Chinese Buyer Reportedly Purchases S$30M Orchard Penthouse Before Increased Tax Rate
Stories of foreign buyers snapping up properties in Singapore aren’t uncommon. Just last year, it was reported that 20% of luxury condos here were bought by Mainland Chinese.
On Wednesday (23 Feb), The Business Times (BT) reported that a Chinese buyer allegedly purchased a two-storey penthouse in Orchard for a whopping S$30 million.
In doing so, the buyer apparently managed to beat the increased stamp duty — announced during Budget 2023 — for residential properties.
Chinese buyer snaps up luxury penthouse in Orchard
According to BT, the property in question occupied the top two floors of the 36-storey Klimt Cairnhill luxury condo located in the coveted District 9.
The Chinese buyer reportedly bought the duplex penthouse unit for nearly S$30 million and was granted the option to purchase it last week.
In doing so, the buyer apparently ‘dodged’ the increase in stamp duty rate for residential properties, announced during Budget 2023.
The 5,920-square-foot unit also includes 800 square feet of empty space, which allows for a “double-volume space” in the living room.
Source: Google Maps. For illustration purposes only.
Additionally, the penthouse comes with five ensuite bedrooms, including a master bedroom with a walk-in closet.
Source: Google Maps. For illustration purposes only.
In addition, the unit includes two study rooms as well as a small jacuzzi on the living room balcony.
Another similar penthouse at the condo sold in 2021
BT reports that the condo has another penthouse on Level 36. This six-bedroom unit was sold in November 2021 for a hefty S$26 million.
Although both penthouses were sold without soft furnishings, they were fitted with kitchen appliances, closets, and sanitary facilities.
A quick check on the property’s website shows that the price for a two-bedroom unit starts from S$2.65 million.
Source: Klimt Cairnhill
On the other hand, penthouses and four-bedroom prestige units have reportedly been fully sold.
Increased property tax from 2023
During Budget 2023, Finance Minister Lawrence Wong announced an increase in buyer’s stamp duties for higher-value and non-residential properties from 15 Feb.
Residential properties valued between S$1.5 million and S$3 million will be taxed at 5%.
On the other hand, residential properties valued above S$3 million will be taxed at 6%.
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Featured image adapted from Low Keng Huat & Google Maps.Â
