Luxury penthouse deals fuelled by Chinese buyers

A super penthouse that found a buyer recently was the 11,098 sq ft, triplex penthouse at Boulevard Vue. The transacted price of the penthouse was $52 million ($4,686 psf). The buyer is believed to be a Chinese national. This latest transaction means that the 28-unit ultra-luxury condo by Far East Organization is fully sold to date.
There has been a rash of big-ticket purchases of luxury penthouses in the prime districts, driven predominantly by Chinese buyers.
The multimillion-dollar views from South Beach Residences (Credit: Samuel Isaac Chua/EdgeProp Singapore)
At Boulevard 88, the latest penthouse of 6,049 sq ft, which is also the biggest in the ultra-luxury condo, was sold for $31 million ($5,125 psf), according to a caveat lodged on June 3. The price of $5,125 psf is also the highest price psf achieved for a penthouse since the super penthouse at Sculptura Ardmore was sold for over $60 million or $6,000 psf two years ago (see table: Top 10 penthouse transactions: 2009-2019YTD on EP11).
This latest deal at Boulevard 88 was the last of the four penthouses in the 154-unit luxury condo sold to date (see table: Penthouse deals from May 2018 to 2019YTD).
Three of the penthouses at Boulevard 88 were purchased by foreigners, of whom two were Chinese buyers, according to Dominic Lee, PropNex’s head of luxury team. The remaining penthouse was sold to a local Singaporean buyer.
At 3 Orchard By-the-Park, the 6,555 sq ft penthouse that was sold recently for $31.5 million ($4,805 psf) went to a Chinese buyer. The deal was said to be brokered by Savills Residential.
The 6,555 sq ft penthouse at 3 Orchard By-the-Park was sold recently for $31.5 million ($4,805 psf), and the buyer is said to be a Chinese national (Credit: Samuel Isaac Chua/EdgeProp Singapore)