For most of us, buying a home is one of the many significant milestones in our lives, and it is quite possibly the biggest purchase we’ll ever make in our lifetime. Owning multiple properties simultaneously is something even more uncommon, and an experience that not many of us will be privy to…unless we strike the lottery, of course.
Then, there are the ultra affluent in society.
In Singapore, property is considered one of the best and most highly sought after asset classes to preserve and grow wealth. And so, it’s not uncommon to see the ultra rich dropping millions of dollars to purchase not just one property, but multiple properties at once! Here are 3 of such bulk sales that happened in 2022 that caught our attention.
1. 20 Units At Canninghill Piers
Launched in November last year, Canninghill Piers was undoubtedly the biggest condo launch of 2021. Sitting on the site of the former Liang Court Shopping Complex, the 696-unit condo sold 77% of its units on its first day at an average of $3,000 psf, making it one of the more expensive newly-launched properties in recent history.
Of course, we need not emphasise further all the draws of Canninghill Piers; with Clare Quay literally at your doorstep, the city and shopping district a short commute away, and an amazing suite of lifestyle and recreational offerings in all directions, its location is definitely one of the huge pluses of the development, attracting a decent amount of interest from buyers.
Image credit: Capitaland
Fantastic location aside, it also has immense potential to appreciate in price over the years, and hence the overwhelming demand for units. It is expected to receive its TOP sometime in 2024.
Earlier in June this year, it was reported that a Chinese national had bought 20 units at Canninghill Piers. This comprised 6 3-bedder and 14 4-bedder units located between the 6th and 23rd floors, and sold between $3.1M-$3.3M and $5.3M-$5.6M, respectively. After some quick maths, this would have come up to a hefty grand total of $85M.
Image credit: Canninghill Piers
What’s also interesting to note is that because the buyer is a foreigner, they would have been subjected to Additional Buyer’s Stamp Duty (ABSD), which currently stands at 30%. This means that this buyer would’ve paid about $25M in stamp duties alone, which is well enough to get another 3-4 units in the very same condo.
It was also reported that the very same buyer was considering purchasing another 10 units, though there has been no news on that front. Nonetheless, owning 20 out of 696 units is no mean feat, and we’re certain that this Chinese National sees the potential of Canninghill Piers not only as a great rental prospect, but as a healthy amount of profit in time to come.
2. 4 Units At 3 Orchard By The Park
Earlier this month, another bulk deal that made the news involved yet another Chinese National, who bought 4 units at the freehold 3 Orchard By The Park Condo. Located at the highly coveted District 10 region in Singapore, the development is a relatively small condominium estate of only 77 units, spread across 3 25-storey towers and completed in 2017. It sits just opposite from Tanglin Mall at Orchard Boulevard, and also right next to the future Orchard Boulevard MRT station of the Thomson-East Coast Line.
Image credit: 3 Orchard By The Park
What do we know about this bulk purchase? According to reports, the 4 units were purchased for a total of around $60M, translating to an average price of around $3,600-$3,700 psf. The reports also highlighted that 3 of the units were sold at around $12M, while the 4th was significantly larger and so priced at around $20M.
In terms of ABSD, this purchase would have cost the buyer about $18M, which can easily snag you a pretty good landed property here in Singapore.
Image credit: 3 Orchard By The Park
Given the allure and appeal of the District 10 brand, we’re sure that the purchase was meant to ride on the draw of the property’s prime location, securing the potential for an appreciation in value in the years to come.
With its proximity to the shopping belt of Singapore, and the increased connectivity offered by the upcoming Orchard Boulevard MRT station in the future, it’s no surprise that 3 Orchard By The Park is an attractive development to grow your wealth…if you have the money to purchase it, of course.
3. 20 Units At EDEN
One of the biggest condo bulk purchases in terms of total price has to be EDEN, back in 2021.
Image credit: ArchDaily
Located at Draycott Park – yet another District 10 development, EDEN is an ultra-luxe condominium designed by multi-award winning architect Thomas Heatherwick, and developed by Hong Kong property developers Swire Properties.
If you don’t know where Draycott Park is, the TLDR; is that it’s part of a very atas residential enclave just off the Orchard-Tanglin area, informally known as Singapore’s ‘billionaire’s belt’. This luxury living is manifested within EDEN itself, with each unit taking up one entire floor, and having over 3,000sqft of floor space.
Image credit: ArchDaily
From what we can find online, the buyer is believed to be a family of Chinese Nationals, who purchased 20 units at EDEN for an average price of $4,827 psf. Interestingly, this is considerably lower than EDEN’s initial launch price of $6,000 psf, which might hint at some sort of discount for their bulk buy. You know, just like how you get a buy-3-get-2-free kinda deal at NTUC.
The sale amounted to a total of around $293M, making it one of the biggest deals ever made in the private condo market.
Bulk purchases of private developments in Singapore
Looking at the three main bulk purchases that happened in the last two years, one thing that they had in common was that they involved Chinese Nationals, who were looking to sink their money into Singapore’s lucrative property market.
They also involved properties in places like the City and District 10 areas, which are traditionally known to have luxurious properties with large price tags, with potential to appreciate in value by quite a bit.
Despite the immense 30% ABSD that foreigners have to pay – and remember that this is ON TOP of the existing Buyers Stamp Duty – it seems that all these additional charges have not fazed such ultra high net worth individuals from paying up just to secure these exquisite properties.
Because external pressures like China’s crackdown on the ultra wealthy and the allure of Singapore’s booming property market and stable government, it’s no surprise that affluent foreigners have been flocking to Singapore to buy properties en masse.
The harsh reality is that the vast majority of us won’t ever be able to say we have the ability to bulk purchase condo units. That being said, we’d suppose there’s no harm in just knowing about these bulk buys, and marvel at the sheer wealth of money exchanging hands.
Check out our other articles here:
- Nippon Paint magnate Goh Cheng Liang owns a $93M GCB on Garlick Ave
- Over 60 million-dollar HDBs were sold in July & August 2022
- Greatest penthouses in Singapore