SINGAPORE – Luxury condominium Cuscaden Reserve, located in the Orchard area, started private viewings, which are by invitation only, last weekend.
The joint bid of $410 million by three well-known luxury property developers for the coveted residential site in Cuscaden Road made headlines last year for smashing all records for a residential government land sale.
Singapore’s SC Global Developments, along with Hong Kong-listed developers and hotel operators New World Development and Far East Consortium, trumped eight other bidders to win the 99-year leasehold site. The bid also translated to $2,377 per sq ft per plot ratio (psf ppr) – well above market expectations of $1,800 to $2,300 psf ppr.
More than a year on, the developers are confident the project will do well.
SC Global founder Simon Cheong, 62, tells The Straits Times: “Cuscaden Reserve is what city living is about. You are close enough to the vibrant city life but your home is in the quieter side where you get privacy and a certain calmness with a lot of nature around you.”
He expects the project to attract a variety of prospective home owners, including millennials, empty nesters, and international well-travelled buyers with an appreciation for art and culture who are looking to “collect” homes.
The 192-unit development at 8 Cuscaden Road is located next to the upcoming Orchard Boulevard MRT station on the Thomson-East Coast Line. It is expected to receive its temporary occupation permit in 2022.
The 28-storey residential tower will house 192 units in one-, two- and three-bedroom configuration – most will have private lift access. The size of a one-bedroom plus study starts from 700 sq ft and goes up to 1,152 sq ft for a three-bedroom plus study.
Prices for a one-bedroom plus study apartment start from $2.3 million.
In the apartments, large sliding doors can be opened up to extend the living space for entertaining guests or partitioned to create enclosed bedroom and living areas.
The property’s design, by local firm SCDA Architects’ principal architect Soo K. Chan, is inspired by the German Bauhaus art movement of the early 20th century which advocates a “less is more” philosophy.
To take advantage of its natural hilly terrain, a 27m salt-chlorinated swimming pool, an outdoor pavilion and a yoga garden will be located at the front of the site in terraces surrounded by lush landscape.
The single residential tower will sit on the highest point of the hill, offering home owners a better vantage point of their surroundings.
The project is part of SC Global’s Petit Collectibles, which offers smaller units to those who, as Mr Cheong puts it, “just don’t want to fuss over maintaining a house”.
He adds that demand for small units has increased. One- and two-bedroom units below 1,300 sq ft in other developments by the company, such as Martin No. 38 in River Valley and Hilltops in Cairnhill, have sold out.
The project also takes inspiration from New World Development’s The Artisanal Movement, a way of living which celebrates art, craftsmanship and architecture. Apart from residential properties, New World also owns hotels like Grand Hyatt Hong Kong and Rosewood Hong Kong.
The company’s executive vice-chairman, Mr Adrian Cheng, 39, says luxury is not necessarily calculated by the price tag or floor size these days.
He adds: “People want to go out for a stroll and (enjoy some) peace. It’s romantic and poetic. Luxury is not about having the most expensive stuff. You can’t buy tranquillity.”
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