South Beach Residences draws Chinese buyers

The 190-unit South Beach Residences sits on top of the JW Marriott Hotel and is part of an integrated development (Credit: Samuel Isaac Chua/ The Edge Singapore)
A luxury development that stole the limelight in December was South Beach Residences. Over the week of Dec 21 to 30, four units sold at the condominium were among the top eight highest transactions.
The most expensive unit sold at the development during the period in review fetched $8.85 million ($3,384 psf). The unit was a 2,616 sq ft, four-bedroom apartment. Two other units sold were 2,099 sq ft, three bedroom apartments. One was transacted at $6.76 million and the other at $6.79 million. This translates into $3,219 and $3,234 psf, respectively. The fourth unit sold in the same period was a 1,916 sq ft apartment that fetched $6.4 million ($3,348 psf). All the buyers were Chinese nationals, says Dominic Lee, head of the luxury team at PropNex Realty.
The 190-unit South Beach Residences sits on top of the JW Marriott Hotel and is part of an integrated development that includes a Grade-A office tower and retail space and is linked to the Esplanade MRT station.
More recently, three more units were sold to Chinese buyers, according to Lee. These transactions have yet to be reflected in URA caveats.
December is usually a quiet month for the property market, but this time it was markedly different — buying momentum picked up among foreign buyers, particularly Chinese nationals, Bruce Lye, managing partner of SRI, told EdgeProp in an earlier interview.
Foreign buyers were mainly focused on two luxury developments — South Beach Residen ces and New Futura, PropNex’s Lee points out. He believes the buyers were drawn to both developments as they wanted a prestigious address.
In contrast, Lee believes foreign interest in the luxury market is likely to see a fall in numbers this year, owing to the higher additional buyer’s stamp duty that came into effect on July 6 last year and global macroeconomic uncertainty.
So far, 25 units have been sold at South Beach Residences, according to caveats lodged with URA as at Jan 9. The majority of these units were sold to Chinese buyers, Lee says.
The lowest psf price fetched at the development was $2,795. The...