[UPDATE] Swire Properties sells all units at Eden for $293 mil

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/ EdgeProp Singapore
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March 25, 2021 3:30 PM SGT
UPDATE:
SINGAPORE (EDGEPROP) - Swire Properties announced this evening that it has sold all 20 units at its ultra-luxury condo, Eden at 2 Draycott Park.The apartments were sold for $293 million or $4,827 psf. The sale will be completed by May 26, 2021, subject to the fulfilment of the purchase agreements, says Swire in a statement.
“We’re delighted to sell all 20 apartments at Eden, our phenomenal ultra-luxury residences in the heart of Singapore,” said Guy Bradley, chief executive of Swire Properties. “The sale of the units is significant as it reflects Eden's distinct design, which has been combined with green living experiences, and also recognises the strength of our residential brand in this new market. Moving forward, we’ll continue to explore Singapore for more opportunities that showcase our brand and fit our business strategy.”
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All 20 units at Eden were sold for $293 million or $4,827 psf (Photo: Swire Properties)
Word on the street is that all 20 units at Swire Properties’ luxury condo Eden at 2 Draycott Park have been sold to a single buyer. The buyer is believed to be a Chinese family. The purchase price is said to be $300 million, which translates to $4,800 psf, according to sources. The deal is said to be brokered by Sandra Yiap, associate division head of Huttons Asia, who was formerly with Savills Residential before the two entities were merged last September. Yiap declined to comment for this story as did Huttons Asia and Savills Singapore.
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Completed in 2019, Eden was designed by multi-award-winning, architect Thomas Heatherwick of London-based Heatherwick Studio in collaboration with Swire Properties. Each of the 20 apartments occupy an entire floor spanning over 3,000 sq ft, with four en suite bedrooms. The residents will enjoy a vertical landscape of hanging gardens, designed as their own “lush, private garden-in-the-sky”.
One of the conditions required by the developer was that the apartments had to be so exclusive and private that “residents can walk freely around their apartment without worrying about their privacy”, according to a source.
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The 20-unit Eden at Draycott Park designed by Heatherwick Studio was completed in 2019 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
“The development was designed as a work of art, with attention to detail,” says Ong Choon Fah, CEO of Edmund Tie. “Everything is bespoke – from the exteriors to the interiors.”
For the ultra-high networth individual, $300 million purchase price “is not too much of an investment outlay – whether you’re buying for the residence of an extended family or with your friends, and it’s very exclusive,” adds Ong.
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EDEN is adjacent to The Tanglin Club and right opposite The American Club, in prime district 10. The Draycott Park, Draycott Drive and Ardmore Park enclave is also renowned as the “billionaires’ belt”. Nearby at Ardmore Park is Abelia, an 11-storey condominium owned by Singaporean tycoon and investor Peter Lim with his family, together with his wine and car collection.
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Eden is adjacent to The Tanglin Club and right opposite The American Club (Photo: Swire Properties)
Nearby is also Le Nouvel Ardmore, with just 43 exclusive units. The 13,573 sq ft duplex penthouse — the biggest penthouse there — was purchased by Alibaba co-founder Sun Tongyu, who paid $51 million ($3,757 psf) for it in 2015.
The units at Eden were said to be originally priced from $6,000 psf or $18 million apiece. Hence, the transacted price of $300 million or $4,800 psf translates to a bulk discount of about 20%. And if the buyer was a foreigner, there is 20% additional buyer’s stamp duty on top of the price tag.
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Eden is a redevelopment of the former Hampton Court, which Swire Properties had purchased en bloc for $155 million at the end of December 2012. The price translated to a land rate of $2,526 psf per plot ratio (psf ppr), which was a record price then.
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Apartments at Eden were designed to be exclusive and private, ideal for the family of the ultra-rich (Photo: Swire Properties)
“Over the longer-term, prime areas for example the Ardmore-Draycott area has proven to be a great location to park one’s wealth,” says Edmund Tie’s Ong. “We’re seeing more family funds coming in including those from Hong Kong who take a strategic view of their investments. “
Check out the latest listings near Eden, Draycott Park, Draycott Drive, Ardmore Park, Abelia