A SPRAWLING penthouse unit atop the luxury residential condominium CanningHill Piers fetched S$48 million during its launch weekend, a testament to the red-hot demand for high-end real estate in Singapore.
The price tag for the 8,956 square foot apartment – set to be the highest unit atop the tallest residential development along the Singapore River – translates to about S$5,360 per square foot (psf).
Homebuyers snapped up a total of 538 units – or 77 per cent – out of the 696 units at an average selling price of around S$3,000 psf, according to a statement from City Developments Ltd and CapitaLand Development, the joint developers of this project. Total sales hit over S$1.18 billion.
All unit types – from smaller 409 sq ft one-bedroom apartments to 2,788 sq ft five-bedroom apartments – were well received, with selected stacks fully sold, the companies said in a joint statement. The 99-year leasehold condominium, part of the integrated redevelopment on the former Liang Court site, is now the best-selling project launch in the Central Area this year.
The majority – or 81 per cent – of buyers were Singaporeans, while the remaining 19 per cent were permanent residents and foreigners from China, Malaysia, Indonesia, Australia, South Korea, USA, UK, among others.
Singapore private home prices have been rising despite the pandemic. Sales of new private homes in the third quarter rose at a faster rate amid tightened Covid-19 restrictions, fuelled by demand from citizens looking to upgrade their homes and an improving economy.
