One buyer pays S$293 million for all 20 units of ultra-luxury Orchard condominium

Singapore – All 20 apartment units of an ultra-luxury condominium in Orchard were sold to “one exclusive buyer.”

Swire Properties announced on Thursday evening (Mar 25) that all units of its ultra-luxury condo, Eden at 2 Draycott Park, have been sold.

The apartments were sold for S$293 million. The sale will be completed by May 26, 2021, according to EdgeProp.

“We’re delighted to sell all 20 apartments at Eden, our phenomenal ultra-luxury residences in the heart of Singapore,” said Guy Bradley, chief executive of Swire Properties.

“The sale of the units is significant as it reflects Eden’s distinct design, which has been combined with green living experiences, and also recognises the strength of our residential brand in this new market. Moving forward, we’ll continue to explore Singapore for more opportunities that showcase our brand and fit our business strategy.”

Word on the street is that all 20 units have been sold to a single buyer, said EdgeProp. “The buyer is believed to be a Chinese family.”

Eden was designed by multi-award-winning architect Thomas Heatherwick of London-based Heatherwick Studio in collaboration with Swire Properties.

It was completed in 2019. Each of the 20 apartments occupies an entire floor spanning over 3,000 square feet, and includes four en suite bedrooms. Each apartment has a vertical landscape of hanging gardens designed as its own “lush, private garden-in-the-sky,” noted EdgeProp.

It was reported that one of the conditions for developing the apartments was exclusivity and privacy. “Residents can walk freely around their apartment without worrying about their privacy.”

Eden is located adjacent to The Tanglin Club across from The American Club. Each unit was priced initially at S$6,000 per square foot but was closed at about S$4,827, meaning the buyer received a 20 per cent bulk discount, said EdgeProp.

“Over the longer term, prime areas, for example, the Ardmore-Draycott area, have proven to be a great location to park one’s wealth,” said CEO of Edmund Tie, Ong Choon Fah.

“We’re seeing more family funds coming in, including those from Hong Kong who take a strategic view of their investments.”

For the ultra-high net worth individual, Eden’s purchase price “is not too much of an investment outlay – whether you’re buying for the residence of an extended family or with your friends, and it’s very exclusive,” said Ms Ong./TISG

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