Rich Chinese target Singapore as high-end property market continues to recover

on June 8 2015 | in Daily Headlines Trending | by | with No Comments

The most expensive penthouse in Singapore has been snapped up by Chinese billionaire Sun Tongyu, co-founder of e-commerce site Alibaba, signalling renewed interest among mainland buyers for luxury apartments in the city-state.

Sun, a Singapore permanent resident, paid a record-breaking S$51 million (HK$291 million) for the only penthouse unit at Le Nouvel Ardmore.

Located in the prime district at Ardmore Road, the swanky freehold development has only 43 large apartments.

This purchase works out to S$3,675 per sq ft for the 13,875 sq ft penthouse.

But given that 5,000 sq ft is a roof terrace, the apartment cost more than S$5,000 per sq ft for the indoor living area.

The transaction offers hope of a recovery for an anaemic market for Singapore’s prime district condominiums, which suffered eight straight quarters of price declines.

One high-profile loss was S$15.8 million by Japanese billionaire Katsumi Tada when he sold his prime district penthouse in March.

But the latest development confirms the view that Singapore’s high-end property is once again a magnet for wealthy mainlanders, thanks to the attractive price tags on luxury apartments following the introduction of property cooling measures in 2013. Significantly, these properties tend to be cheaper than in Hong Kong.

Read more at South China Morning Post.

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