Based on caveats lodged in October, two units at One Marina Gardens changed hands at $5.12 million ($3,108 psf) and $5.13 million ($3,117 psf). According to URA Realis data, one of the buyers is a Cambodian national, while the other is a Singapore citizen.

As a foreigner, the Cambodian buyer is subject to a 60% Additional Buyer’s Stamp Duty (ABSD), which translates to an additional $3.07 million to $3.08 million on top of the purchase price. This brings his total outlay to between $8.19 million and $8.21 million.

Why pay such a hefty premium?

Mark Yip, CEO of Huttons Asia, attributes the willingness to pay 60% ABSD to Singapore’s status as a safe haven amid global uncertainty. “Furthermore, the strong Singapore Dollar vis-à-vis other major currencies, including the US Dollar, is beneficial to foreign buyers,” he adds.

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Yip notes that larger three- and four-bedroom units have been particularly sought-after in recent project launches. At One Marina Gardens, the 1,647 sq ft four-bedroom premium units account for just 40 of the project’s 937 units, according to Huttons Data Analytics. These units also offer unblocked views of Gardens by the Bay.

In November, another 1,647 sq ft four-bedroom premium unit on the 17^th floor was sold for $5.11 million ($3,105 psf). Based on caveats lodged, the buyer is a Singapore citizen. The latest transaction brings the total number of such premium units sold to 27, leaving only 13 still available.

These premium units are located in the project’s 44-storey tower, the taller of the two towers at One Marina Gardens. The other tower rises 30 storeys. One Marina Gardens was launched in April this year, with 38% of its units sold on the first weekend. The project is now 68% sold, with units transacting at an average price of $2,960 psf.

One Marina Gardens is the first residential development in Marina South, a mixed-use precinct envisioned as a sustainable, community-centric district. Despite its location in prime District 1, the project is classified under the Rest of Central Region (RCR). It is developed by Kingsford Group in partnership with Obsidian Development and Polarix Cultural & Science Park Investment.

The latest deal suggests that while higher stamp duties have kept most foreign buyers at bay, a very small minority continue to buy when sizeable prime-city units come onto the market.

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