At SG$5,000 per square foot, the staggering price tag did not deter a Chinese individual from purchasing this freehold property in the Cairnhill district.
Singapore’s property news grapevine has learned that the duplex penthouse apartment, which takes up the upper two floors of the 36-storey luxury condominium Klimt Cairnhill, is being sold for close to S$30 million (approx US$ 22.5 million).
For the 5,920 square foot freehold unit, the price comes out to almost S$5,000 per square foot (psf); the strata area includes about 800 sq ft of a void that provides a double-volume space in the living area. According to rumors, the customer is from China. The buyer beat the rise in the buyer’s stamp duty rate for residential properties revealed in the Budget on February 14; the option to purchase is believed to have been given last week. The next day, the revised rates became effective.
The five bedrooms in the duplex apartment are all en suite. There is a walk-in closet in the main bedroom. The apartment has two study areas as well, and the balcony off the living room will soon have a small jacuzzi. One other penthouse on level 36 of the Low Keng Huat property development complex was sold in November 2021 for S$26 million, or S$5,308 per square foot on a strata area of 4,898 square feet. There are six apartments in that duplex.
Like all of the units in the building, the two penthouses were sold without soft furnishings but with the addition of cooking appliances, wardrobes, sanitary ware, and flooring. A mainboard-listed executive director at Low Keng Huat (Singapore) Limited named Alvin Teo refused to comment on the penthouse deals. He did point out that 35 of the 138 apartments in the development have been sold. When the group previewed the project in August 2021, the first unit was sold; however, Teo noted that the Covid safe-management measures made it challenging to display a high-end product in a showflat. The reopening of China is beneficial, but other Asians also purchase.
The group updated the Klimt Cairnhill showflat and relaunched the project early this month after the authorities removed the last of the Covid restrictions on access to showflats last October. When quizzed about the nationalities of the buyers of the 35 units sold so far, Teo opined, “While China opening its borders in January has helped Klimt Cainrhill draw some buyers, we also have a fair bit of buyers from Singapore and Southeast Asia.”
In addition to the two penthouses, the units in the development vary in size from two to four bedrooms.
Read about this property featured in a different slant here.
