The Lumos: Opportunity to capitalise on makeover of Orchard Road
By Cecilia Chow
/ EdgeProp Singapore |
Past Master Plans revolved around gentrification of city-fringe or suburban areas, for instance, Paya Lebar and Jurong East in 2008, the Potong Pasir-Woodleigh area in 2013, Tampines and Woodlands Regional Centres, as well as new estates such as Bidadari and Tengah, says Ken Low, managing partner of SRI.
“This Master Plan 2019 sees the rejuvenation of the CBD and Orchard Road as well as the expansion of the Greater Southern Waterfront including Sentosa Island,” he says.
The makeover of Orchard Road into a lifestyle destination was introduced in January this year (Credit: Albert Chua/EdgeProp Singapore)
The plan for the makeover of Orchard Road into a lifestyle destination that offers “an exceptional experience beyond retail” was introduced in January. It is a collaboration between government agencies such as Singapore Tourism Board (STB), Urban Redevelopment Authority (URA) and National Parks Board (NParks), together with the Land Transport Authority (LTA).
Beneficiaries – people living in Orchard Road area
This should spark further renewal in Singapore’s prime Orchard Road district. “The primary beneficiaries of the Orchard Road makeover are going to be the residents in the area,” says Low.
It also presents an opportunity for investors and owner-occupiers who want to gain a foothold on Orchard Road and enjoy the possibility of future capital upside, says Low. In March, he brokered the sale of a 1,755 sq ft, three-bedroom unit at The Lumos on Leonie Hill in prime District 9 for $4.4 million ($2,509 psf).
A freehold, 53-unit condo in a 36-storey tower, The Lumos was designed by award-winning, London-based architecture firm SMC Alsop and completed in 2011.
The Lumos is a two-minute drive from Orchard Road shopping malls such as Ngee Ann City and Mandarin Gallery, and a three-minute drive to the malls at the Somerset area. If one prefers to walk, it will take about 11 minutes.
The 53-unit The Lumos on Leonie Hill Road presents buying opportunity at prevailing market prices (Credit: Koh Brothers)
‘Attractive buying opportunity’
With the Orchard Road rejuvenation taking place, Low feels The Lumos presents “an attractive buying opportunity” given its prevailing selling prices.
One street away on Leonie Hill Road is the 124-unit New Futura, completed and launched in 2017. New Futura is fully sold to date, with average selling price at $3,550 psf over the past three months.
Even at Amber Park, a new freehold, luxury condo launched in the East, units sold were at an average price of $2,567 psf over the months of June and July, based on caveats lodged.
“This means there’s opportunity to buy resale units in the Orchard Road neighbourhood and benefit from any future capital gain with the renewal of the precinct,” says SRI’s Low.
Key proposals announced by the URA in the Draft Master Plan 2019, unveiled in March, focused on a more inclusive, sustainable, and resilient city. The Orchard Road shopping belt was divided into four sub-precincts, namely Tanglin, Orchard, Somerset, and Dhoby Ghaut.
For price trends, recent transactions, other project info, check out The Lumos project details page
View of Orchard Road from the balcony of one of the units at The Lumos (Credit: Koh Brothers)
Greater connectivity
The Orchard Road thoroughfare, especially around the Orchard and Somerset MRT Stations, will remain the main shopping strip it is famous for. In order to enliven the pedestrian malls along the thoroughfare, the Orchard Road Business Association has introduced experiential activities in the form of street performers, pop-up F&B and retail outlets, as well as arts and entertainment events.
Construction is underway at the upcoming Orchard Interchange MRT Station for the Thomson-East Coast Line located adjacent to Ion Orchard. It will be seamlessly integrated underground with the existing Orchard MRT Station on the North-South Line.
Future mixed-use developments will be built at the site of the upcoming Orchard Interchange MRT Station, similar to Ion Orchard and The Orchard Residences, which sit on top of Orchard MRT Station.
Future mixed-use developments will be built at the site of the upcoming Orchard Interchange MRT Station, similar to Ion Orchard and The Orchard Residences, which sit on top of Orchard MRT Station (Credit: Albert Chua/EdgeProp Singapore)
There will be increased connectivity between these new developments through side-streets. Elevated link bridges will also be introduced to increase accessibility at busy road junctions, especially at the junction of Orchard Road and Paterson Road.
In line with the renewal that is underway, older buildings along Orchard Road are incentivised to be redeveloped through enhanced plot ratio, says SRI’s Low.
“The increased accessibility when the upcoming MRT stations are completed and the new lifestyle offerings as part of the Orchard Road makeover should increase the rentability of units at The Lumos,” says Low. “Expatriates already like the apartments there because of the generous balconies with views of Orchard Road.”
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