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Former People’s Action Party (PAP) MP Inderjit Singh posted a property news article on his Facebook page about a mainland Chinese family who bought 20 condo units in Singapore in one go.
The article, ‘Swire Properties sells all units in Eden for $ 293 million,’ was posted on Edgeprop.sg, a Singapore real estate portal, on Thursday (March 25).
The 20 luxury condo units developed by Swire Properties, called Eden, were sold to a single buyer said to be a “North Asian” Chinese family for $ 293 million or $ 4,827 psf.
Completed in 2019, Eden was designed by a multi-award winning architect based in the UK. Each of the 20 apartments occupy a full floor with four en-suite bedrooms. Residents enjoy a vertical landscape of hanging gardens, designed as their own “lush private garden in the sky.”
In fact, the layout of the apartments is so exclusive and private that “residents can freely walk around their apartment without worrying about their privacy,” according to a source. Eden is a remodel of the old Hampton Court, which Swire Properties had bought en bloc for $ 155 million in 2012.
Eden is located next to the Tanglin Club in Draycott Park. Nearby is also Le Nouvel Ardmore with its largest penthouse bought by Alibaba co-founder Sun Tongyu, who paid $ 51 million ($ 3,757 psf) for it a few years earlier. The enclave of Draycott Park, Draycott Drive and Ardmore Park is also known as the “billionaires belt”.
Edmund Tie real estate CEO Mr. Ong Choon Fah noted that for the very high net worth individual, the $ 300 million purchase price “is not an excessive investment.”
“In the longer term, major areas, for example the Ardmore-Draycott area, have proven to be a great location to park wealth,” said Ong. “We’re seeing more family funds coming in, including those from Hong Kong who have a strategic view of their investments.”
This is especially so since China began cracking down on the independence movement in Hong Kong, resulting in many wealthy Hong Kongers and mainland Chinese living there to transfer their funds elsewhere.
Singh, meanwhile, isn’t impressed with the multitude of wealthy foreigners buying property in Singapore.
“Singaporeans will exit the private property market as we continue to see a flood of foreign funds flowing into Singapore. This will have a spiraling effect on the cost of living in Singapore, ”he said.
