In summary, investing in a condo in Singapore offers numerous benefits that make it a highly attractive option for investors. With a strong demand for housing, the potential for significant appreciation in property value, and attractive rental yields, there is great potential for profitable returns. However, it is crucial to carefully consider essential factors such as location, financing options, government regulations, and the current market conditions. By conducting thorough research and seeking expert guidance, investors can make well-informed decisions and maximize their profits in Singapore’s dynamic real estate market. Whether you are a local investor looking to diversify your portfolio or a foreign buyer seeking a stable and lucrative investment, condos in Singapore present a compelling opportunity worth considering.
In July, Kheng Leong Co, the private property arm of the family of late billionaire banker Wee Cho Yaw, recorded two more sales at 21 Anderson, a freehold luxury condominium. According to URA Realis, a total of 18 large-format units are housed in the exclusive development along Anderson Road in prime District 10.
The most recent sale was for a spacious 10,452 sq ft duplex penthouse, located on the ninth and tenth floors, which fetched $52.25 million or $4,999 psf. This marks the highest price achieved at 21 Anderson since its launch in April and the highest price paid for a penthouse in Singapore since October 2020, when billionaire Leo Kuo Guan purchased a triplex penthouse at the 99-year leasehold Wallich Residence for $62 million.
The buyer of the duplex penthouse is a Permanent Resident (PR), although their country of origin is unspecified according to URA records. The penthouse at 21 Anderson is highly sought after, being one of only two such units in the development. It boasts a multitude of luxurious features including a 500-bottle walk-in wine cellar, a roof terrace with a pergola, a landscaped garden, a 9m lap pool, and a sauna. Not to mention, it offers unblocked views of the lush greenery, Ardmore Park, the Shangri-La Singapore, and the former Raffles Girls’ School campus.
Out of the 18 units at 21 Anderson, there are only two two-bedroom units located on the first level, each measuring 3,197 sq ft. One unit was sold in May for $9.5 million ($2,972 psf). The remaining 14 units consist of four-bedroom condos, with an average size of 4,489 sq ft and have been selling for prices in the range of $20.97 million ($4,672 psf) to $24 million ($5,347 psf) since April.
The latest transaction was for a four-bedroom unit on the sixth floor, which fetched $21.06 million (4,692 psf) in July. The buyer is also a PR of unspecified origin.
Out of the seven units sold to date, five buyers were PRs, while the remaining two were Singapore citizens. Kheng Leong acquired the former development from the Chiu family-controlled Far East Consortium International for $213 million in September 2017. The building underwent a complete refurbishment, including a new facade, interiors, landscaping, and updated systems under Kheng Leong’s guidance.
Designed by renowned Singaporean architect Ernesto Bedmar, who is known for his high-end homes, 21 Anderson boasts stunning landscaping by Shunmyo Masuno, who also worked on 32 Gilstead and Nassim Park Residences. The interiors were designed by French designer Christian Liaigre and his team from Studio Liaigre.
According to Dominic Lee, head of the luxury team and investment sales at PropNex, the success of 21 Anderson can be attributed to its ability to cater to a gap in the market. Lee points out that there is a demand for large-format, freehold units and penthouses in traditional prime districts. He brokered the sales of a two-bedroom unit for $9.5 million ($2,972 psf) and a four-bedroom unit for $23 million ($5,127 psf) in April.