Projects with foreign buyer appeal

SINGAPORE (EDGEPROP) - Chinese nationals continue to hog the limelight in Singapore with purchases of luxury penthouses at eye-popping prices. Beyond the prime districts, these foreign buyers are making their presence felt at new launches in the city fringe and suburban condominiums too. Will this trend continue?

For 3Q2109 to date (based on caveats lodged with URA Realis from July to Sept 3), 37.4% of buyers of non-landed properties in the CCR were foreigners (Photo: Samuel Isaac Chua/EdgeProp Singapore)
SINGAPORE (EDGEPROP) - A three-bedroom, triplex penthouse at South Beach Residences, designed as a show suite by celebrity designer Peter Tay, was rolled out on the market recently – and quickly snapped up by a Chinese buyer. He paid $16.9 million for the 3,897 sq ft, three-bedroom penthouse on the 42nd level, which comes with all the furnishings.
The purchase price translates to $4,337 psf, which makes it the first transaction at South Beach Residences to cross the $4,000 psf threshold. The penthouse is said to have panoramic views of the sea and Marina Bay. The sale was brokered by an agent from Huttons Asia.
The biggest penthouse at South Beach Residences, a 6,728 sq ft triplex located next door, fetched $26 million ($3,865 psf) in September last year. The buyer is also a Chinese national.
This means two out of six penthouses at the 190-unit South Beach Residences have already been spoken for. The luxury residences sit on top of the JW Marriott Singapore and span the 23rd to 45th floors of the tower. The project was jointly developed by City Developments Ltd and IOI Group, and completed in 2016.
A penthouse at South Beach Residences was sold for $16.9 million or a high of $4,337 psf (Photo: Samuel Isaac Chua/EdgeProp Singapore)

The allure of luxury units

Many of the Chinese buyers have gravitated towards the larger units. “They only want big units,” notes Dominic Lee, head of luxury team at PropNex Realty. Three- and four-bedroom units at South Beach Residences, for example, have been sold at prices ranging from $6.4 million to $8.24 million in July and August, based on caveats lodged to...