Chinese Buyer Snaps Up A Duplex Apartment at Klimt Cairnhill for S$30m

The Singapore property news grapevine has learned that the duplex penthouse apartment, which occupies the upper two floors of the 36-storey Klimt Cairnhill luxury condominium, is being sold for close to S$30 million (about US$22.5 million).

For a 5,920 square foot freehold unit, the price is almost S$5,000 per square foot (psf); the strata area covers about 800 square feet of vacancy providing double volume space in the living area. According to rumors, the customer is from China. Buyers beat buyers’ stamp duty increases for residential properties disclosed in the Budget on Feb. 14; the option to buy is believed to have been granted last week. The following day, the revised rates became effective.

The five bedrooms in the duplex apartment are all en suite. There is a walk-in closet in the master bedroom. The apartment also has two study areas, and the balcony off the living area will soon have a small jacuzzi. Another penthouse on the 36th floor of the Low Keng Huat property development complex is up for sale in November 2021 for S$26 million, or S$5,308 per square foot in a strata area of ​​4,898 square feet. There are six apartments in the duplex.

Like all units in the building, both penthouses are sold without soft furnishings but with the addition of cooking utensils, wardrobes, sanitary ware and floors. An executive director listed on the main board at Low Keng Huat (Singapore) Limited named Alvin Teo declined to comment on the penthouse deal. He said 35 of the 138 apartments currently under development had been sold. When the group previewed the project in August 2021, the first units sold; however, Teo noted that Covid safety management measures made it difficult to display high-end products on showflats. China’s reopening is profitable, but other Asians are also buying.

The group refurbished the Cairnhill Klimt showflat and relaunched the project earlier this month after authorities removed the last Covid restrictions on access to the showflat last October. When asked about the nationality of the buyers of the 35 units sold so far, Teo opined, “While China opening its borders in January has helped Klimt Cainrhill attract some buyers, we also have quite a number of buyers from Singapore and Southeast Asia.”

Apart from the two penthouses, the units being developed vary in size from two to four bedrooms.

Read about this property displayed in different slant here.