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YTL Corp’s luxury housing project on Orchard Boulevard will be sold in the first half of 2012, more than four years after the developer acquired the site.
Converted from an old apartment building purchased for S$435 million in 2007, the project will have 78 units targeting wealthy Asian buyers from Indonesia, China and Malaysia, said Kemmy Tan, Head of YTL's arm in Singapore.
YTL Managing Director Francis Yeoh has been expanding the company into real estate markets outside of Malaysia, such as in China, Japan and Singapore, to take advantage of the growing number of affluent property investors in Asia.
“Wealthy Asian property buyers have now gained more exposure to more sophisticated lifestyle and design,” said Tan, adding that buyers may be willing to pay a 20 percent premium for the design by Antonio Citterio, a renowned Italian architect.
Tan refused to divulge the prices of units, which range between 1,000 sq ft and 3,500 sq ft in size. On average, prices of luxury apartments in the area range from S$3,800 psf to S$5,000 psf.
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