A Chinese National Reportedly Bought 20 Units in a Luxury Condo for Over $85 Million

If there’s one thing that all Singaporeans know, it’s that property prices in Singapore are high. Like, really high.

And even with various measures such as the Additional Buyer’s Stamp Duty (ABSD) being raised to 30%, it seems like properties in Singapore are still able to attract much attention from buyers who can afford to splurge.

Like this Chinese buyer who just bought 20 units in a luxury condominium in one go.

Yes, you read that right.

Buyer Bought Units in Bulk Deal, Might be Buying More

According to real estate agency EdgeProp, the buyer purchased 20 units through a bulk deal brokered by agents from ERA Realty Network.

The luxury condominium chosen by the buyer is CanningHill Piers, which is a joint development by City Developments and CapitaLand Developmentlocated near Clark Quay and the Singapore River.

Ten of the units are three-bedroom units that cost $3.1 to $3.3 million, while the other ten are four-bedroom units that cost $5.3 to $5.6 million.

In total, the buyer paid more than $85 million for the units.

The buyer is known to be from Fujian, China, while the funds used to pay for the units come from his reserves in Indonesia.

(Meanwhile, most of us are probably still struggling to pay for our BTO units…)

And that’s not all.

Based on reports by Lianhe Zaobao, the same buyer might be preparing to purchase another ten units in the same condominium, bringing the total amount of money spent by the buyer to over $100 million.

If the buyer purchases the additional ten units, the government will be making around $30 million in taxes.

Singapore’s Property Prices

Last year, the government raised the ABSD from 20% to 30% in an attempt to help cool property prices.

And it seems like it has worked to an extent, with the number of foreign buyers in the Singapore property market decreasing by 30% as compared to last year. A total of 134 units have been bought by these buyers.

However, with the relaxation of COVID-19 travel restrictions, there has also been an increase in the number of foreign buyers.

In April alone, there were 58 units sold to foreign buyers, much higher than the average of 25 units that are usually sold to foreign buyers during the first quarter of each year.

Experts have mentioned that the increase in foreign buyers is likely due to Singapore’s relatively stable economy, and that the number of foreign buyers may continue to increase over the next few months.

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As of now, CanningHill Piers has sold around 92% of their 696 units, with the one- and two-bedrooom units completely sold out.

When it was first launched in November last year, 538 units were sold over one weekend, raking in $1.18 billion in sales.

Regarding the condominium’s features, EdgeProp wrote on their website, “A redevelopment of the former Liang Court, CanningHill Piers is part of an upcoming integrated development that includes CanningHill Square, with F&B and retail outlets; the 475-room hotel by Moxy under Marriott International; and 192 serviced apartments under the Somerset brand of Ascott, the serviced apartment arm of CapitaLand.”

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Featured Image: capitaland.com