Chinese national buys 20 units at CanningHill Piers for around S$85m
Chinese national buys 20 units at CanningHill Piers for around S$85m. According to Lianhe Zaobao, a CHINESE national paid more than S$85 million for 20 units at CanningHill Piers, a condominium along the Singapore River (Jun 2).
According to Zaobao, the buyer, who is from Fujian, China, is also considering 10 more units, bringing the total transaction to more than S$100 million.
The 20 units purchased recently include ten 3-room flats priced between S$3.1 million and S$3.3 million, and ten 4-room units priced between S$5.3 million and S$5.6 million.
The transaction was facilitated by ERA Realty Network, which declined to comment, according to Zaobao.
According to Zaobao, if the buyer purchases 10 more units, the transaction is expected to contribute approximately S$30 million in stamp duties under the new property cooling measures.
Foreign buyers must pay a 30% Additional Buyer’s Stamp Duty, up from 20% previously, as part of the measures introduced last year to cool the property market.
According to industry sources familiar with the transaction, the money used to pay for the units was transferred from Indonesia to Singapore, according to Zaobao.
When completed in 2025, CanningHill Piers, a 99-year leasehold luxury residence developed by CapitaLand Development and City Developments Limited, will be part of the integrated redevelopment on the former Liang Court site.
During the launch weekend, the condominium fetched S$1.18 billion, with homebuyers snapping up 538 units – or 77% – of the 696 units at an average selling price of around S$3,000 per square foot.
Including the 20 units purchased by the Chinese national, a total of 639 units would have been sold, accounting for 92% of the total number of units, according to Zaobao.
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