The buyer is also reportedly considering to purchase 10 more units in the luxury condominium; if the transaction goes through, the total purchase will likely add up to more than SG$100 million
With stellar views and luxurious amenities, many luxury condominium apartments in Singapore are incredibly alluring options to the ultra-high-net-worth (UHNW) as well as overseas investors—despite the recent property cooling measures.
Case in point: a Chinese national has made headlines for the bulk acquisition of 20 units at the new CanningHill Piers luxury condominium located along the Singapore River. As reported by local financial daily The Business Times (BT), the buyer, who is reportedly from Fujian, China, scooped up the 20 units for over SG$85 million (approximately USD$61.82 million). The deal was brokered by ERA Realty Network.
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Spanning across various floors ranging from the sixth to the 23rd, the units purchased were predominantly three- and four-bedroom units. According to Edgeprop, six of the units are three-bedroom apartments of 1,259 sq ft; another five are three-bedroom units of 1,130 sq ft; the remaining apartments are four-bedroom units of 1,959 sq ft. The individual price for each unit ranges from SG$3.1 million to SG$5.6 million.
BT reported that the buyer is also said to be considering an additional 10 units, which would likely bring the total transaction to more than SG$100 million. This will contribute about SG$30 million in stamp duties, under the new property cooling measures where foreign buyers have to pay a 30 per cent Additional Buyer’s Stamp Duty (ABSD).
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