Canninghill Piers Night

A Chinese citizen had purchased 20 apartments at CanningHill Piers, a new condominium at Clarke Quay, for more than $85 million.

According to Lianhe Zaobao, the sale was handled by ERA Realty Network, which refused to comment on the transaction.

Ten 3-room apartments priced between $3.1 million and $3.3 million and ten 4-room units priced between $5.3 million and $5.6 million were purchased in the last few days.

More than $100 million in total sales are also reportedly being considered by the buyer from Fujian, China, according to Zaobao.

Under the new property cooling measures, the buyer is projected to pay roughly $30 million in stamp duties if they proceed with the acquisition of 10 additional units.

Foreign purchasers must now pay a 30% Additional Buyer’s Stamp Duty, up from the previous 20%, as a result of measures implemented last year to calm the housing market.

An industry insider tells Zaobao that the money used to pay for the units was moved out of Indonesia into Singapore.

CapitaLand Development and City Developments Limited are developing CanningHill Piers, a 99-year leasehold luxury home at Clarke Quay on the former Liang Court site, which is expected to be finished in 2025.

At its November 2021 debut weekend, the condominium sold for $48 million, with purchasers picking up 77% of the 696 apartments – or 538 units – at an average selling price of almost $3,000 per square foot.

639 units would have been sold, or 92 percent of the total number, if the Chinese national had purchased the remaining 20 units.

Freehold luxury property Eden at 2 Draycott Park was purchased for $293 million in April of last year by the Tsai family of Taiwan, owners of snack food giant Want Want China Holdings.