The owners of the closely-watched upscale shopping mall and residential project on the prime Orchard Turn site have named it ION, as in I on Orchard.

The project is a joint venture between Singapore's CapitaLand and Hong Kong's Sun Hung Kai Properties

The 660,000 square foot mall, which is located at the junction of Orchard and Paterson road is targeted for completion by 2008. It will boast more than 450 stores spread over some 1 million sq ft of retail space.

Orchard Turn Development has promised "the world's most innovative retailers and flagship concepts under one roof" when completed.

The mall will also contain unique features like "a double-storey observation deck, an intelligent media wall on its facade, a dedicated art and exhibition gallery and the largest sheltered public square on Orchard Road", said a press statement.

The eight floor mall will be housed within a 218m-tall, 56-storey luxury building. The remaining 48 floors will contain 175 high-end apartments called Orchard Residences.

The first phase of 98 apartments were snapped up at a record average price of $3,213 per sq ft earlier in March. The residences will be ready at the end of 2009.