Published 1 June 2011
The Business Times
By Uma Shankari
INDUSTRIAL developer Global Orion Properties has ventured into the residential arena with its 108-unit The Viridian in the Balestier area.
Units at the freehold project are priced at an average of $1,550 per square foot (psf), with overall prices starting from $785,000 for a one-bedroom unit. The 23-storey The Viridian comprises mostly one- and two-bedroom units. Previews start today.
The development is Global Orion Properties’ debut residential project, and comes after it established a portfolio of contemporary industrial projects such as i-Lofts @ Changi, Northstar@AMK, The Crescent @ Kallang and Meissa in Pasir Panjang in the last few years.
Satia Narjadin, director of Global Orion Properties, said that his firm has been exploring breaking into the residential market in Singapore for some time now.
‘We actually have a lot of residential development experience, just not in Singapore,’ he said.
A sister company of Global Orion Properties has built and sold homes in Australia and Indonesia.
But the expectations from homebuyers in Singapore is a lot higher, Mr Narjadin said. So the developer spent some time hunting for choice sites and studying the market.
The firm is building The Viridian on an industrial building at Jalan Ampas (off Balestier Road), which it bought in a collective sale in February 2010.
It also has another residential site in its portfolio. The site in Hougang, which was also acquired in a collective sale, will be launched towards the end of this year, said Mr Narjadin. But unlike The Viridian, the Hougang project will comprise of mostly larger units as the property will be targeted at HDB upgraders.
The Viridian is designed by Singapore-based architectural firm Ong & Ong Architects. True to the Latin origin of its name – which means ‘green’ – the property will come with lush landscaping throughout to bring nature closer to residents.
Separately, Wing Tai Holdings said in an update that it has sold over 140 apartments in its latest residential project, the 496-unit Foresque Residences at Upper Bukit Timah.
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