A Chinese national has purchased four units in the 3 Orchard By-The-Park freehold condominium located on Orchard Boulevard, Lianhe Zaobao reported.
Units ready to move in
The buyer paid around S$60 million in total – three of the units cost around S$12 million each, while the fourth unit costs S$20 million.
Units, considered larger, cost between S$3,600 and S$3,700 per square foot.
The transaction with the developer, YTL Group, apparently took place on Friday, September 9, according to Clarence Foo, senior associate director of the PropNex division.
Foo said the units being sold are show apartments that are already fully furnished and therefore ready to move into.
The condominium, designed by Italian architect Antonio Citterio, has 77 units in total, of which about ten are still unsold.
The bulk purchase comes after another high-profile deal, where a Chinese national purchased 20 units at the luxury CanningHill Piers condominium in Clarke Quay for over S$85 million.
Another unit of the luxury condominium Le Nouvel Ardmore was purchased for around S$22.3 million by Han Jinghua, a Chinese national from Inner Mongolia who is also a permanent resident of Singapore, according to EdgeProp.
Singapore, an attractive place for Chinese to transfer their money
China’s crackdown on wealth, driven by the ‘common prosperity’ movement, which calls for citizens to share wealth, has led many wealthy Chinese to transfer their money overseas, and Singapore is seen as a safe haven for them in order to retain their wealth. .
Plus, with its Mandarin-speaking population and relatively more lax Covid-19 measures, Singapore is seen as an attractive place for them, according to Associate Professor Alfred Wu of the Lee Kuan Yew School of Public Policy.
This is in addition to Singapore’s stable economy, strong rule of law, as well as a secure environment, Foo said.
He added that although they have to pay additional stamp duty, these wealthy buyers still view real estate in Singapore as a stable investment that will increase in value over time.
“Some foreign buyers even tell me that the stamp duty is like the ‘head duty’ the government wants,” Foo said. “If they don’t pay it now, that fee will increase further in the future.”
Rising demand for luxury properties in Singapore will inadvertently drive up their prices.
According Data published by the Urban Redevelopment Authority, private residential property prices increased by 3.5% in the second quarter of 2022, compared to 0.7% in the previous quarter.
Top image via Keith Tan/Google Maps