Sukanto Tanoto's eldest son acquires a Fernhill Road mansion for S$21 million.

A Singapore permanent resident pays S$2,549 per square foot for the freehold land area.

November 27, 2024

CONDOsingapore.com



A mansion in Fernhill Road, which is an ancient structure, was acquired for S$21 million by the eldest child of Indonesian tycoon Sukanto Tanoto.

On the freehold land area of 8,238 sq ft, the price is equivalent to S$2,549per square foot. The three-story mixed-landed housing zone, which permits the construction of terrace, semi-detached, and bungalow housing, is located in close proximity to the Nassim Road Good Class Bungalow (GCB) Area. The two-story bungalow is situated within this zone.

According to market analysts, Andre Tanoto, the purchaser, is anticipated to construct a new residence on the premises for his utilisation.

He is a permanent resident of Singapore in his forties. According to queries conducted on the Handshakes portal, he is an Indonesian citizen who is engaged in the private equity and fund management industries.

He is the sole member of the executive management board of RGE (Royal Golden Eagle), the organisation established by his father, of the four elder offspring of Tanoto. Among other enterprises, the Singapore-based organisation has interests in energy development, palm oil, and cellulose and paper.

The managing directors of RGE are the senior Tanoto's daughters, Imelda and Belinda, and his younger son, Anderson, as indicated on the organization's website.

The Tanoto Foundation, the family's philanthropic branch, is overseen by the board of trustees, which includes all four siblings.

In 2022, Pacific Eagle Real Estate, the privately held property investment and development concern of the Tanoto family, acquired the freehold Tanglin Shopping Centre for S$868 million through a collective sale. Additionally, it constructed the Mondrian Singapore Duxton hotel.

Foreign nationals, including Singapore permanent residents, are prohibited from purchasing landed properties in Singapore. The Land Dealings Approval Unit (LDAU) must grant permission to such purchasers.

An extraordinary economic contribution to Singapore

In order to be granted permission, petitioners must meet specific criteria on mainland Singapore, such as being a Singapore PR for a minimum of five years and making an exceptional economic contribution to the country. (The economic contribution is determined by factors such as the applicant's employment income, which is subject to taxation in Singapore.)

The land area of the property to be purchased must not exceed 15,000 square feet, and it must not be located within a GCB AREA. Applicants who are interested in purchasing a landed residential property that is more than 15,000 sq ft and/or located in a GCB Area will be required to meet more rigors qualifying criteria, including economic contribution.

PRs who purchase a landed residence on mainland Singapore are required to maintain the property for a minimum of five years.

In Singapore, the sole location where foreigners who are not Singapore PRs are permitted to purchase a landed property is Sentosa Cove. However, they must still obtain the LDAU's approval.

The property must be for owner occupancy, and a foreigner (including a PR) is limited to owning only one landed residence in Singapore (including Sentosa Cove).