Update: After this story ran, Swire Properties said the sale in fact involved more than one transaction and buyer but declined to elaborate.
A Chinese family reportedly pulled a boss move by buying an entire luxury condominium building near Orchard Road.
All 20 units comprising the Eden condo at 2 Draycott Park were sold for S$293 million (US$217 million). They were sold in a single transaction, according to EdgeProp, although the Hong Kong developer made no mention of a single buyer in its announcement. The deal will be sealed in May.
“We’re delighted to sell all 20 apartments at Eden, our phenomenal ultra-luxury residences in the heart of Singapore. Moving forward, we’ll continue to explore Singapore for more opportunities that showcase our brand and fit our business strategy,” said Swire Properties CEO Guy Bradley.
The firm did not identify the buyers; nor has anyone stepped forward publicly to take credit.
The development, finished in 2019, has 20 condos, each spanning nearly 300sqm with four en suite bedrooms and a landscaped garden. It was completed in 2019 and designed by London-based architect Thomas Heatherwick.
EdgeProp said that the buyer got a volume discount, with the hefty price tag discounted from about S$360 million. If they were foreigners, they will have to pay an additional 20% in taxes.
The area is the location of the former Hampton Court condo before it was demolished. Swire Properties paid S$155 million in 2012 for the property to build Eden.
Draycott Park is situated in what is known as the “billionaires’ belt” of Singapore. Other luxury properties include the Le Nouvel Ardmore, which houses a duplex penthouse owned by Alibaba co-founder Sun Tongyu. There is also the 11-story condo Abelia owned by Singaporean tycoon Peter Lim.
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