In July, developer Kheng Leong Co, the private property arm of the late billionaire banker Wee Cho Yaw’s family, achieved new sales at its freehold luxury condo 21 Anderson. According to records from URA Realis, two units were sold during this period.
One of the units sold was a 10,452 sq ft duplex penthouse that occupies the ninth and 10th floors of the prime District 10 development along Anderson Road. The purchase price was $52.25 million, which translates to $4,999 per square foot.
This sale marked the highest achieved at 21 Anderson since the project was launched in April. It also set a new record for the highest price for a penthouse in Singapore since October 2020, when billionaire Leo Kuo Guan paid $62 million ($2,937 psf) for the 21,108 sq ft triplex penthouse at the 99-year leasehold Wallich Residence on the 62nd to 64th floors of Guoco Tower, Singapore’s tallest tower to date.
Based on data from URA, the buyer of the duplex penthouse is a Permanent Resident (PR), although their country of origin remains unspecified.
The penthouse at 21 Anderson commands a premium due to its exclusivity, being one of only two such penthouses in the 18-unit development. It comes with exclusive amenities such as a 500-bottle walk-in wine cellar, a roof terrace with a pergola, a landscaped garden, a 9m lap pool, and a sauna. The penthouse also boasts unblocked views of the surrounding greenery, Ardmore Park, the Shangri-La Singapore, and the former Raffles Girls’ School campus.
21 Anderson also has two units of two-bedroom condos located on the first level, each measuring 3,197 sq ft. One unit was sold in May for $9.5 million ($2,972 psf).
The remaining 14 units at 21 Anderson are four-bedroom condos, each measuring 4,489 sq ft. Four of these units have been sold for prices ranging from $20.97 million ($4,672 psf) to $24 million ($5,347 psf) in April and May, based on caveats lodged. The $5,347 psf for the four-bedroom unit on the eighth floor also set a new per square foot high for the development.
The latest sale, a 4,489 sq ft four-bedroom unit on the sixth floor, fetched $21.06 million ($4,692 psf) according to a caveat lodged on July 25. The buyer is also a PR of unspecified origin.
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To date, seven units have been sold at 21 Anderson, with five of the buyers being PRs and the remaining two being Singapore citizens.
Kheng Leong acquired the development, also known as 21 Anderson, from the Chiu family-controlled Hong Kong-listed Far East Consortium International for $213 million in September 2018. Prior to this acquisition, 21 Anderson operated as a serviced apartment block with 34 units for 13 years.
Under Kheng Leong, 21 Anderson underwent a full refurbishment, which included a new façade, upgraded interiors, landscaping, and systems. The development was designed by Ernesto Bedmar, a renowned Singaporean architect known for high-end homes. Landscaping was done by Shunmyo Masuno, the same landscape designer who worked on Kheng Leong’s boutique project 32 Gilstead. The interior was designed by Studio Liaigre, led by French designer Christian Liaigre, who also designed Kheng Leong’s Nassim Park Residences.
According to PropNex’s head of luxury team and investment sales, Dominic Lee, 21 Anderson’s success can be attributed to its ability to fill a gap in the market. “There’s a scarcity of large-format, freehold units in the market,” he said. “In particular, penthouses in freehold developments in the traditional prime district with a floor area of at least 10,000 sq ft are even more uncommon.”
Lee brokered the sale of a two-bedroom unit at 21 Anderson for $9.5 million ($2,972 psf) and a four-bedroom unit on the third floor for $23 million ($5,127 psf) in April.