SINGAPORE (July 15, 2024) — TE Capital Partners (“TE Capital”) and LaSalle Investment Management (“LaSalle”) jointly announced the sales launch of Visioncrest Orchard, a freehold Grade A commercial strata development located in the heart of Singapore’s prime Orchard Road precinct, with a combined office and retail area of 154,711 sqft (14,373 sqm). TE Capital is the operator for Visioncrest Orchard and the partners are accompanied in the joint venture by Metro Holdings as a capital partner of the TE Capital-managed vehicle.
As part of the launch, a 14,725 sqft office space on Level 6 and a 14,844 sqft office space on Level 9 have been released for sale at S$3,980 psf and S$4,130 psf respectively. Following VIP previews in June, a 14,725 sqft office space and several retail units spanning 1,388 sqft are currently under due diligence.
TE Capital and LaSalle attribute the strong demand for the LEED Gold certified, 11-storey freehold office to the allure of the Orchard submarket as well as the asset’s outstanding core qualities which have been boosted by substantial enhancements.
Located along Penang Road, Visioncrest Orchard offers easy walking access to Dhoby Ghaut and Somerset Mass Rapid Transit (MRT) stations, with direct access to three train lines (North-South, North-East and Circle lines). The Central Expressway (CTE) and Pan Island Expressway (PIE) expressways can be reached within a few minutes’ drive.
Situated just over 400 meters (437 yards) from Plaza Singapura and 550 meters (601 yards) from 313@Somerset, Visioncrest Orchard occupies a strategic position close to Orchard’s vibrant retail scene while being just a stone’s throw away from Singapore’s central business district. It is also nestled within the exclusive Oxley enclave and Istana, the official residence and office of the president of Singapore, providing a coveted address which combines prestige with cultural and historical significance.
Offices at Visioncrest Orchard boast greenery views through expansive full-glass, solar-protected windows with floor to floor heights reaching 4.3 meters. Large floorplates of approximately 14,500 sqft offer numerous possibilities for customization, while a generous provision of 135 onsite parking lots offer convenience for occupiers. Smart fittings that offer user-friendly building access via self-registration e-kiosks, as well as enhanced security through biometric features such as facial recognition are among the upgrades that occupiers can expect, while amenities such as a swimming pool, a well-equipped gym, a tennis court and other recreational facilities promote the integration of wellness with work.
In the years to come, Visioncrest Orchard is expected to benefit from commitments by the Singapore government to revitalize the Orchard district. Initiatives such as the Strategic Development Incentive (SDI) scheme will see the introduction of broadened urban planning parameters such as increased building heights, expanded gross floor area and more flexible land use permissions on older assets. Plans to pedestrianize parts of Orchard and redesign traffic flows will also contribute to the transformation of the area. As the availability of high-quality, high-specification freehold offices in the Orchard district will continue to be limited, the partners expect interest in Visioncrest Orchard to remain robust.
CBRE, ERA, JLL, Knight Frank, PropNex and Savills have been appointed as agents for Visioncrest Orchard.