Despite geopolitical and economic uncertainties, as well as 30% Additional Buyer’s Stamp Duty (ABSD) for foreigners, we are seeing another bulk purchase of condo units by a Chinese national.
According to Lianhe Zaobao, four units at 3 Orchard By-The-Park were bought in one go, totalling around S$60 million. This translates to around S$3,600 to 3,700 psf.
This comes after a bulk purchase in May by a buyer understood to come from Fujian province in China, who bought 20 units at CanningHill Piers for over S$85 million.
The Chinese paper also quoted PropNex Senior Associate Division Director Clarence Foo that the transaction occurred last Friday (9 September) with property developer YTL Group.
Given the large size of the units, he added that three of them were priced at around S$12 million, with the fourth one priced at S$20 million plus. On top of that, the units were all showflats and fully furnished, so they were ready for move-in.
Due to its political stability, Singapore has long been seen as a safe haven, making it an attractive destination for foreign buyers to buy property.
In recent months, the common prosperity movement has led many wealthy Chinese to move their assets overseas, including Singapore. For instance, The Business Times reported that over 500 high-net-worth-individuals (HNWIs) in China are expected to relocate to Singapore, bringing at least US$2.4 billion of capital into the city-state.
Another factor that makes Singapore properties more attractive to the Chinese is the length of the tenure, which is either freehold, 999-year or 99-year leasehold. On the other hand, properties in China come with a 70-year lease.
Foo also shared that a foreign buyer has told him that the stamp duty is akin to an “entry fee”, that it would increase in future if they do not pay it now.
In addition, the Zaobao article quoted ERA Head of Research and Consultancy Nicholas Mak, who highlighted that these foreign wealthy individuals are not affected by the increase in mortgage rates and stamp duties. On the contrary, they pay more attention to where they can safely park their money.
Wang Jia Sheng (transliteration), another property analyst the article quoted, pointed out that these wealthy foreign buyers prefer units with larger floor plates in districts 9, 10 and 11, which are rare and more expensive.
He estimated that as Singapore attracts more of such buyers, the luxury market can see a price increase of 5% to 6% this year, adding that there might be another bulk purchase again.
Located in District 10, Orchard By-The-Park is just a three-minute walk to the upcoming Orchard Boulevard MRT on the Thomson-East Coast Line.
New launch condos in the vicinity include Cuscaden Reserve, Park Nova and Boulevard 88.
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What do you think of the bulk sale at Orchard By-The-Park? Let us know in the comments section below.
If you found this article helpful, 99.co recommends When a couple or family buys a stack of condo apartments in one go and Property agent confessions on closing deals for the ultra HNWI.
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