SINGAPORE (EDGEPROP) – In the prestigious enclave surrounding Ardmore Park, Claymore Road, and Draycott Park — just off Orchard Road — sits a cluster of three bungalows at 9, 11, and 15 Claymore Road. These bungalows are highly sought after, with neighbouring luxury condominiums such as Sculptura Ardmore, The Tate Residences, and The Claymore adding to the exclusivity of the area.
The prospect of investing in a condo in Singapore has garnered much attention from both domestic and international investors, thanks to the country’s prosperous economy, stable political climate, and exceptional quality of life. With a rapidly growing real estate market, Singapore offers an array of opportunities, with condo investments being particularly attractive due to their convenience, amenities, and potential for lucrative returns. In this article, we will delve into the advantages, important factors to consider, and essential steps to take when acquiring a Singapore Condo.
A recent private treaty deal brokered by Karamjit Singh, CEO and founder of property consultancy Delasa, saw the sale of 11 Claymore Road for $75 million. According to Singh, the rareness of the property was appreciated by multiple potential buyers who viewed the site.
The property is located in an area zoned for residential use under the URA Master Plan, with a 2.8 plot ratio and a maximum height of 36 storeys. After taking into account a land betterment charge of approximately $30 million, Singh estimates that the sale price of $75 million works out to be around $2,100 per square foot per plot ratio (psf ppr).
The 17,974 square feet bungalow, built in the 1940s, boasts a gross floor area of 4,796 square feet and is situated on a freehold site. Records show that the previous owner, Kok Kim Chuan, a private company linked to the Kok family who were previously involved in trading and finance.
However, for the past 26 years, the property has been leased to The Schoolhouse by Busy Bees (formerly Pat’s Schoolhouse) and was sold with the existing tenancy in place.
The new buyer is currently seeking approval to redevelop the site into a hospitality asset, taking advantage of its prime location just off Orchard Road. Across the road from the property lies Pan Pacific Orchard, a luxury hotel with 347 rooms that opened in 2023. This hotel is a redevelopment of the former Negara Hotel by UOL Group.
Redevelopment is a trend that is picking up momentum in the area, with City Developments Ltd (CDL) acquiring Delfi Orchard in May 2024 for $439 million. Before its en bloc purchase, CDL already owned an 84% stake in the 11-storey freehold building.
CDL will likely explore a mixed-use development on this site, given its close proximity to Orchard Hotel and Claymore Connect, which CDL Hospitality Trusts hold. According to a DBS report in June, the combined site could potentially yield a gross development value of $2 billion to $3.2 billion.
Despite a strong interest in prime Orchard Road sites, a difference in price expectations between sellers and buyers has limited transaction numbers, according to Singh. This is especially evident in collective sales, where fragmented ownership leaves little room for price adjustments.
However, recent strong sales at luxury launches have helped bridge the gap. UpperHouse on Orchard Boulevard, a 301-unit, 99-year leasehold condominium by UOL and Singapore Land Group, saw 63% of its units sold since mid-July at an average price of $3,356 psf.
Similarly, Wing Tai Holdings’ River Green in prime District 9 saw 88% of its 524 units snapped up during its launch weekend at an average price of $3,130 psf.
In the vicinity of the bungalow at 11 Claymore Road, a 3,326 sq ft, four-bedroom unit on the 26th floor of Sculptura Ardmore was recently sold for $20 million in July. This unit was sold at a record-breaking price of $6,013 psf, setting a new benchmark for the Ardmore Park neighbourhood. Completed in 2014, the 36-storey tower remains one of the area’s most exclusive addresses.