Chinese buyer snaps up 3 Orchard By-The-Park penthouse for $31.5 million
The per square foot (psf) price works out to be a whopping $4,805
A citizen from China has been understood to have acquired a 5-bedroom penthouse at 3 Orchard By-The-Park, a luxury condominium by YTL Land for a staggering $31.5 million or $4,805 psf – making it one of the most expensive luxury condo units ever sold in Singapore.
3 Orchard By-The-Park is a freehold high-end condo project which is situated next to the future Orchard Boulevard MRT station, and the psf price for its 6,555 square feet duplex penthouse has the highest transacted amount so far among the residential units sold by YTL to-date.
In 2018, YTL released one of the three residential blocks at 3 Orchard By-The-Park for sale – comprising of 30 units in total with 2-bedroom units, 4-bedroom units and the penthouse which was just sold to the Chinese buyer.
Out of the 30 units available, more than half of them have already been sold and the majority of them being acquired by foreigners (not including Singapore permanent residents).
According to Savills who brokered the penthouse deal, the 3 Orchard By-The-Park penthouse buyer was not a permanent resident of Singapore. Thus, he/she would have also incurred an additional 20 percent of Additional Buyer’s Stamp Duty (ABSD) on top of the purchase price.
So far, only 6 transactions have been lodge under URA Realis, with prices ranging between $3,511 psf – $3,805 psf.
It was launched back in March 2019 and all four of the penthouse units at Boulevard 88 has already been sold; three of them were sold to foreigners while another one was sold to a Singaporean – with the largest penthouse recording a transacted price of more $30 million.
Savills noted that high net worth property buyers from China have recorded the most number of property transactions in the Core Central Region (CCR) of Singapore within the first 5 months of 2019.
They’ve acquired 87 residential units in total – doubling the 43 units which were bought by buyers from Indonesia (ranked in 2nd place).
In addition, the total number of non-landed private homes (102) transacted at above $3,000 psf within 01 April to 03 June has already surpassed the 97 units record in Q1 2019 alone.