Singapore’s property market is heating up again, with premium condominiums and HDB flats going for high prices.
In what is becoming a trend, foreign buyers are also snapping up condo units in bulk.
The latest notable acquisition is the purchase of four units of a condo in Orchard, bought by Chinese and United States (US) nationals.
Source: Google Maps
They are all fully furnished and ready for moving in.
The four units are in luxury condo 3 Orchard By-The Park, Lianhe Zaobao reported.
Source: Google Maps
It’s located at 3 Orchard Boulevard, conveniently positioned next to Camden Medical Centre and Tanglin Mall, and opposite the upcoming Orchard Boulevard MRT station.
The freehold property has 25 floors and 77 units, according to EdgeProp.
Those on the higher floors also boast great views of the Tanglin area.
Source: Google Maps
The four units in question are considered the larger ones in the development, ranging from 3,850 to 4,100 square feet (sq ft) in size.
While three of them sold for about S$12 million each, the fourth one cost S$20 million.
The total price tag of the bulk purchase was an eye-watering S$60 million.
According to PropNex, which brokered the deal, three foreign buyers from China and the US placed the order together from the developer, YTL Corporation.
The transaction reportedly took place last Friday (9 Sep).
However, a check with the Urban Redevelopment Authority (URA) showed no record of the purchase, Zaobao said.
This could be because it’s a recent transaction, or because no caveat was lodged as the buyers paid in full with cash without taking out a mortgage.
Source: Google Maps
In addition, the four units bought were show flats set up in the development, which was completed in 2017.
Thus, they’re already fully renovated and fitted out, PropNex said.
This means the buyers can move in straight away if they want to.
Source: Google Maps
The Orchard By-The Park transaction follows another bulk purchase reported in June.
In that one, 20 units in Canninghill Piers were bought by a buyer from Fujian, China.
While the purchase is expected to cost S$85 million, he apparently had plans to buy 10 more units, bringing the transaction to more than S$100 million.
Also in June, a unit on the 28th floor of Le Nouvel Ardmore — near Shangri-La Hotel — sold for S$22,288,888, according to EdgeProp.
Source: Google Maps
The 3,843 sq ft unit was bought by a trust under Mr Han Jinghua and his wife, and works out to $5,800 per sq ft (psf) — a new high for the development.
Mr Han, born in Ulanqab City, Inner Mongolia, is reportedly the only person from the city listed in the Hurun Rich List 2022.
With a fortune of S$443 million (RMB2.2 billion), he’s ranked as the 2,610th richest person in China.
Mr Han is currently a Singapore permanent resident, EdgeProp said.
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Featured image adapted from Google Maps and Google Maps.
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