Chinese National Buys 20 Condo Units Along S’pore River, Reportedly Plans To Purchase 10 More

Chinese National Buys 20 Condo Units At Canninghill Piers Along Singapore River

For most of us, amenities and accessibility are key considerations when buying a property. But for the wealthy, iconic sights like the Singapore River are also not out of the question.

Recently, a Chinese national reportedly bought not one, but 20 units at a condominium overlooking the Singapore River.

While the purchase is expected to cost him S$85 million, he apparently has plans to buy 10 more units, bringing the transaction to more than S$100 million.

Chinese national buys 20 condo units for over S$85 million

According to Lianhe Zaobao, a buyer from Fujian, China had purchased 20 units at Canninghill Piers, a luxury condominium at Clarke Quay.

The units reportedly cost north of S$85 million and comprise the following:

• 10 three-room apartments (S$3.1 to S$3.3 million)
• 10 four-room apartments (S$5.3-S$5.6 million).

The buyer, however, has plans to purchase another 10 units at the condominium. This will bring his total expenditure to more than S$100 million.

If the transaction goes through, the buyer is expected to pay about S$30 million in stamp duties — foreign property buyers have to pay 30% Additional Buyer’s Stamp Duty (ABSD), up from 20% previously.

In interviews with Lianhe Zaoabo, experts shared that the easing of Covid-19 measures in Singapore has attracted foreign buyers to purchase properties here. As the global situation remains uncertain, Singapore has emerged as a “haven” for real estate investment.

Condo stands at former Liang Court site

CanningHill Piers is a 99-year leasehold mixed-use project jointly developed by City Developments Limited, CapitaLand Limited, and Ascott Residence Trust.

The luxury residence stands where Liang Court used to be before it closed in 2020 for redevelopment.

According to The Straits Times, CanningHill Piers recorded over S$1.18 billion in sales during its launch weekend last November, with 538 units sold. This accounted for 77% of all 696 units.

At the time of writing, 92% of all the units have been sold, after factoring in the 20 units the Chinese buyer purchased.

Hope it’s a sign of confidence in Singapore

While most of us settle for a property with rich amenities and good accessibility, it seems the wealthy have a different set of checkboxes to tick altogether.

We hope the buyer’s huge investment is a sign of confidence in the Covid-19 situation here in Singapore.

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Featured image adapted from City Developments Limited.