In July, developer Kheng Leong Co, the private property arm of the late billionaire banker Wee Cho Yaw’s family, sold two more units at its freehold luxury condo 21 Anderson, according to caveats lodged with URA Realis.

One was a 10,452 sq ft duplex penthouse that spans the ninth and 10th floors of the development along Anderson Road in prime District 10. The purchase price was $52.25 million or $4,999 psf.

In terms of absolute price, it’s the highest achieved at 21 Anderson since the project was launched in April. It’s also the highest price for a penthouse in Singapore since October 2020, when Indonesia-born Chinese-American billionaire Leo Kuo Guan paid $62 million ($2,937 psf) for the 21,108 sq ft triplex penthouse at the 99-year leasehold Wallich Residence on the 62nd to 64th floors of Guoco Tower, Singapore’s tallest tower to date.

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Based on URA data, the buyer of the duplex penthouse at 21 Anderson is a Permanent Resident (PR), although the country of origin is “unspecified”.

The penthouse at 21 Anderson is able to command a premium as it is one of only two such penthouses in the niche development, which houses 18 large-format units.

Besides the 10,452 sq ft size, each penthouse will come with a 500-bottle walk-in wine cellar, a roof terrace with a pergola, a landscaped garden, a 9m lap pool, and a sauna. They also offer unblocked views of the surrounding greenery, Ardmore Park, the Shangri-La Singapore, and the former Raffles Girls’ School campus.

21 Anderson has only two units of two-bedroom condos located on the first level, each sized at 3,197 sq ft. One unit was sold in May for $9.5 million ($2,972 psf).

The remaining 14 units at 21 Anderson are four-bedroom condos, each measuring 4,489 sq ft. Four of these units have been sold for prices ranging from $20.97 million ($4,672 psf) to $24 million ($5,347 psf) in April and May, based on caveats lodged. The $5,347 psf for the four-bedroom unit on the eighth floor also set a new per sq ft high for the development.

The latest transaction was for a 4,489 sq ft four-bedroom unit on the sixth floor, which fetched $21.06 million (4,692 psf), according to a caveat lodged on July 25. The buyer is also a PR of unspecified origin.

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Of the seven units sold at 21 Anderson to date, based on caveats lodged, five of the buyers are PRs, and the remaining two are Singapore citizens.

Kheng Leong acquired the former development, also known as 21 Anderson, from the Chiu family-controlled Hong Kong-listed Far East Consortium International for $213 million in September 2021. Prior to Kheng Leong’s acquisition, the former 21 Anderson operated as a serviced apartment block with 34 units for 13 years.

The building underwent full refurbishment, including a new façade, interiors, landscaping, and updated systems under Kheng Leong.

21 Anderson was designed by Ernesto Bedmar, a Singaporean architect known for high-end homes. Bedmar also designed Kheng Leong’s boutique project 32 Gilstead.

Landscaping was designed by Shunmyo Masuno, who also worked on 32 Gilstead and Nassim Park Residences.

Studio Liaigre, led by French designer Christian Liaigre, designed the interiors at 21 Anderson and Nassim Park Residences.

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Dominic Lee, head of the luxury team and investment sales at PropNex, attributes 21 Anderson’s success to its ability to fill a gap in the market. “There’s a void in the market for large-format, freehold units,” he observes. “And penthouses in freehold developments in the traditional prime district with a floor area of at least 10,000 sq ft are even scarcer.”

Lee brokered the sale of a two-bedroom unit at 21 Anderson for $9.5 million ($2,972 per square foot) and a four-bedroom unit on the third floor, which fetched $23 million ($5,127 per square foot), in April.

Check out the latest listings for 21 Anderson properties