Yahoo Finance 4 units at Orchard By-The-Park bought by a Chinese national for S$60 million
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.
Condos for sale
Scotts Square
8 Scotts Rd · D9
2
2
947 sqft
$3,360,000
The Rise @ Oxley
71 Oxley Rise · D9
2
2
646 sqft
$1,599,000
Grange Infinite
27 Grange Rd · D9
4
4
2,562 sqft
$7,135,000
Sophia Hills
23 Mount Sophia · D9
2
2
700 sqft
$1,572,900
Yong An Park
331 River Valley Rd · D9
4
5
3,606 sqft
$9,388,000
The Mkz
131 Mackenzie Rd · D9
3
3
732 sqft
$2,000,000
Aspen Heights
261 River Valley Rd · D9
3
2
1,324 sqft
$3,500,000
The Suites @ Central
57B Devonshire Rd · D9
3
3
1,475 sqft
$3,880,000
Hilltops
101 Cairnhill Circle · D9
3
2
1,550 sqft
$5,500,000
The Orchard Residences
238 Orchard Boulevard · D9
3
3
2,174 sqft
$6,800,000
The Lumos
9 Leonie Hill · D9
4
4
2,432 sqft
$6,040,000
Langston Ville
15 Kim Yam Rd · D9
3
2
946 sqft
$1,790,000
The Scotts Tower
38 Scotts Rd · D9
1
1
646 sqft
$1,700,000
Starlight Suites
11 River Valley Cl · D9
2
1
775 sqft
$1,650,000
Suites At Orchard
38 Handy Rd · D9
2
2
1,367 sqft
$2,700,000
Espada
48 St. Thomas Walk · D9
1
1
355 sqft
$1,120,000
Leonie Towers
20 Leonie Hill · D9
4
5
2,960 sqft
$6,900,000
The Lumos
9 Leonie Hill · D9
4
4
2,432 sqft
$6,000,000
Rivershire
31 Leonie Hill · D9
4
3
2,088 sqft
$5,500,000
Reignwood Hamilton Scotts
37 Scotts Rd · D9
3
4
2,756 sqft
$9,300,000
Hijauan
63 Cavenagh Rd · D9
2
2
1,249 sqft
$2,999,990
Mackenzie 88
88 Mackenzie Rd · D9
2
2
840 sqft
$1,600,000
Parc Sophia
8 Adis Rd · D9
1
1
549 sqft
$1,030,000
Leonie Towers
28 Leonie Hill · D9
4
5
3,250 sqft
$6,990,000
Alba
8 Cairnhill Rise · D9
4
3
2,303 sqft
$7,770,690
Mount Sophia Suites
95 Sophia Rd · D9
1
1
560 sqft
$949,999
Tiara
1 Kim Seng Walk · D9
2
2
893 sqft
$2,300,000
Cairnhill 16
16 Cairnhill Rise · D9
3
2
1,055 sqft
$2,900,000
Cairnhill 16
16 Cairnhill Rise · D9
4
5
1,744 sqft
$5,300,000
Kopar At Newton
4 Makeway Ave · D9
1
1
517 sqft
$1,400,000
Kopar At Newton
8 Makeway Ave · D9
2
2
689 sqft
$1,860,000
The Abode At Devonshire
9 Devonshire Rd · D9
3
2
1,119 sqft
$2,380,000
Leonie Towers
20 Leonie Hill · D9
4
5
2,960 sqft
$6,900,000
Parc Sophia
10 Adis Rd · D9
2
1
667 sqft
$1,300,000
Cairnhill 16
16 Cairnhill Rise · D9
2
2
775 sqft
$2,111,500
D'leedon
3 Leedon Hts · D10
5
4
4,908 sqft
$5,600,000
Robin Suites
25 Robin Rd · D10
1
1
861 sqft
$1,490,000
Duchess Crest
50 Duchess Ave · D10
4
4
1,711 sqft
$3,100,000
Nouvel 18
18 Anderson Rd · D10
3
2
1,679 sqft
$5,752,000
Stellar Rv
408 River Valley Rd · D10
2
1
527 sqft
$1,100,000
Holland Residences
1 Taman Warna · D10
2
2
979 sqft
$2,230,000
8 Napier
8 Napier Rd · D10
3
3
2,013 sqft
$7,000,000
One Balmoral
1A Balmoral Rd · D10
1
1
592 sqft
$1,499,000
D'leedon
15 Leedon Hts · D10
4
4
1,998 sqft
$4,190,000
The Montana
8 Jln Mutiara · D10
1
1
635 sqft
$1,200,000
Nouvel 18
16 Anderson Rd · D10
2
2
1,335 sqft
$4,700,000
Goodwood Residence
261 Bt Timah Rd · D10
2
2
1,862 sqft
$4,500,000
Nouvel 18
16 Anderson Rd · D10
3
3
1,765 sqft
$5,280,000
Juniper Hill
39 Ewe Boon Rd · D10
2
1
635 sqft
$1,762,000
Fourth Avenue Residences
18 Fourth Ave · D10
2
2
689 sqft
$2,000,000
Nouvel 18
18 Anderson Rd · D10
5
5
6,458 sqft
$35,875,000
The Hyde
11 Balmoral Rd · D10
2
2
818 sqft
$2,308,000
Boulevard 88
86 Orchard Boulevard · D10
2
2
1,313 sqft
$4,785,000
Dalvey Haus
101 Dalvey Rd · D10
3
4
1,561 sqft
$6,720,000
Jervois Prive
100A Jervois Rd · D10
3
3
1,109 sqft
$3,110,000
The Hyde
11 Balmoral Rd · D10
1
1
495 sqft
$1,420,000
Perfect Ten
323 Bt Timah Rd · D10
2
2
786 sqft
$2,583,000
One Holland Village Residences / One Holland Village
1 Holland Village Way · D10
3
3
1,098 sqft
$2,960,793
Boulevard 88
86 Orchard Boulevard · D10
2
2
1,313 sqft
$4,700,000
Leedon Green
32 Leedon Hts · D10
1
1
474 sqft
$1,419,000
D'leedon
13 Leedon Hts · D10
4
5
2,260 sqft
$4,999,999
Nassim Jade
3 Nassim Rd · D10
5
5
3,003 sqft
$8,500,000
Boulevard 88
86 Orchard Boulevard · D10
3
4
1,776 sqft
$7,200,000
One Holland Village Residences / One Holland Village
5 Holland Village Way · D10
2
2
797 sqft
$2,500,000
Leedon Green
28 Leedon Hts · D10
1
1
474 sqft
$1,419,000
One Draycott
1 Draycott Pk · D10
2
2
732 sqft
$2,346,000
Juniper Hill
39 Ewe Boon Rd · D10
2
1
635 sqft
$1,798,000
One Holland Village Residences / One Holland Village
1 Holland Village Way · D10
2
1
689 sqft
$2,057,000
The Sixth Avenue Residences
164 Sixth Ave · D10
3
4
2,605 sqft
$4,150,000
Leedon Green
32 Leedon Hts · D10
2
2
667 sqft
$1,720,000
10 Evelyn
10 Evelyn Rd · D11
2
2
753 sqft
$2,052,000
6 Derbyshire
6 Derbyshire Rd · D11
1
1
527 sqft
$1,098,000
Nineteen Shelford Road
19 Shelford Rd · D11
2
2
948 sqft
$1,899,880
6 Derbyshire
6 Derbyshire Rd · D11
2
2
732 sqft
$1,745,000
Lincoln Suites
3 Khiang Guan Ave · D11
0
1
474 sqft
$1,220,000
Novena Hill
51 Jln Novena · D11
2
1
710 sqft
$1,200,000
Suites @ Newton
1 Surrey Rd · D11
2
1
603 sqft
$1,400,000
8 Bassein
8 Bassein Rd · D11
0
1
431 sqft
$908,000
Peak Residence
335 Thomson Rd · D11
3
3
1,066 sqft
$2,878,800
Pullman Residences Newton
18 Dunearn Rd · D11
3
3
1,163 sqft
$3,258,000
Pullman Residences Newton
18 Dunearn Rd · D11
2
2
667 sqft
$2,059,000
Peak Residence
333 Thomson Rd · D11
4
3
1,389 sqft
$3,300,000
Enchante
3 Evelyn Rd · D11
3
2
1,001 sqft
$2,600,000
Enchante
3 Evelyn Rd · D11
5
4
1,701 sqft
$5,220,000
Pullman Residences Newton
18 Dunearn Rd · D11
3
2
1,163 sqft
$3,250,000
Soleil @ Sinaran
2 Sinaran Dr · D11
2
2
936 sqft
$1,980,000
10 Evelyn
10 Evelyn Rd · D11
2
2
732 sqft
$1,965,000
Mandalay Tower
35 Mandalay Rd · D11
4
5
2,508 sqft
$4,880,000
Peak Residence
333 Thomson Rd · D11
2
2
776 sqft
$1,854,700
Ikigai
38 Shrewsbury Rd · D11
2
2
969 sqft
$2,266,890
26 Newton
26 Newton Rd · D11
2
2
1,539 sqft
$3,194,065
Bassein Court
5 Bassein Rd · D11
3
3
1,399 sqft
$2,630,120
Strata
1 Essex Rd · D11
2
2
1,292 sqft
$2,400,000
Lincoln Suites
3 Khiang Guan Ave · D11
2
2
1,044 sqft
$2,450,000
Cube 8
376 Thomson Rd · D11
1
1
560 sqft
$1,000,000
368 Thomson
368 Thomson Rd · D11
1
1
689 sqft
$1,300,000
10 Evelyn
10 Evelyn Rd · D11
1
1
495 sqft
$1,357,000
Buckley Classique
11 Buckley Rd · D11
4
4
3,563 sqft
$7,180,000
10 Evelyn
10 Evelyn Rd · D11
3
2
1,410 sqft
$3,276,000
Enchante
3 Evelyn Rd · D11
4
3
1,281 sqft
$3,400,000
8 Bassein
8 Bassein Rd · D11
1
1
452 sqft
$900,000
Adam Park Condominium
29A Adam Rd · D11
2
2
1,119 sqft
$2,400,000
Enchante
3 Evelyn Rd · D11
5
4
1,701 sqft
$5,220,000
Enchante
3 Evelyn Rd · D11
4
3
1,281 sqft
$3,460,000
Ikigai
38 Shrewsbury Rd · D11
2
2
969 sqft
$2,100,000
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.
The post 4 units at Orchard By-The-Park bought by a Chinese national for S$60 million appeared first on .
