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

Massive Infotech parks, more than 20 swanky shopping malls, plush commercial centers and mega residential complexes…. The face of real estate, like none other, is fast changing in the otherwise conservative Chennai.

Artwork on the streets of Chennai- Photo Credit

With a reputation for being a hub of cultural activity in South India, for decades, the city of Chennai is reinventing itself into a sought after destination for luxury real estate developers and investors. And why not? An enormous Information Technology phenomena sweeping the city with the likes of Infosys, Wipro, Tata Consultancy Services, Ascendas, among others, and IT-enabled and Business Process Outsourcing (BPO) services setting up shop here, on top of international automobile and telecom companies such as Ford, Hyundai, Motorola and Nokia, has all fueled an unparalleled consumer centric culture, a new lifestyle befitting the high disposable incomes never witnessed in the city before. The result, a multitude of implications for realty growth. And how?

Across the realty spectrum. From Infotech Parks, townships, hyper-marts, shopping malls, residential complexes with world-class facilities like golf courses, club houses, pools and security systems, luxury villas et al. What’s more, close on heels of city realty companies like Indus Group cashing-in on the new expansion, Delhi and Kolkata companies, like the Merlin Group, for instance, are tying up with local promoters, the Rajathi group to develop stylish residential and commercial properties at East Tambaram, Sriperumbudur and Ocheri.

PS Group, another Kolkata company, has invested Rs. 15 billion in various projects, including housing complexes at Old Mahabalipuram as well as near the Infotech Park at Siruseri and a huge shopping mall at Velachery. L&T South City Projects Ltd. launched Eden Park, an integrated township off the Old Mahabalipuram Road (OMR), the IT corridor, in January this year.

Besides, many foreign firms are also seeking to make a mark in Chennai. Dubai-based ETA Ascon, has announced an investment of US$ 923 million to construct a 100 acre info-tech park in Chennai. Israeli firm Elbit Medical Imaging Ltd too has put in close to US$135 million for both commercial and residential projects. Far East Organization, a Singapore real estate conglomerate, is also looking keenly at the Chennai property market.

Needless to say the ‘real’ prices are soaring in recent times. A deterrent, no, properties are being sold out in hours of being announced. Guindy, Velachery, OMR, East Coast Road and most of the southwest part of the city are hot property. The modernization of the airport will further stimulate prices in Saidpet and around the Inner Ring Road, which connects city localities like Kodambakkam and Mambalam with the airport.

A beautiful coastline, a comparatively lower cost of living and a stable market, is what makes Chennai an attractive property proposition.