughout the hotel in guestrooms and public spaces alike. The 80 lucky guests who find the “jewels” will be able to redeem them at the front desk in exchange for gifts ranging from complimentary hotel stays to complimentary dinners at the adjacent Scala’s Bistro to a real ruby ring. More on Luxury Destinations - San Francisco’s Sir Francis Drake Hotel

Ariel East, Extell Development Company’s luxury condominium on the Upper West Side, has just begun daily breakfast service delivered directly to residents’ homes.

Ariel East residents enjoy daily continental breakfast delivered to their front door from 7am to 10am on weekdays and from 8am to 11am on weekends. Ordering is simple; residents fill out an order form with their requests the night before and leave it with the concierge. Delicious choices include croissants, muffins and bagels; an assortment of Starbucks coffee; herbal and specialty teas; and a selection of fresh fruit juices. Penmark Realty Corp, which manages this high-rise residence at 2628 Broadway, will provide this daily service.

The elegantly modern Ariel East, designed by Cetra/Ruddy Architects, incorporates the luxurious materials, majestic layouts and gracious interior detailing found in the Upper West Side neighborhoods pre-war buildings, with the views and modern technology that today’s family desires.

Bringing a new dimension in design to the Upper West Side Ariel offers a new standard in classic two to five bedroom residences. Homes offer generous ceiling heights, hardwood flooring throughout, a choice of three finely appointed kitchens, luxurious marble master baths and expansive floor to ceiling windows to frame awe inspiring views of Central Park and The Hudson River.

In addition to the daily continental breakfast service, Ariel East features an unmatched repertoire of amenities including fitness by La Palestra, a full size four lane swimming pool, billiards parlor, screening room, pet spa and private gardens, providing something for each member of the family.