Swire Properties sells all apartments in luxury Singapore development for US$219 million

Zhang Shidong
·3-min read

Swire Properties has sold all the flats in a luxury residential project in Singapore for HK$1.7 billion (US$218.8 million) involving multiple buyers.

The 20 units in the Eden project, each of which has a floor area of 3,000 square feet (279 square metres) and featuring four bedrooms, was sold for HK$27,800 per sq ft, the Hong Kong-based property developer said on Thursday. The sale will be completed by May 26, subject to the fulfilment of the purchase agreement, it said.

The Eden project is located in Singapore’s District 10 Orchard Road neighbourhood. The property was completed in 2019 and is the first completed global residential development designed by Thomas Heatherwick of Heatherwick Studio.

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“We’re delighted to sell all 20 flats at Eden, our phenomenal ultra-luxury residences in the heart of Singapore,” said Guy Bradley, chief executive of Swire Properties. “This is a significant transaction 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.”

A view of residential developments in Singapore. Photo: EdgeProp
A view of residential developments in Singapore. Photo: EdgeProp

Singapore’s property sector has held up well despite the impact of the pandemic on the economy. Private home prices were up 2.2 per cent last year, compared to a growth of 2.7 per cent in 2019, data from Savills shows. Developers sold 9,982 private residential units in 2020, 0.7 per cent higher than the 9,912 units in 2019.

However, sales of private apartments to foreign buyers were badly affected by the pandemic. Sales fell to a 17-year low after Singapore imposed a two-month lockdown, as it prevented overseas buyers from travelling to the city to view and buy property. Some 742 private apartments were sold last year, the lowest since 671 in 2003, Bloomberg reported, citing data from Singaporean real estate consultancies.

“Transaction numbers this year should be better than last year as border restrictions begin to loosen up over the course of the year, allowing overseas buyers to come here to view property,” said Alan Cheong, executive director for research and consultancy at Savills, in Singapore.

The Eden project won a top rating from Singapore’s Building and Construction Authority for being incorporating energy-saving and environment-friendly components. The development features natural ventilation that reduces the need for air-conditioning and energy usage, and tailored concrete that helps natural cooling.

Shares of Swire Properties rose 1.7 per cent to HK$23.70 on Friday, taking its year to date gain to 3.3 per cent. That has outperformed the 2.5 per cent gain on the Hang Seng Index in the period.

Additional reporting by Cheryl Arcibal

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