Singapore’s luxury penthouse deals fuelled by Chinese buyers

An 11,098 square foot, triplex penthouse at Boulevard Vue sold recently for S$52 million (US$4,686 per square foot) to a buyer believed to be a Chinese national. This latest transaction means the 28-unit ultra-luxury condo by Far East Organization is fully sold to date.

There has been a rash of big-ticket purchases of luxury penthouses in the prime districts, driven predominantly by Chinese buyers.

At Boulevard 88, a penthouse of 6,049 sq ft, which is also the biggest in the ultra-luxury condo, was sold for S$31 million (S$5,125 per sq ft), according to a caveat lodged on June 3. That is the highest price per sq ft for a penthouse since the super penthouse at Sculptura Ardmore was sold for over S$60 million or S$6,000 per sq ft two years ago.

The latest deal at Boulevard 88 was the last of the four penthouses in the 154-unit luxury condo sold to date.

Three of the penthouses at Boulevard 88 were purchased by foreigners, of whom two were Chinese, according to Dominic Lee, PropNex’s head of luxury team. The remaining penthouse was sold to a Singaporean buyer.

At 3 Orchard By-the-Park, the 6,555 sq ft penthouse that was sold recently for S$31.5 million (S$4,805 per sq ft) went to a Chinese buyer. The deal was said to be brokered by Savills Residential.

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“There has certainly been some interest in penthouses in the past 12 months, including some that are centred around new projects in the Orchard area, such as Boulevard 88, 3 Orchard By-The-Park and New Futura,” said Leong Boon Hoe, COO of List Sotheby’s International Realty (List SIR).