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Saturday, October 1, 2022
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PRC NATIONAL BOUGHT 4 CONDO UNITS @ ORCHARD FOR $60 MILLION

A Chinese national bought 4 luxury condo units at Orchard By The Park for a total of $60 million, with 3 of the units costing $12 million each and the fourth one setting him back $20 million.

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The condos are located at 3 Orchard Boulevard, and is beside the Camden Medical Centre and Tanglin Mall, as well as being right opposite the upcoming Orchard Boulevard MRT.

The four condo units are the larger ones of the condo development, and they range from 3,850 to 4,100 square feet in size.

According to EdgeProp, the building has 25 storeys and 77 units, and was built by Italian architect Antonio Citterio.

About 10 of the units still remain unsold.

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Chinese nationals finding Singapore attractive

Many of the rich in China are looking to move their wealth overseas and they are seeing Singapore as being a safe haven for their money.

China is, at the moment, being driven by a “crackdown” on the rich as the authorities are looking to share the wealth of the rich with the rest of the population.

Singapore is also attractive to the Chinese because of a majority population that speaks mandarin and more lax covid-19 rules, as compared to China’s incessant lockdowns, according to Associate Professor Alfred Wu from the Lee Kuan Yew School of Public Policy.

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