4-bedroom unit at Sculptura Ardmore sold for S$4,687 psf

Buyers are Briton, German duo, who paid S$16.8 million for the unit; this is one of just 11 non-landed deals to cross S$4,500 psf in the past five years

Wed, Jul 24, 2019

A FOUR-BEDROOM apartment at SC Global Developments' Sculptura Ardmore development has been sold at S$4,687 per square foot (psf), one of only 11 transactions of private non-landed residential units here to have crossed S$4,500 psf in the past five years, based on caveats data.

The absolute price for the unit, which is above the 20th floor of the 36-storey, completed freehold project, is S$16.8 million. The unit's strata area of 3,584 sq ft includes 32.3 sq ft of strata void area.

The Business Times understands that the unit is being bought by German national and independent art adviser Armin Bienger, and UK citizen Paul Andrew Cook, who works at Royal Bank of Scotland, where he is head of international bank partnerships, according to his LinkedIn account.

The two are not Singapore permanent residents; hence they would have paid 20 per cent additional buyer's stamp duty on the purchase price, amounting to S$3.36 million.

The deal is understood to have been brokered by Linda Chern, the head of prime sales and corporate leasing (residential) at Knight Frank Singapore.

To date, the only other unit at Sculptura Ardmore for which a caveat has been lodged is a low-floor unit which was sold in 2017 for nearly S$12.44 million, reflecting S$4,171 psf.

The project's super penthouse, which was acquired in 2017 by Facebook co-founder Eduardo Saverin, has not surfaced in caveats databases. He is understood to have paid S$58 million, which works out to S$5,648 psf based on the strata area of 10,269 sq ft. This includes nearly 474 sq ft of void area. The penthouse, on levels 35 and 36, has a cantilevered private pool.

That transaction was the highest in absolute price terms for a non-landed private home in Singapore, until it was toppled by the S$73.8 million fetched this year for the triplex penthouse at Wallich Residence in the CBD. It was bought by British consumer electronics maker Dyson's founder, James Dyson, and his wife, Deirdre. The unit is perched on the top three levels of the 64-storey, 290-metre high block at Guoco Tower in Tanjong Pagar, making it Singapore's tallest residence.

Guoco Tower is on a site with 99-year leasehold tenure starting from February 2011; this leaves a balance lease term of about 90.5 years.

In terms of psf, the priciest condo transaction on the island, based on caveats data, is the S$6,650 psf fetched in 2011 for a four-bedroom apartment on a high floor in the 24-storey Premier Tower of The Marq on Paterson Hill, another development by SC Global.

An entity linked to Spanish tycoon Ricardo Peralta is understood to be the buyer of the 3,089 sq ft unit, which was sold at slightly over S$20.54 million.

What is interesting is that of the 11 caveated deals to have crossed S$4,500 psf in the past five years, eight were done this year.

"The Singapore luxe condo market has seen a resurgence in foreign buying, particularly by mainland Chinese, many of whom are not Singapore PRs and hence pay the 20 per cent ABSD," said Bruce Lye, the co-founder and managing partner of property agency SRI.

The company was not involved with the recent Sculptura Ardmore deal but has handled transactions in projects such as Boulevard 88, Nouvel 18 and South Beach Residences.

The key factors attracting foreigners include the Republic's stability and relative resilience of the Singapore dollar, Mr Lye added.

"Most of the mainland Chinese buyers are purchasing for their own occupation; they are planning to set up their businesses in Singapore and relocate their families here. Hence ABSD is a secondary matter to them."