August 4, 2018
Granmil Holdings (CDL & Hong Leong Holdings) will release its new luxury Boulevard 88 Modern condominium project in late 2018 – the first large-scale launch in Orchard Road & Cuscaden Road.
The plum site at the corner of 81 Orchard Boulevard, which will yield 154 apartments and 28 storeys, was one of the most highly contested land plots last year.
The units will be released in phases. Boulevard 88 prices have not been fixed yet but will start at an estimated high psf (per square foot) for the smallest apartments, which are two-bedders. Marketing agents expect pricing to be more than recent condominium launches following the property market hype.
The nearby 302-unit Martin Place Residences has had an average transacted price of $1,969 psf over the last 12 months, according to ZACD Group. Average prices for Martin 38 were $2,305 psf and $1,949 psf for the 545-unit Rivergate. Starlight Suites, completed in 2014, has averaged $1,812 psf in the past 12 months.
Mr. Thomas Seet, head of research and consultancy at SGCondo Group, estimates Boulevard 88’s breakeven price will be in line with one of the top condominiums in the area. The firm raised eyebrows when it paid $2,910 psf per plot ratio for the site last year.
Mr. Seet said: “You’ve got to give credit to them. What some developers would do is to carve out many small shoebox units to squeeze a higher psf price, but they didn’t.”
Boulevard 88 Condo will feature 28-storey towers will house 154 apartment units.
These will likely comprise a variety of two bedrooms, two-bedders plus a study, three-bedroom units, and premium three-bedders (Including Penthouses).
The largest units will be the top storey penthouses.
SGCondo Group managing director expects half the buyers to be owner-occupiers and the other half investors.
Boulevard 88, which has a freehold tenure, should be completed after 2022.
By then, the whole area will be primed with even more prestigious landmarks and shopping malls.
“If sales of Boulevard 88 Condo go well, there’s a possibility some developers might trigger that tender,” Mr. Seet said.