Chinese national buys 20 units at CanningHill Piers for around $85m

This article is more than 12 months old

Jun 02, 2022 02:07 pm

(THE BUSINESS TIMES) - A Chinese national has bought 20 units at CanningHill Piers, a condominium along the Singapore River, for more than $85 million, local media reported on Wednesday (June 1) and Thursday.

The deal was brokered by ERA Realty Network, which declined to comment on the deal, according to Lianhe Zaobao.

The 20 units that were bought a few days ago include 10 3-room flats priced between $3.1 million and $3.3 million, and 10 4-room units priced between $5.3 million and $5.6 million.

The buyer, who is from Fujian, China, is also said to be considering 10 more units, which would bring the total transaction to more than $100 million, according to Zaobao.

If the buyer goes ahead to purchase 10 more units, the transaction is expected to contribute about $30 million in stamp duties under the new property cooling measures.

As part of the measures introduced last year to cool the property market, foreign buyers have to pay a 30 per cent Additional Buyer's Stamp Duty, up from 20 per cent previously.

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The money used to pay for the units was transferred from Indonesia into Singapore, according to industry sources familiar with the deal, Zaobao reported.

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 at Clarke Quay when completed in 2025.

The condominium fetched $48 million during its launch weekend in November 2021, with homebuyers snapping up a total of 538 units - or 77 per cent - out of the 696 units at an average selling price of around $3,000 per square foot.

Including the 20 units bought by the Chinese national, 639 units would have been sold in total, making up 92 per cent of the total number of units.

In April last year, Taiwan's Tsai family, which is behind snack food giant Want Want China Holdings, bought all 20 units of the freehold luxe development Eden in 2 Draycott Park for $293 million.