Singapore’s luxury properties


As the property investment activity in Singapore has gone international, investors need to stay updated with the Singapore luxury property news. This page will keep you updated on the property news in Singapore. In addition, it will also provide articles on guidance about how foreigners or local people can purchase luxury properties in Singapore. It will explain in more detail about stamp duty, property tax, capital gain tax, common pitfalls which will save you a lot of time and cost if you learn it the hard way.

Be it a novice or experience investor, stay updated with us to know more about the current market trend and able to make a better investment decision. Please contact us for more information about properties and we can help you in facing difficulties while investing in Singapore high net worth property. Contact us @+6567707757

Private home prices up 0.4% in Q4 for full-year gain of 8.6%, but future increases expected to slow

IN THE face of a looming global recession, a fresh round of cooling measures, a high-interest-rate environment and lack of launches, private home prices in Singapore inched up 0.4 per cent in the fourth quarter of 2022.

This was slightly higher than the 0.2 per cent flash estimate by the Urban Redevelopment Authority (URA) earlier this month, and follows an increase of 3.8 per cent in the previous quarter. It also represents the lowest quarter-on-quarter rise in over two years, since prices grew a marginal 0.3 per cent in the second quarter of 2020.

In 2022, prices of private homes went up 8.6 per cent, compared to the 10.6 per cent rise in 2021.

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Singapore second most preferred city in Apac for cross-border property investments in 2023: CBRE survey

SINGAPORE is now the second most preferred destination for cross-border real estate investment in the Asia-Pacific, up from third place last year.

It continues to be a focus for core investors due to its strong market fundamentals, CBRE’s latest Asia-Pacific Investor Intentions Survey showed.

Tokyo retained the top spot for the fourth consecutive year. Meanwhile, Ho Chi Minh City came in third place for the first time, from ninth place in 2022, as its investors adopted an opportunistic strategy. 

CBRE expects core investors to focus on Japan, Singapore and Australia this year.

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Boulevard 88 unit tops Q4 resale gains; seller reaps S$3.5m profit after 3 years

A 2,799 square foot (sq ft) unit at Boulevard 88 along Orchard Boulevard was sold for S$13.78 million or S$4,924 per square foot (psf) last month, earning the seller a cool S$3.46 million in profit – making it the most profitable transaction by quantum in the fourth quarter of 2022. 

The 22nd floor unit at the freehold luxury condo in prime District 10 was bought for S$10.32 million or S$3,688 psf back in July 2019. Based on a holding period of just under three and a half years, the annualised profit works out to 9 per cent. 

This nugget came from data crunched for The Business Times by real estate consultancy Cushman & Wakefield, which studied caveats for non-landed private homes…

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More ultra-wealthy families setting up offices in Singapore, and they’re not just coming from Asia

More super-rich families are setting up offices in Singapore to manage their wealth, with the number of such offices nearly doubling from two years ago.

Singapore currently has about 700 family offices, up from 400 in end-2020 and up sevenfold from 2017, according to government estimates.

These families are coming not only from Asia, but also Europe and America. Demand from Asia is particularly prominent though, given that private wealth in the region has grown faster than elsewhere in the world, industry observers said.

“The pandemic has prompted numerous affluent families to reconsider their wealth management and succession plans to better prepare against future uncertainty,” said Bank of Singapore’s head of family office advisory Carrie Ng.

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Unsold private housing stock hits 15-year low, likely to help support prices in 2023

THE stock of unsold private housing under construction has been dropping for nine straight quarters to a 15-year low, and is not expected to increase in the new year.

Combined with strong housing demand and high land and construction costs, private housing prices will likely remain elevated in 2023.

Based on data that was compiled for The Business Times by ERA Research and Consultancy, the stock of unsold private housing units has been on the decline from Q2 2020 to Q3 2022 – or a total of two years and three months – to reach 5,320 units.

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Government bumps up supply of private homes, office space for H1 2023

IN THE face of resilient private housing demand and tight office supply, the government is bumping up land supply for these two segments in the confirmed list for the first half of 2023.

The Ministry of National Development (MND) will release sites on the confirmed list that can yield about 4,090 private homes (including 700 executive condo or EC units). ECs are a public-private housing hybrid.

This is 16.7 per cent higher than the supply of 3,505 private homes (including 495 EC units) in the current, second-half 2022 Government Land Sales (GLS) programme. The latest figure is also the highest level since the 4,630 units in the H1 2014 confirmed list.

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New money inflows to Singapore jump 15.8% to a record S$448b in 2021

SINGAPORE can absorb record inflows of new money, the central bank chief said, allaying concerns of a real estate bubble even as rents and prices surge to unprecedented highs.

The Asian financial hub attracted S$448 billion last year, 15.8 per cent higher than the previous year, the latest data from the Monetary Authority of Singapore (MAS) show.

Singapore’s efforts to build an international wealth hub are paying off as the city enjoys a post-Covid resurgence, attracting investors drawn to its stability. Assets managed by local firms soared 16 per cent in 2021 to US$4 trillion, mostly from overseas, exceeding the global growth rate. Investors from US hedge-fund titan Ray Dalio to Indian billionaire Mukesh Ambani are setting up offices to manage their personal wealth.

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Top of the market: Test of strength ahead

A month ago, a Good Class Bungalow (GCB) at Coronation Road West was sold for $50.128 million ($2,043 psf). The seller, Danny Yong, chief investment officer and founding partner of private equity firm Dymon Asia Capital, had purchased the property in trust for $36 million ($1,468 psf) last year, according to a property title search. The title transfer took place in early December, according to transfer documents, but the option to purchase is believed to have been signed sometime in the middle of last year.

Yong’s capital gain before taxes and duties is 39.2% based on a holding period estimated at 15 months. Even if the deal is subjected o an 8% seller’s stamp duty (SSD), and a 4% buyer’s stamp duty is factored in, the gain is still well over 27%. That is equivalent to about $9.72 million, or the price of a detached house in Chip Bee Gardens, on Holland Road. 

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What sets the crazy rich Chinese apart from other family offices in Singapore

ENTREPRENEURIAL, open to ideas, and raring to go – these are among the adjectives that come promptly to the minds of bankers and consultants when asked to describe the super-rich Chinese setting up family offices in Singapore.

Unlike their more-established counterparts from Europe and South-east Asia, the patriarchs and matriarchs from China are typically first or second-generation businesspeople.

A large part of their wealth is tied up with their family businesses, with many driven by economic and political reasons to diversify into Asean.

Singapore has been a popular spot for them to park their wealth. About 44 per cent, or 63 out of 143 new family offices…

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Rich Chinese are Biggest Singapore Luxury Condo Buyers 

Mainland Chinese buyers have scooped up the biggest number of Singapore’s private apartments this year compared with other foreigners, underscoring the amount of wealth flowing into the city-state from the world’s second biggest economy. 

Buyers from China purchased 932 private units in the first eight months of 2022, almost twice the number bought by Malaysians, which came in second, according to a report by industry watcher OrangeTee & Tie. Chinese buyers have been the biggest foreign buyer group since 2016, and took up 6.7% of total transactions this year, almost bouncing back to pre-Covid levels. 

Other countries within the top five foreign buyers include India, followed by the US and Indonesia.

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Richest man in Ulanqab, Inner Mongolia’ pays record price of $5,800 psf for unit at Le Nouvel Ardmore

 At the 43-unit Le Nouvel Ardmore, developed by Singapore-listed property company Wing Tai Holdings, two units were sold recently for $5,800 psf, a new high for the luxury condo designed by celebrated French architect Jean Nouvel.

The first transaction at the vaunted price of $5,800 psf took place in late June, when a 3,843 sq ft unit on the 28th floor was sold for an auspicious-sounding $22,288,888. However, no caveat was lodged for this transaction.

The latest edition of Hurun Rich List 2022 published by Hurun Research Institute, ranks Han as the 2,610th richest in China, with a net worth of about RMB2.2 billion ($450 million).

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Ultra-rich families racing to park wealth in Singapore under enhanced investment scheme

THE recent tightening of regulations for family offices in Singapore does not seem to have dissuaded wealthy investors, with a growing number anecdotally pursuing this route to permanent residency after the Global Investor Programme (GIP) scheme was expanded in 2020 to include them.

Ultra-high net worth families seeking to move their assets here form the largest category of investors under the enhanced GIP, professional service providers told The Business Times (BT).

Application figures were not available from the Economic Development Board (EDB), which manages the scheme. But the Monetary Authority of Singapore (MAS) has disclosed that there were about 400 single…

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Non-landed luxury property deals spike in Q2 as Singapore’s borders reopen

ENQUIRIES for luxury properties in Singapore have shot up in tandem with increased visitor arrivals over the second quarter of 2022, leading to a spike in overall volumes transacted.  

According to a Huttons report released Thursday (Jul 21), foreign buyers of luxury homes in the latest quarter were mainly from China, Indonesia and the US. 

Knight Frank Singapore’s head of office Nicholas Keong separately noted in a Jul 12 statement that the reopening of Singapore’s borders have “heralded a return in foreign interest” for the prime non-landed residential market in Singapore – although a lack of saleable stock in family-sized units continued to limit sales. 

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Singapore new private home sales more than doubled to 1,356 units in May

Sales last month also hit a 6-month high as monthly figures have been hovering around 600 units since cooling measures were introduced in December last year. 

NEW private home sales more than doubled in May on the back of major launches. Developers in Singapore sold 1,356 new homes last month, up 105.5 per cent from April’s 660 units.

Sales last month also hit a 6-month high as monthly figures have been hovering around 600 units since cooling measures were introduced in December last year.

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Prices of mass market property launches could hit record high as developers face cost constraints

ELEVATED costs and limited inventory could result in new benchmark prices in the private residential market this year, with the average price of some suburban project launches seen trending close to, or crossing, the S$2,000 per square foot (psf) mark.

Land, construction and materials costs have risen while the number of unsold units have dwindled, especially in the Outside Central Region (OCR) or suburbs. Rising interest rates will also translate to higher financing costs for developers.

Analysts say higher land costs, along with the increased cost of construction and materials, are contributing to cost pressures.

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More Singapore developers looking to hike condo launch prices

HOMEBUYERS have to brace themselves for higher prices as about 71 per cent of developers expect unit prices of new launches in the next 6 months to be moderately or substantially higher, the results of a poll revealed.

The Q1 2022 survey showed that another 24 per cent expect new launch prices to maintain at the same price level, while only 5 per cent expect prices to be substantially lower.

That’s according to the latest Real Estate Sentiment Index (RESI) published by the National University of Singapore Real Estate, which represents the university’s Department of Real Estate and its Institute of Real Estate and Urban Studies (IREUS).

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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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