Lowering ABSD for sales of big ticket luxury condo homes to foreigners could yield benefits
[SINGAPORE] Recently, my colleague Kalpana Rashiwala reported that a Swiss national bought a 3,057 square foot (sq ft) apartment at the freehold condominium The Marq on Paterson Hill, near Orchard Road, at S$6,274 per square foot (psf), amounting to a total of S$19.18 million.
SC Global Developments was the seller of the mid-level four-bedroom unit, and the buyer is understood to be Kristian Jebsen. He is a Swiss citizen and his family is selling out of integrated global shipping company Gearbulk Holding.
For sure, achieving over S$6,000 psf is not typical for transactions at The Marq based on a check of the Urban Redevelopment Authority’s (URA’s) Realis data. Caveats lodged for transactions of four-bedroom apartments between 2022 and 2024 showed prices in the range of S$4,208 psf to S$4,580 psf.
