For S$6,274 per square foot, a Swiss national purchases a 3,057-square-foot apartment at The Marq on Paterson Hill

Kristian Jebsen, whose family is selling out of the integrated international shipping company Gearbulk Holding, is thought to be the buyer.

October 7, 2025

CONDOsingapore.com

A 3,057 square foot (sq ft) apartment at the Paterson Hill freehold condominium The Marq was sold by SC Global Developments for S$6,274 per square foot, for a total of S$19.18 million.

The mid-level unit is located in the Premier Tower of the project, which offers roughly 3,000 square feet of four-bedroom apartments.

It is believed that Kristian Jebsen is the buyer; his family is selling the integrated international shipping business Gearbulk Holding.

Since Jebsen is a Swiss national, he will not be responsible for the additional 60% buyer's stamp duty (ABSD) that is imposed on international purchasers.

The same stamp duty treatment as Singaporeans is granted to US citizens and citizens and permanent residents of Iceland, Liechtenstein, Norway, and Switzerland under their respective free trade agreements.

Mitsui OSK Lines became the majority shareholder with a 72% stake in Gearbulk after the Kristian Jebsen family sold them a 23% stake in January 2025. The family now owned 28% of the business. In June 2025, Marubeni Corp. agreed to purchase this share, subject to a number of requirements being met.

In 2011, the 24-story, two-tower luxury condominium complex known as The Marq on Paterson Hill was granted a Temporary Occupation Permit.

Each of the 6,200 square foot, five-bedroom apartments in the Signature Tower of the development has a private 15-meter cantilevered lap pool.

Gearbulk was founded in 1968 by Jebsen's father, the late Kristian Gerhard Jebsen, and three other partners.

According to Jacqueline Wong, executive director of boutique property consulting firm JQT Private, the high ABSD rate for foreign buyers has decreased demand in the luxury condo market. "However, Singapore will continue to be a desirable safe haven for legitimate foreigners, family offices, high-net-worth individuals, and ultra-high-net-worth individuals due to the ongoing geopolitical tensions and uncertainties."

More US citizens and nationalities that are exempt from paying the 60% ABSD are probably going to move to the Republic and buy big, opulent apartments in Singapore, she continued. Prices will rise as a result of a shortage of fresh supply with freehold tenure.

Based on flash estimate data released on October 1, the Urban Redevelopment Authority's price index for non-landed private homes in Singapore's Core Central Region, or prime areas, increased 2.4% in the third quarter of 2025 compared to the previous quarter.

This came after the index gained 3% on a quarterly basis in the second quarter of 2025.