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A buyer from China reportedly bought a duplex penthouse unit at Klimt Cairnhill luxury condominium for close to S$30 million, according to The Business Times.

As the option to purchase was believed to be granted in mid-February, the buyer managed to avoid the new buyer's stamp duty rate hike announced in the Budget on Feb. 14.

S$5,000 per square foot

The penthouse occupies the top two floors of the 36-storey condo, located on prime land along Cairnhill Road and a short distance off Scotts Road.

The 5,920 sq ft freehold unit, which costs around S$5,000 per square foot, has five en suite bedrooms, two study rooms and a living room balcony fitted with a small jacuzzi.

BT stated that the project developed by property group Low Keng Huat has one other simplex penthouse on the top floor, which was sold in November 2021 for S$26 million.

Relaxation of border controls see return of Chinese buyers

Alvin Teo, an executive director of Low Keng Huat (Singapore) Limited told BT that 35 of the development's 138 units have been sold.

Huttons Asia's senior director for research Mr Lee Sze Teck told CNA that China's relaxation of border controls on Jan. 8 saw the return of super-wealthy Chinese property buyers to Singapore.

Foreigners picked up 57 units in January, 58.3 per cent higher than in December, and 14 out of the 17 units at Klimt Cairnhill sold in January 2023 went to foreigners.

Large units popular with the super-wealthy

"The super-wealthy Chinese were said to be behind some of the purchases in Klimt Cairnhill in January, pushing the project to become the number three bestselling project in January," Lee said.

Lee thinks that one of the reasons why the Chinese zoomed in on Klimt Cairnhill was the availability of large units, which were more than 2,000 sq ft.

He expects the potential return of well-heeled Chinese investors to drive demand for prime private homes.

Top image via EdgeProp Singapore/Low Keng Huat