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Monthly Property Reports April 2008 Report Lion City host’s ’Chicago Spire’ launch
Monthly Property Reports April 2008 Report Lion City host’s ’Chicago Spire’ launch | Lion City host’s ’Chicago Spire’ launch |
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Singapore was chosen as the venue for the Asian launch of the world’s largest residential building, The Chicago Spire, which took place last month.
Lion City host’s ’Chicago Spire’ launch
by Robert Carry
Singapore was chosen as the venue for the Asian launch of the world’s largest residential building, The Chicago Spire, which took place last month.Garrett Kelleher, executive chairman of Shelbourne Development Ltd and internationally celebrated architect Santiago Calatrava, who together conceived The Chicago Spire, attended the Singapore meeting marking the project’s official launch in Asia. Ed Lewis, director of Savills, said: ’More than 500 people attended the Chicago Spire sales exhibition in Singapore. Sales were absolutely fantastic and exceeded our expectations.’ The Chicago Spire’s European launch was held in January in Dublin. After Singapore, the Asia roadshow continues on to Hong Kong, Shanghai and Beijing and Kuala Lumpur, before a 15-city tour of Europe and South Africa. “The Irish launch proved what a popular investment The Chicago Spire is going to be in markets outside the US and we are confident the project will attract a lot of interest in Asia,” said Michael Ng, managing director of Savills Singapore. Ng added that he expected sales to move quickly, pointing out investment packages offered 7.5 per cent guaranteed return in the first two years for units in the complex in a prime lakefront location in Chicago, a world renown education and financial centre and gateway city to America’s Midwest. Construction of The Chicago Spire began in June 2007 and completion and occupancy are expected in 2012. On completion, the building will be home to 1,194 individual residences along with a range of facilities including cinema and private dining facilities, library, wine cellar and humidor, and health and fitness facilities including a children’s pool, basketball court and spinning room. Singapore (March 10, 2008) – More than 800 visitors attended the Asian launch of The Chicago Spire during the exhibition’s two-day run at the Four Seasons Hotel Singapore. Apartments in The Chicago Spire sold briskly, organisers crediting sales to the strong Singapore dollar and the unique design of the project. According to Michael Ng, Managing Director of Savills, the international sales agent for The Chicago Spire, Singapore investors were “magnetised” by the project’s stunning architecture. “It’s a trophy for life and you can imagine what it’s like to own a unique unit in a world building.” Ng said. "The response to The Chicago Spire was overwhelming with so many attending our event and exhibition,” he added. “We’ve seen very strong sales coming from both Singaporeans and expatriates based here. Judging from their comments, everyone was attracted by the same thing – the truly iconic nature of this spectacular project, and the realization that The Chicago Spire is destined to become the most significant residential development in the world." No two residences will be alike. Each suite, gallery and one- to four-bedroom home and penthouse will offer a unique floor plan and outstanding city or lakefront views. Each unit is designed by world renowned architect Santiago Calatrava. “Our sales team was busy signing deals throughout the exhibition.” Ng said. Prices for Chicago Spire apartments range from US$750,000 for a suite to US$40m for a penthouse. After Singapore, the Asia roadshow continues on to Kuala Lumpur, Hong Kong, Shanghai and Beijing, before a tour of Europe and South Africa. Garrett Kelleher, Executive Chairman of Shelbourne Development Group, remarked on the sophisticated investor climate of the Lion City, adding: “We were always confident of achieving our sales target in Singapore and we have been delighted with the enthusiasm the project has received and the level of sales achieved at the start of the South East Asian roadshow. We look forward to our next event in KL on the 8th of March.” Developed by Irish property development company Shelbourne Development Group, The Chicago Spire has a build programme of four years. Situated on a 2.2 acre site where the Chicago River meets Lake Michigan, it will be the world’s tallest residential building. When completed, it will be home to 1,194 individual residences along with a range of amenities that will rival any in the world including health and fitness facilities, children and teen areas, cinema and private dining facilities, business centre, retail and restaurant services as well as a library, wine cellar and humidor. Construction of The Chicago Spire began in June 2007. Completion and occupancy are expected in Q4 2011. |
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