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The Orchard Residences' phase one
comprising 98 units fully sold  (只提供英文版)

2007-04-04

CapitaLand Limited and Sun Hung Kai Properties (SHKP), the joint venture partners for The Orchard Residences, are pleased to announce that Phase One of The Orchard Residences, comprising 98 units, has been fully sold on a by-invitation only basis. These apartments, located on low, mid and high floors have been sold to business partners, associates and referrals. The 98 units sold represent more than 50% of the exclusive 175-unit The Orchard Residences.

The Orchard Residences is a 56-storey super-luxury residential development situated at the gateway of Orchard Road. Several high level units at the prestigious residential tower have achieved a record price of over S$4,000 per square foot (psf). Based on the 98 units sold, the average price for units below the 30th floor is S$2,820 psf, while the average price for units above the 30th floor is S$3,705 psf. The average price for the 98 units sold is S$3,213 psf.

CapitaLand and SHKP attribute the buyers' overwhelming support, and expected continued strong demand, as a clear testament to the development's iconic building design, unrivaled prime location along Singapore's world famous shopping street, status of being the tallest landmark on Orchard Road, as well as the joint venture partners' proven track record in developing world-class developments.

Recognising The Orchard Residences as a unique superior product in a class of its own, the premium project has attracted many well-heeled Singaporean, Asian and international high net worth home buyers and investors looking for the most exclusive address in Singapore to set up home and as a long term investment.

In view of the positive sentiment in the Singapore top end residential market and the strong demand for The Orchard Residences, a first-class super-luxury product, CapitaLand and SHKP intend to release the remaining units, including the Penthouse and Garden units, in phases to meet the rising demand. Out of the remaining 77 units, some of these units located at various floors on low, mid to high levels, will be released for sale on a by-invitation only basis during an official launch. The official launch is expected in May 2007, when the show-suite is ready. The Orchard Residences is targeted for completion in late 2009.

About CapitaLand

CapitaLand is one of the largest listed real estate companies in Asia. Headquartered in Singapore, the multinational company's core businesses in real estate, hospitality and real estate financial services are focused in gateway cities in Asia Pacific, Europe and the Middle East.

The company's real estate and hospitality portfolio spans more than 90 cities in over 20 countries. CapitaLand also leverages on its significant real estate asset base, financial skills and market knowledge to develop real estate financial products and services in Singapore and the region.

The listed subsidiaries and associates of CapitaLand include The Ascott Group, CapitaMall Trust, CapitaCommercial Trust, Ascott Residence Trust, CapitaRetail China Trust, Quill Capita Trust and Australand.

About Sun Hung Kai Properties

Sun Hung Kai Properties is one of Hong Kong's largest property companies, and its core business is in developing all types of projects both for sale and investment. The company has created some of the most memorable icons on the Hong Kong skyline, including International Finance Centre - currently the tallest building in the territory - and it is now developing International Commerce Centre, which will take over as Hong Kong's tallest when it is finished in a few years' time.

The company has built a strong brand name over the decades, along with a reputation for premium quality and comprehensive customer care across the residential, office and retail markets. SHKP is known for first-class architecture and the highest standards of construction, materials, facilities and service. The company's property development business is supplemented by complementary activities in sectors such as insurance, estate management, hotels and car parks.

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