Slaughter Street The prestigious enclave around Ardmore Park, Claymore Road, and Draycott Park, just off Orchard Road, boasts a rare cluster of three bungalows at 9, 11, and 15 Claymore Road. The area is also home to luxury condominiums such as Sculptura Ardmore, The Tate Residences, and The Claymore.With the recent sale of 11 Claymore Road for $75 million in a private treaty deal brokered by Karamjit Singh, CEO and founder of property consultancy Delasa, the neighbourhood continues to draw attention. According to Singh, the high demand for this particular property was due to its rarity and strategic location being in the heart of Orchard Road.AdvertisementUnder the URA Master Plan, the site is zoned for residential use with a 2.8 plot ratio and a maximum height of 36 storeys. After factoring in a land betterment charge of about $30 million, the $75 million sale price reflects a land rate of around $2,100 psf per plot ratio (ppr), Singh estimates.The bungalow at 11 Claymore Road has been leased to The Schoolhouse by Busy Bees for the past 26 years. The property was formerly a family home built in the 1940s, and now sits on a freehold site of 17,974 sq ft with a gross floor area of 4,796 sq ft. It was previously launched for sale by expression of interest in September 2023 with an asking price of $95 million, 26.7% above the transacted price.The new buyer is seeking approval to redevelop the property into a hospitality asset, taking advantage of its prime location just off Orchard Road. Across the road is the luxury hotel Pan Pacific Orchard, which opened in 2023 with 347 rooms. It is a redevelopment of the former Negara Hotel by UOL Group. This area has seen increased redevelopment activity recently, with City Developments Ltd acquiring Delfi Orchard en bloc for $439 million in May 2024. The three properties could be transformed into a new mixed-use development with a gross development value of $2 billion to $3.2 billion, according to DBS in a report in July.AdvertisementWhile prime Orchard Road sites remain in high demand, a mismatch in price expectations between buyers and sellers has limited transactions. This is particularly evident in collective sales, where fragmented ownership leaves little flexibility to price properties at market-realistic levels. However, strong sales at luxury launches such as UpperHouse on Orchard Boulevard and River Green in prime District 9 have shown promising signs of narrowing this gap.Advertisement At UpperHouse, a 301-unit, 99-year leasehold condominium by UOL and Singapore Land Group, 63% of units have been sold since July at an average price of $3,356 psf. Wing Tai Holdings’ River Green in District 9 saw 88% of the 524 units snapped up during its launch weekend at an average price of $3,130 psf.Sculptura Ardmore, a 34-unit luxury freehold development by SC Global Developments, also recently saw a record-breaking transaction, with a 3,326 sq ft, four-bedroom unit on the 26th floor sold for $20 million or $6,013 psf. Completed in 2014, the exclusive 36-storey tower remains one of the most sought-after addresses in the Ardmore Park neighbourhood.
Securing the funds for investing in a Singapore condo is a crucial step in the process. The country offers various mortgage choices, but it’s crucial to have a good understanding of the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and current debt obligations. To avoid overextending themselves financially, it is advised that investors consult with financial advisors or mortgage brokers who can provide valuable insights on the different financing options available. This not only helps investors make well-informed decisions but also keeps them from over-leveraging. For more information on financing for Singapore condos, please visit Singapore Condo.