The Hungry Ghost Festival in August has certainly not spooked rich buyers from making luxury condo purchases. In just the first 13 days of the month, there were 10 such transactions above $9 million, based on caveats lodged to date.
Eight of the 10 transactions above $9 million were for units at Nouvel 18 on Anderson Road, which previewed towards the end of July. To date, 21 units have been sold. Many of the units that have been snapped up were the four-bedroom-plus-study units of 2,820 to 3,337 sq ft at prices ranging from $9.15 million ($3,245 psf) for a mid-floor unit to $12.9 million ($3,867 psf) for a high-floor unit in the twin 36-storey towers.
According to City Developments Ltd (CDL), 90% of the buyers are foreigners. The majority are said to be from China.
A total of 21 units at Nouvel 18 have been sold to date, where many of the units are four-bedroom-plus-study apartments priced from $9 million (Credit: Samuel Isaac Chua/EdgeProp Singapore)
The freehold, 156-unit luxury project in prime District 10 is designed by French architect Jean Nouvel and was completed in 2014. The project has a mix of two-, three- and four-bedroom apartments as well as sky suites and penthouses with sizes ranging from 1,335 to 6,318 sq ft.
“The profile of buyers at Nouvel 18 is very similar to those of Boulevard 88,” observes Dominic Lee, head of luxury team at PropNex Realty. At Boulevard 88, which was launched in March this year, many of the units sold initially were also four-bedroom units from 2,777 sq ft and priced above $9 million.
“There has been very little new supply of large-format apartments in the prime Districts 9 and 10 in recent years,” notes Lee. “That’s probably why such units are being snapped up.”
Located on Orchard Boulevard in prime District 9, Boulevard 88 is developed by a joint venture between CDL, Hong Leong Holdings and LEA Investments. Based on caveats lodged, the 154-unit luxury project is about 46% sold to date at an average price of $3,828 psf.
Meanwhile, at the 96-unit, freehold 3 Cuscaden, only the final phase of 19 units are available for sale, according to PropNex’s Lee. The project was launched last November by developer Sustained Land. To date, the average price achieved in the freehold development is $3,568 psf, based on caveats lodged. The units at 3 Cuscaden are said to be popular with local, Indonesian and Malaysian investors as the small-format one- and two-bedroom units within the development have prices starting from $1.57 million for a 463 sq ft unit.
Angullia Development has sold 22 units at TwentyOne Angullia Park since 2017, Units sold were predominantly three-bedroom units of 2,260 sq ft at prices ranging from $8.38 million ($3,707 psf) to $9.28 million ($4,105 psf). [Photo Credit: TCRE Partners]
Next to 3 Cuscaden is TwentyOne Angullia Park developed by China Sonangol and completed in 2014. On the back of launches of luxury projects in its immediate neighbourhood such as Boulevard 88 and 3 Cuscaden, and a pick-up in sales at the top-end of the market, TwentyOne Angullia Park has also seen an increase in transactions, especially since late July. The units sold were predominantly the three-bedroom units of 2,260 sq ft that fetched prices ranging from $8.38 million ($3,707 psf) to $9.28 million ($4,105 psf).
The latest transaction at TwentyOne Angullia Park, however, was for a 2,777 sq ft, four-bedroom unit on the 22nd level of the 36-storey tower. It was sold for $10.58 million ($3,810 psf).
The buyers at TwentyOne Angullia Park are said to be a mix of Singaporeans, Indonesians and Chinese.
The pick-up in luxury property transactions in Singapore in recent months is also because the city is perceived as a safe haven amid the uncertainty and unrest elsewhere around the world, says Samuel Eyo, managing director of Lighthouse Property Consultants.
“We have a strong financial system and strong rule of law as well as transparent legal structure for property ownership. For those with children living in Singapore, they feel safe and secure,” he adds. “Education and healthcare are also some of the key considerations for those who want to move their families here.”
In March 2017, just before the imposition of an additional conveyance duty, China Sonangol sold Angullia Development, the entity that holds the remaining units at TwentyOne Angullia Park. The joint buyers of Angullia Development were Danny Koh, founder of Tower Capital Asia, and Ben Yeo, former managing director of engineering and property group at Guthrie GTS. Yeo’s family-owned Y Developments and Koh’s Tower Capital Asia, in turn, co-founded TCRE Partners to manage the assets held by Angullia Development.
Since the acquisition of Angullia Development in 2017, the group has sold 22 units at TwentyOne Angullia Park, a number of which were “repeat purchases”, says Nicholas Yeo, director of TCRE Partners, who runs the asset management business. Nicholas is the son of Ben Yeo.
At TwentyOne Angullia Park, the 7,718 sq ft penthouse and a 2,260 sq ft, three-bedroom unit located directly below it were purchased by Malaysian businessman Low Taek Jho or Jho Low, who is currently a fugitive ensnared in the 1MDB scandal. Low paid $42.9 million ($5,560 psf) for the penthouse and $11.53 million ($5,099 psf) for the unit below in June 2013 at the peak of the market. It is still a record price at the luxury project to date.