Archive for category: Misc

In July, developer Kheng Leong Co, the private property arm of the late billionaire banker Wee Cho Yaw’s family, sold two additional units at its exclusive freehold luxury condominium, 21 Anderson. The sales were recorded in caveats lodged with URA Realis. One of these units was a 10,452 square foot duplex penthouse that spans the ninth and tenth floors of the high-end development located along Anderson Road in prime District 10. The sale price for this unit was $52.25 million, which translates to a price of $4,999 per square foot.

This transaction marks the highest price achieved at 21 Anderson since the project was launched in April. It also sets a new record for the highest price paid for a penthouse since October 2020, when Chinese-American billionaire Leo Kuo Guan paid $62 million (equivalent to $2,937 per square foot) for the 21,108 square foot triplex penthouse at the 99-year leasehold Wallich Residence located on the 62nd to 64th floors of Guoco Tower, Singapore’s tallest tower to date.

The buyer of the duplex penthouse at 21 Anderson is a Permanent Resident (PR), as stated in URA data. However, the origin of the PR is unspecified. The penthouse at 21 Anderson commanded such a high price due to its exclusivity, being one of only two such penthouses in the niche development which consists of only 18 large-format units.

Out of the 18 units at 21 Anderson, 14 are four-bedroom condos measuring 4,489 square feet each. Aside from its spacious size, each penthouse also comes with a 500-bottle walk-in wine cellar, a roof terrace with a pergola, a landscaped garden, a 9-meter lap pool, and a sauna. These features, combined with unblocked views of the surrounding greenery, the Shangri-La Singapore, and the former Raffles Girls’ School campus, make the penthouses highly sought after.

Additionally, 21 Anderson only has two units of two-bedroom condos located on the first level, each sized at 3,197 square feet. One of these units was sold in May for $9.5 million, which equates to $2,972 per square foot. The remaining 14 units at 21 Anderson are four-bedroom condos, each measuring 4,489 square feet. Four of these units were sold at prices ranging from $20.97 million ($4,672 per square foot) to $24 million ($5,347 per square foot) in April and May. Notably, the sale of the four-bedroom unit on the eighth floor for $5,347 per square foot set a new price record for the development.

The latest transaction at 21 Anderson was for a 4,489 square foot four-bedroom unit on the sixth floor, which was sold for $21.06 million (at a rate of $4,692 per square foot), as indicated by a caveat lodged on July 25. The buyer of this unit is also a PR, with an unspecified country of origin.

Out of the seven units sold at 21 Anderson so far, five of the buyers are PRs, while the remaining two are Singapore citizens. Kheng Leong acquired the former development, also known as 21 Anderson, from the Chiu family-controlled Hong Kong-listed Far East Consortium International for $213 million in September 2021. Before Kheng Leong’s acquisition, the former 21 Anderson operated as a serviced apartment block with 34 units for 13 years. Under Kheng Leong, the entire building underwent a full refurbishment, including a new façade, updated interiors, landscaping, and systems.

The design of 21 Anderson was spearheaded by Ernesto Bedmar, a renowned Singaporean architect known for his high-end homes. Bedmar was also the designer behind Kheng Leong’s boutique project, 32 Gilstead, which is located in the same district. Shunmyo Masuno, who also worked on 32 Gilstead and Nassim Park Residences, was responsible for the landscaping at 21 Anderson. The interiors at 21 Anderson and Nassim Park Residences were designed by Studio Liaigre, helmed by French designer Christian Liaigre.

21 Anderson is one of the most successful developments in Singapore, with its ability to fulfill a gap in the market being its key to success. According to Dominic Lee, the head of the luxury team and investment sales at PropNex, there is a void in the market for large-format, freehold units, particularly in the prime district. Furthermore, penthouses in freehold developments with a floor area of at least 10,000 square feet are extremely rare. Lee has played a crucial role in the sales at 21 Anderson, having brokered the sale of a two-bedroom unit for $9.5 million ($2,972 per square foot) and a four-bedroom unit on the third floor for $23 million ($5,127 per square foot) in April.

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