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WHEELOCK Properties (Singapore), which has just bagged the Habitat One site along Ardmore Park, is eyeing adjoining properties for a bigger project.

'If we're approached by the owners of the adjoining sites, we'll look at buying them. If not, we'll go ahead with redeveloping the Habitat One site on its own into a 68-unit condo named Ardmore III. We'll probably launch it in 2008,' Wheelock CEO David Lawrence told BT yesterday.

Wheelock will roll out its 118-unit Ardmore II condo next door in October on the amalgamated Ardmore View and Habitat II site - instead of holding back the freehold project and enlarging it by further merging the site with Habitat One.

'We've so many people waiting to buy Ardmore II, we're going ahead with launching it in October. The average price will be $2,250 psf for the apartments, all of which will be 2,018 sq ft units with four bedrooms,' Mr Lawrence said.

Both Ardmore II and Ardmore III will be 36-storeys high.

'Markets go up and down, but these remain the best sites and, long term, you'll make money. We are very confident buying this site.' - David Lawrence, Wheelock CEO

Mr Lawrence did not identify the properties next to Habitat One that he's keen to buy, but market watchers observe these would include Heritage Apartments, developed by the Fu family of listed Hotel Properties Ltd (HPL), and The Vantage. Wheelock is a substantial shareholder of HPL.

Mr Lawrence also summed up the group's upcoming residential project launches - Ardmore II this year, followed by 338 apartments on Scotts Road in 2007, and two projects in 2008 - Ardmore III (on the Habitat and any adjoining sites Wheelock manages to buy) and Orchard View at Angullia Park.

The last will be a 36-storey tower with 31 apartments - all around 2,600 sq ft each. It will most likely be launched as a completed project, given the limited number of units. As well, Wheelock hopes to time the project's launch around the completion of the landmark development that will come up on on the nearby Orchard Turn site.

Wheelock's Scotts Road project - which will come up on the The Ascott Singapore/Scotts Shopping Centre site - will have 338 apartments comprising, one, two and three-bedroom units, built above a luxury retail centre.

Wheelock yesterday announced that it had inked a deal with majority owners of Habitat One to buy their 54,980 sq ft freehold site in the prime Ardmore Park location for $180 million, confirming BT's story. Knight Frank brokered the deal.

The price works out to a record $1,228 psf per plot ratio inclusive of a $9.1 million estimated development charge.

Wheelock may buy a small adjoining strip of state land of about 5,388 sq ft - if the Singapore Land Authority is willing to sell it. Acquiring the state land will help lower the unit land price of the Habitat One acquisition by about 6 per cent to $1,155 psf ppr.

Mr Lawrence says Wheelock's breakeven cost for a new luxury condo project on the site will be about $1,900 psf.

'Ardmore Park is the best location in Singapore. It's just like buying at The Peak in Hong Kong or Mayfair in London. Markets go up and down, but these remain the best sites and, long term, you'll make money. We are very confident buying this site.'