16 | August | 2009 | Lush Dream Home

The year’s only collective sale tender so far has closed with more than one interested bidder, indicating demand for residential land may be returning.

Dragon Mansion, at 18 Spottiswoode Park Road, was last month the first collective sale site to be launched for sale this year.

The freehold site, which is more than 30 years old, is designated for residential use with a plot ratio of 2.8 and could potentially yield an estimated 120 units of 1,000 sq ft apartments in a new development.

CKS Property Consultants, which is marketing the site, said it saw interest from developers because ‘basically there are no freehold collective sale sites on the market right now’.

However, the firm declined to comment if the asking price of more than $120 million had been offered. Continue reading →

S’pore as luxe hub

Posted on 16 Aug 2009 | Comments Off

The current downturn has shown up one distinctive feature of the retail scene in Singapore: brand-name bags and bling-bling are recession-proof items. Shoppers continue to throng the Louis Vuitton and Cartier outlets at the month-old Ion Orchard shopping complex, for example. Tiffany and a leading local jeweller, Larry Jewelry, say their business has been healthy.

The revitalisation of Orchard Road and new developments in the retail landscape are drawing luxury retailers and their franchisees to set up impressive shops and flagship stores. Besides Ion Orchard, big developments coming up are Knightsbridge, a four-storey retail podium connected to Park Orchard Hotel; the revamped Mandarin Gallery which used to be the frontage of the Meritus Mandarin Hotel, now moved around the corner; and the the two casino-resorts’ merchandise space.

The Prada group opened its Miu Miu store at Ion Orchard last month. It has plans to have at least two more by the end of the year. Continue reading →