By Fiona Ho
Singapore properties have long been favoured by foreign investors seeking a safe haven for both capital preservation and appreciation.
Based on EdgeProp’s analysis, below are the top 5 Singapore condos that saw the highest level of foreign interest in the first 11 months of 2018, by comparing the number of units at the development and the number of units sold. Only new sales transactions for non-landed private residential properties involving foreigners who are non-permanent residents (NPR) were considered in our analysis.
1. Wallich Residence at Tanjong Pagar Centre – avg S$3,393 (US$2,479) psf
Foreign buyers accounted for 62% of new sales transactions during the first 11 months of 2018.
Wallich Residence comprises 181 luxury units and spans the 39th to 64th floors of Tanjong Pagar Centre. The residential units sit on top of the 38-storey Guoco Tower, which comprises Grade-A office space.
Tanjong Pagar Centre is an integrated development by GuocoLand and includes retail space as well as the luxury Sofitel Singapore hotel. The entire development is linked underground to the Tanjong Pagar MRT station.
2. V on Shenton – avg $2,469 psf
Foreign buyers accounted for 55% of new sales transactions during the first 11 months of 2018.
The towering V on Shenton is the latest landmark in Singapore’s financial district. Completed in 2017, the mixed-use development comprises the 54-storey residential tower, V on Shenton, and the new UIC Building, a 23-storey, Grade-A office tower.
The towers are a redevelopment of the former UIC Building. Built in 1973, UIC Building was once the tallest tower in Singapore. The new V on Shenton is a reinterpretation of the landmark development by world-renowned Dutch architect Ben van Berkel of UNStudio, whose works include Ardmore Residence in Singapore and the upcoming tallest building in Australia, Green Spine, in Melbourne.
3. Carpmael Thirty-Eight – avg $1,663 psf
Foreign buyers accounted for 50% of new sales transactions during the first 11 months of 2018.
Carpmael Thirty-Eight is a freehold development that is located on Carpmael Road. It is near amenities like Paya Lebar MRT station, KINEX (former OneKM mall) and Paya Lebar Square.
It is also near educational institutions such as Canadian International School, Chatsworth International School and Eton House International School.
4. Martin Modern – avg $2,692 psf
Foreign buyers accounted for 49% of new sales transactions during the first 11 months of 2018.
Developed by GuocoLand, Martin Modern is the only luxury condominium in prime District 9 with a garden setting. In 1Q2018, the 450-unit Martin Modern was the best-selling project in the Core Central Region (CCR). Since its launch in July last year, all 277 units released in the first phase have been sold.
Located at 8 Martin Place, Martin Modern is within a short walking distance of Robertson Quay, with its stretch of bars and restaurants fronting the Singapore River. The project is scheduled for completion in 2021, in time for the opening of the Great World MRT station on the Thomson-East Coast Line, situated an 11-minute walk away.
5. Marina One Residences – $2,538 psf
Foreign buyers accounted for 42% of new sales transactions during the first 11 months of 2018.
Marina One Residences is part of the $7 billion Marina One integrated development, the newest and largest such project in the Marina Bay financial district. Marina One was developed by M+S, a joint-venture company 60 per cent-owned by Malaysian sovereign wealth fund Khazanah Nasional and 40 per cent by its Singapore counterpart Temasek Holdings.
The development was completed in November last year and comprises 1,042 luxury residential units, 1.88 million sq ft of Grade-A offices and 140,000 sq ft of lifestyle retail space.
*This story is contributed by EdgeProp.sg