More luxury real estate buyers in Singapore won’t just consider properties in sought-after districts over the next few years.
Since the Covid-19 outbreak, exclusivity has influenced the criteria of locals and foreigners for acquiring prime condominiums and homes.
The trend became one reason behind property developers’ multimillion deals in 2021 to meet the burgeoning demand for luxury properties.
Among high-profile transactions included a SGD 650 million (US $478.3 million) deal to purchase the Peace Centre/Peace Mansion in District 9. Residential properties would represent 40% of the 7,118-square-meter site.
As exclusive properties become more popular, here are four places in Singapore to find private residences in prime areas in 2022.
In March 2021, Jin Xiao Qun bought a Good Class Bungalow (GCB) along Nassim Road for SGD 128.8 million (US $95.6 million). The purchase price equated to a record-high price of SGD 4,005 per square foot.
Market observers noted that prices for future deals in the ultra-exclusive neighborhood would exceed the record price of Jin’s transaction.
GCB acquisitions remain a distinct display of wealth and status in Singapore. Only citizens can purchase landed properties in a GCB Area.
The rule adds a touch of exclusivity that leads many frustrated non-citizens to settle with condominiums.
For example, four resale condos at Nassim Park Residences changed ownership in 2021 for a combined value of more than SGD 53.3 million (US $39.2 million).
In October, a new luxury condo at Les Maisons Nassim went off the market for SGD 75 million (US $55.5 million). The sale price for the 12,077-square-foot unit surpassed billionaire James Dyson’s purchase of a US $54.2 million penthouse in 2019.
Exclusive properties in Singapore don’t always involve eye-watering prices. If you’re unable to buy a GCB, you should consider an industrial-style property instead.
For example, a semi-detached house at 29 Greenbank Park costs approximately SGD 10 million (US $7.4 million). The bungalow spans more than 11,000 square feet with 6 bedrooms and 10 bathrooms.
More than its spacious vibe for a cheaper price, you’d feel one with nature because the property features a backyard garden. While it’s a semi-detached home, there won’t be adjoining neighbors as well.
Expatriates and locals favor Greenbank Park partly due to its proximity to nature reserves, including the Bukit Timah Nature Reserve.
The 29 Greenbank Park house offers an exclusive, long-term respite from Central Area’s bustling communities.
At the same time, the property isn’t too far away from commercial districts. A trip to Bukit Timah, for instance, usually takes 10 minutes by car.
Some luxury property buyers in Singapore prefer to complement convenience with exclusivity. It’s better to combine these two elements instead of choosing one over the other.
The Leedon Residence development at 12 Leedon Heights embodies a balanced mix of convenience and exclusivity. It features 4 bedrooms and 3.5 bathrooms within almost 2,500 square feet of space.
You could buy the unit for approximately SGD 6.9 million (US $5.1 million) and live near the Leedon Park Good Class Bungalow area.
The property’s strategic location provides residents with nearby access to:
- Dempsey Hill
- Farrer Road MRT Station
- Holland Village
- Orchard Road
- Singapore Botanic Gardens
Like other luxury condos, the 12 Leedon Heights unit guarantees safety with a private lift.
Property buyers and investors should look out for Shun Tak Holdings’ redevelopment of 30 Mount Elizabeth in District 9. The company announced a plan to convert the property into a luxury residential area.
Shun Tak placed the winning bid of approximately SGD 557 million (US $410 million) through its subsidiary. By 2027, the group aims to transform more than 226,000 square feet of maximum gross floor area.
Future residents would enjoy “privacy and unblocked panoramic views” of the central business district. They would also see Goodwood Hill’s greenery from Mount Elizabeth’s highest point.
Luxury property buyers flock to District 9 because of exclusive residences near Orchard Road and other landmarks.
As exclusive properties become fewer in land-scarce Singapore, it’s more important than ever to find a location-savvy broker.
Click here to find out more about Brilliance Capital and how the firm advises ultra-high-net-worth individuals.