A buyer has reportedly bought 20 units at CanningHill Piers for over S$85 million. According to Lianhe Zaobao, the buyer is understood to be from Fujian province in China.
The buyer was said to have bought 3-bedders and 4-bedders a few days ago. The 3-bedroom units were priced between S$3.1 million and S$3.3 million, while the 4-bedroom units were priced between S$5.3 million and S$5.6 million.
According to ERA Realty Network, who brokered the deal, these include six 3-bedroom units of 1,259 sq ft and five 3-bedroom units of 1,130 sq ft, with the remaining units being 4-bedroom units spanning 1,959 sq ft. The units are located in several stacks across various floors, ranging from 6th to 23rd floor.
Buyer is considering to buy 10 more units
The Zaobao report also quoted a source familiar with the deal, saying that the buyer is considering buying 10 more units, which would mean that the deal would amount to more than S$100 million. This would translate to an ABSD of S$30 million.
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Given last December’s round of cooling measures, foreigners will now have to pay 30% in ABSD, which is short for Additional Buyer’s Stamp Duty. Foreigners will have to pay the ABSD regardless of the number of residential properties they buy.
This is on top of the Buyer’s Stamp Duty (BSD), which we estimate to be around S$4 million in total should the deal for the additional units go through.
According to the insider source, the funds to pay the units were transferred from Indonesia to Singapore.
Rise in the number of foreign buyers
Notably, there has been an increase in the number of foreign buyers recently, given the reopening of borders. Singapore’s stability and status as a safe haven also make it attractive for foreign buyers to buy property here.
For instance, according to Christine Sun, Senior Vice President of Research and Analytics from OrangeTee and Tie, there was a 136% increase in foreign buyers buying new launch condos in April.
59 units of new launch condos were bought by foreigners in April, compared to 25 units in March. At the same time, April’s number was higher than the monthly average (from April 2021 to March 2022) of 40 units.
This was also not the first time foreign buyers have made headlines for buying condo units in bulk. Back in March last year, all 20 units of EDEN were bought in bulk by a family for S$293 million. It was later revealed that the buyers were the Tsai family of Want Want China Holdings from Taiwan.
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