More luxury homes sold and more foreign buyers despite property curbs

New private home sales stabilised in April, with a rise in luxury home sales and a growing number of foreign buyers despite property cooling measures.

Buyers snapped up 653 new private homes last month, on a par with the 654 in March, according to Urban Redevelopment Authority (URA) data released on Tuesday (May 17).

But transactions plunged 48.6 per cent from the 1,270 units a year ago.

Developers rolled out 397 new homes last month, up 28.5 per cent from 309 in March. The volume of new units launched was down 61.8 per cent from 1,038 units a year earlier.

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Chinese national buys 20 units at CanningHill Piers for over $85 mil

 A Chinese national has bought 20 units at CanningHill Piers, a condominium along the Singapore River, for more than $85 million, local media reported on Wednesday (June 1) and Thursday.

The 20 units that were bought a few days ago include 10 3-room flats priced between $3.1 million and $3.3 million, and 10 4-room units priced between $5.3 million and $5.6 million.

The condominium fetched over $1.18 billion in total sales during its launch weekend in November 2021, with homebuyers snapping up a total of 538 units – or 77 per cent – out of the 696 units at an average selling price of around $3,000 per square foot.

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Ultra-rich families racing to park wealth in Singapore under enhanced investment scheme, Government & Economy – THE BUSINESS TIMES

An extra $2 million – that is how much main contractor Unison Construction has forked out in the past two years to meet the soaring cost of steel rebar alone for one ongoing construction project.

Yet its contracts director Goh Boo Kui is thankful, as the hit to the firm’s bottom line could have been far worse, had it not earlier signed a fixed price contract for $700 a tonne and already secured a large quantity of steel from another supplier.

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Foreign buyers return to property market in April, after Q1 pullback

Purchases of non-landed private homes by foreign buyers picked up in April with 93 transactions, up from 51 units in March.

As quarantine-free travel returns, private home purchases by foreign buyers are expected to gradually gain momentum, although analysts also flagged headwinds such as economic uncertainties and currency fluctuations as factors to watch.

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Penthouse At Les Mansions Nassim Sells For S$75Million

A SPRAWLING penthouse unit at the 14-unit, ultra-luxury freehold condominium Les Maisons Nassim, developed by Shun Tak Holdings, fetched S$75 million in late October, based on caveat data seen by The Business Times (BT). 

The Price tag translates to S$6,210 per square foot (psf) given the strata area of about 12,077 square feet (sqft), the Urban Redevelopment Authority’s Realis database showed.

The apartment is the larger of the 2 penthouses at the low-rise nassim Road property development. Including this transaction, 3 Caveats have been lodged fro units at the 5-storey project

List Southeby’s International Realty executive director Lewis Cha told BT that based on known transactions in the past 20 years, the latest purchase “could well be the priciest penthouse ever sold in Singapore”.

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Prices of new luxury condos in Singapore climb

Prices of new luxury condominiums increased 5.2% y-o-y to $2,652 psf in 3Q2021 compared to $2,521 psf in 3Q2020. Resale luxury condo prices also rose by 7.1% y-o-y to $1,899 psf in 3Q2021 compared to $1,773 psf a year ago. 

According to Christine Sun, senior vice-president of research & analytics at OrangeTee&Tie, Singapore’s real estate industry has benefitted from the acceleration of inward foreign funds over the course of the Covid-19 pandemic.

New buyers have also entered the luxury residential market, such as budding entrepreneurs and individuals working in emerging industries like biomedical, fintech, and multinational technology companies, says Sun. In 2Q2021, private homes sales in the Core Central Region (CCR) rose by about 25% q-o-q to 1,930 units transacted. This is the strongest resale volume in this segment since 4Q2010 when 2,014 units were transacted.

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Who can afford to pay $138 million for this Marina Bay super penthouse?

A panoramic view of the iconic Marina Bay Sands and the Central Business District could well be the most pricey amenity in Singapore real estate.

A collection of five penthouses, put up for sale recently at Marina Bay Residences with an indicative price of $138 million, will give a sense of how much a buyer would pay for this sought-after view.

The maintenance fees and sinking fund for the five properties add up to about $20,000 every quarter. A foreign buyer would also have to pay an additional buyer’s stamp duty of $27.6 million.

The indicative price tag of $138 million works out to about $4,884 per sq ft (psf), which is more than double the overall median psf of the four main residential projects in the Marina Bay area.

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Le Nouvel Ardmore sees new high of $4,906 psf

The highest transaction record on a psf price basis was for a 5,360 sq ft unit at Le Nouvel Adrmore. The four-bedroom unit located on the ninth floor was sold for $26.3 million on Sept 16, which translates to a price psf of $4,906.

Le Nouvel Ardmore is a 43-unit ultra-luxury condominium project developed by Wing Tai Holdings and designed by famed architect Jean Nouvel. It was completed in 2014. The freehold building, located along Ardmore Park in prime District 10, contains mainly three- and four-bedroom units that start from 3,800 sq ft.

In 2015, the condo’s 13,875 sq ft triplex super penthouse was sold for $51 million to Alibaba co-founder and former Taobao president Sun Tongyu. To date, 31 or 72.1% of the units at Le Nouvel Ardmore have been sold based on caveats lodged, with an average price psf of $4,169 achieved.

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Penthouse at Eden Residences Capitol sold for $21.37 mil, hits new high of $3,233 psf

A 6,609 sq ft penthouse unit at Eden Residences Capitol changed hands on Aug 11 for $21.37 million. This is the first penthouse sold in the 39-unit luxury condo development. The transacted price works out to $3,233 psf, which makes tit the highest achieved at Eden Residences Capitol to date. The penthouse has five bedrooms and a study.
The development has a mix of three- to five-bedroom units including five penthouses. Unit sizes range from 2,120 sq ft to 6,609 sq ft.
Eden Residences Capitol was completed in 2015 by a consortium led by Perennial Holdings. It is part of an integrated development that includes Capitol Theatre and The Capitol Kempinski Hotel. The high-end mall at Capitol is linked underground directly to the City Hall MRT interchange station for the North-South and East-West Lines.

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Property price rises, construction delays could last for rest of year, survey finds

The construction industry’s challenges could continue for the rest of the year at least, despite support from the Government, trade associations and banks. This is expected to continue fueling demand and pushing property prices up, experts said. 

About 88 per cent of developers recently polled by the National University of Singapore (NUS) indicated they were “very concerned” about high labour costs in the next six months, higher than the 71 per cent in the first quarter.

Around 58 per cent said they were worried about elevated building material costs, compared with 45.8 per cent in the first quarter.

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Ultra-rich are driving a US$24 billion property frenzy in Singapore

In an exclusive Singapore neighbourhood shaded with rain trees, a local tech billionaire plunked down US$95 million for a mansion. Near an upscale shopping district, a Taiwanese family with a grocery empire spent US$216 million for all the units in a condominium development.

That’s the kind of money sloshing around Singapore’s red-hot residential market this year. To be exact: S$32.9 billion (US$24 billion) spent in the first half alone — the city’s biggest frenzy in more than a decade and double what was recorded in Manhattan over the same six months.

With inflation on many minds, the ultra-rich are stuffing cash into luxury properties around the globe, and in few places is the trend as apparent as in Singapore. 

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Tech Heads Snap Up Luxury Properties in Singapore

Good Class Bungalows (GCBs) are a hot commodity among tech entrepreneurs in the city-state, who are snapping up the exclusive properties amid an escalation in GCB prices.

Singaporean Chew Shou Zi, CEO of Chinese video sharing application TikTok is in the early stages of purchasing a 31,800 square foot property located in GCB district Queen Astrid Park, «The Business Times» reported on Friday.

Chew, 39, was appointed CEO in May, is expected to redevelop the 999-year leasehold property that costs S$86 million ($63.53 million), or $2,700 per square foot, the report (behind paywall) said.

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Pandemic may have boosted demand for Sentosa properties

The COVID-19 pandemic may have boosted demand for luxury properties on Sentosa following a relatively subdued market prior to the pandemic, reported TODAY.

Data from various property consultancies showed that sales transaction volume for non-landed and landed homes within Sentosa have increased from 2019 to 2020. Property prices have also risen.The hike in transaction volume and prices continued in the first half of 2021.

Analysts noted that the growing demand for properties on Sentosa is in tandem with the recovery seen in the broader housing market on mainland Singapore, particularly among luxury homes.

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Singapore records S$7.5 billion in luxury property transactions in first half of 2021


Amid rising wealth in Singapore, demand for luxury homes in the country is growing steadily, new research from Knight Frank has shown. In the first half of 2021, sales of luxury property transactions amounted to S$7.5 billion.

The total sales volume for prime non-landed residential properties in H1 2021 amounted to S$2 billion, the highest since H2 2010 where sales within the luxury market segment totalled around S$2.4 billion. Rebounding from the pandemic-led recession last year, sales activity in H1 2021 was double the amount of S$1 billion registered in the later half of 2020, and surpassed the S$1.7 billion transacted in the whole of 2020.

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Why Penthouses In Singapore Are Popular With Crazy Rich Asians

The stellar views and luxurious lifestyle associated with penthouses in Singapore still make these spacious apartments attractive to overseas buyers.

When it comes down to square footage, a bungalow in Singapore probably has more to offer and comes with the association of prestige and exclusivity. However, aside from the buying restrictions that govern landed properties, especially Good Class Bungalows (GCB)—which require the buyers to be citizens—penthouses mark a few other boxes on the checklist of ultra-high-net-worth (UHNW) individuals.

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Singapore Home Price Growth Quickens, Stoking Worries of Curbs

Singapore home prices grew at a faster pace last quarter, stoking concerns that the government could join other nations that are introducing measures to calm the property market.

Private property values increased 2.9% in the three months ended March 31, preliminary figures from the Urban Redevelopment Authority showed Thursday. That’s the biggest gain since the second quarter of 2018.

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Demand for luxury penthouses holds steady despite pandemic

Despite the pandemic and ongoing border closures, demand for penthouses has proven firm, with nine transactions so far this year.

While the recent surge in the number of community causes is a temporary setback, demand for luxury homes could gather pace again in the near future, especially as travel restrictions are eased, consultants said, pointing to interest from ultra-high-net-worth individuals (UHNWI) and foreign investors.

In addition, two penthouses were transacted in the Rest of Central Region (RCR) at the low-rise Meyer House on Meyer Road in district 15.

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Duplex penthouse for $5.3 mil

One of the two biggest penthouses at Pollen & Bleu is on the market for sale. It is a 2,831 sq ft, five-bedroom duplex penthouse — one of the two biggest in the 106-unit, eight-storey condominium at Farrer Drive, off Farrer Road.

Three of the bedrooms including the junior en suite master bedroom is on the first level. On the second level is the master bedroom with en suite bathroom. The fifth bedroom, which is also on the second level, has sliding glass doors opening out to the roof terrace with views of the greenery beyond. Alternatively, it can be used as a study room, a home office or family room.

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Biggest penthouse at Park Nova sold at $5,838 psf, a record for Orchard Boulevard area

On May 7, sales at Park Nova, Shun Tak Holdings’ luxury condo in Singapore’s Orchard Boulevard-Tomlinson area, began at 2pm for the three duplex penthouses. Bookings for the typical units began from 7pm. By the close of the evening, five units were sold for well over $100 million in sales, according to the developer in a statement today.

The two biggest five-bedroom penthouses in the 54-unit luxury condo at 18 Tomlinson Road fetched $34.438 million and $26.026 million respectively. The biggest penthouse of 5,899 sq ft garnered interest from more than one party and almost had to be sold via balloting. However, one party prevailed and emerged the eventual buyer at $34.438 million or $5,838 psf.

The transaction price of $26.026 million for the second biggest penthouse of 4,499 sq ft, worked out to $5,785 psf. The third and smallest penthouse of 3,229 sq ft is also believed to have been sold for above $17 million.

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CDL’s Irwell Hill Residences previews at prices from $2,500 psf

Singapore-listed property giant City Developments Ltd (CDL) will preview Irwell Hill Residences on March 27, with its launch slated for April 10. It comes hot on the heels of Midtown Modern’s launch the weekend before — March 19 to 21— where 61% of the 558 units were snapped up at an average of $2,800 psf.

The larger of two penthouses at Midtown Modern was sold for $14.83 million ($4,213 psf). The buyer is said to be a Singapore citizen who wanted the penthouse for his own use. The deal was brokered by SRI.

Property consultants and agents that The Edge Singapore spoke to reckon that sales at Irwell Hill Residences are likely to be equally strong. “It’s located in District 9, and with absolute prices starting from $998,000 for a studio unit, we can expect another positive take-up rate two weeks down the road,” says Ismail Gafoor, CEO of PropNex, one of the five joint marketing agencies for the development together with ERA Realty Network, Huttons Asia, OrangeTee & Tie and SRI.

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5 Marina Bay penthouses on sale for $138m may be combined to create 24-bedroom unit

Five penthouses at the 99-year leasehold Marina Bay Residences have been put on the market collectively, with an indicative price of $138 million.

When combined, they will create a super penthouse boasting 28,258 sq ft of strata area across five storeys, said exclusive marketing agent Tristar Properties.

This amalgamation will be subject to internal staircases being built to connect the units, if the necessary approvals are obtained. Super penthouses typically have a minimum size of 10,000 sq ft.

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Who can afford to pay $138 million for this Marina Bay super penthouse?

A panoramic view of the iconic Marina Bay Sands and the Central Business District could well be the most pricey amenity in Singapore real estate.
A collection of five penthouses, put up for sale recently at Marina Bay Residences with an indicative price of $138 million, will give a sense of how much a buyer would pay for this sought-after view.
The maintenance fees and sinking fund for the five properties add up to about $20,000 every quarter. A foreign buyer would also have to pay an additional buyer’s stamp duty of $27.6 million.
The indicative price tag of $138 million works out to about $4,884 per sq ft (psf), which is more than double the overall median psf of the four main residential projects in the Marina Bay area.

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$48m Penthouse among 538 Canninghill Piers units sold at launch

CanningHill Piers’ sole penthouse, which boasts panoramic views of the city and the Singapore River, was sold for $48 million during the development’s launch on the weekend.

It was among 538 units of the project by City Developments Limited (CDL) and CapitaLand Development (CLD) that were snapped up.

The 696-unit, 99-year leasehold luxury condominium is part of an integrated development coming up on the site of the former Liang Court shopping mall, Novotel Singapore Clarke Quay hotel and Somerset Liang Court.

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China’s rich are moving their money to Singapore. Beijing’s crackdown is one of the reasons

An increasing number of affluent Chinese are setting up family offices in Singapore. 

Over the last 12 months, inquiries about setting up a family office in Singapore have doubled at Jenga, a five-year-old accounting and corporate services firm, according to its founder Iris Xu. She said the majority of inquiries come from people in China or emigrants from the country. 

A family office is a privately held company that handles investment and wealth management for an affluent family. In Singapore, setting up a family office typically requires at least $5 million in assets.

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12,066 square foot penthouse at Les Maisons Nassim transacts for S$59.77 million

A 12,066 square foot (sq ft) penthouse at ultra-luxury freehold condominium Les Maisons Nassim has been sold for about S$59.77 million, or S$4,953 per square foot (psf).

Developer Shun Tak Holdings had negotiated and agreed upon the price of the unit at a nascent stage of the project in early 2021, Shun Tak’s associate director (sales and marketing), Joanne Goh, told The Business Times.

With this, both penthouses at 14-unit Les Mansions Nassim have been sold. In october 2021, Shun Tak moved a 12,077 sqft penthouse at the low-rise project for S$75 million, or $6,210psf. An other transaction was concluded in February this year for a 6,717 sqft unit which went for S$34.61 million(S$5,153 psf).

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