"Luxury apartments are not easy to sell" says Ray Chow from Ray International who sells international property from Australia and Asia as well as local sales in Singapore. But current demand has set new records. Chow sold a luxury condominium apartment in The Claymore - Singapore for a record price in May 2017. The 3448 sq. ft (320 metres) condo was sold for $9.2M ($2,748 psf) which is the highest sales transaction recorded in The Claymore residences. The previous record was $8M. The unit is located on the 19th floor of one of the 20-storey towers. Chow said "The purchaser was a Singapore PR and as such she has to pay stamp duty of 3+5% on the sales price, that's a stamp duty of $736,000 SGD"

The purchase price includes a $1.8M SGD renovation using imported materials which took 18 months to complete according to Chow.

Elsewhere, more records are being set. “In Singapore, property is a reflection of the wealth of the country,” says Cheng Wai Keung, chairman and managing director of Wing Tai Holdings, at the company’s FY2017 results briefing on Aug 24. While the Singapore economy may appear to be subdued, it is still growing, he adds. “Given the regulatory environment, which is very stable, it’s still a good place for property investment.”

At a glance:

• Le Nouvel Ardmore, 4-bedroom unit, $16 million 
• Sculptura Ardmore, penthouse, over $60 million
• Gramercy Park, 2-bedroom unit $4.17 million
• Tomlinson Heights, four 33rd floor units, $30 million
• River Valley Road residential site, by Roxy-Pacific Holdings, $110 million
• Sloane Court Hotel, and adjacent site, $80.5 million

“It looks like the big-ticket purchases in the prime districts have returned,” says Samuel Eyo, managing director of Singapore Christie’s International Real Estate. “Even developers are starting to purchase freehold redevelopment land in the prime districts once again.”

Le Nouvel Ardmore, has sold nine condominiums, the latest being sold for $16 million ($4,000 psf). It is a 4,004 sq ft, four-bedroom unit on the seventh floor of the 33-storey luxury condo tower. Its sale of the duplex penthouse (13,875 sq ft), sold for $51 million in April 2015. The buyer was said to be Sun Tongyu, one of the founders of Alibaba Group.

SC Global Development’s ultra-luxurious Sculptura Ardmore has set a new record at over $60 million. The 34-unit project is known for its cantilevered swimming pools. Facebook co-founder and one Singapore’s richest men, Eduardo Saverin is said to have bought the 10,300 sq ft super penthouse, which features a 5,000 sq ft roof terrace. Most of the units sold at Le Nouvel Ardmore have been transacted at prices above $4,000 psf.

Gramercy Park’s latest transaction was for a 1,259 sq ft, two-bedroom unit on the 18th floor was sold for $4.17 million ($3,310 psf,) the highest in terms of price psf at Gramercy Park, developed by City Developments Ltd.

At Tomlinson Heights, developed by Hotel Properties Ltd, off Orchard Boulevard, a Singaporean buyer bought four units on the 33rd floor for a total of $30 million, and a freehold residential site along River Valley Road was purchased by Roxy-Pacific Holdings for $110 million in early August.

On Aug 28, Sloane Court Hotel on Balmoral Road, and its adjacent site were purchased by a joint venture between Tiong Seng Holdings and Ocean Sky International for $80.5 million.

For more detailed Singapore market information and available properties phone or email Ray Chow from Ray International via the contact details below.

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