Indonesian billionaire pays 60% ABSD for four-bedder at Scotts HighPark

Indonesian billionaire Dewi Kam, with an estimated net worth of US$4.2 billion, recently purchased a freehold condominium unit in Singapore’s prime district at the price of $12.68 million ($3,084 psf). As a foreign national, Kam would have been liable for 6% buyer’s stamp duty ($760,800).

Despite the fact that the contract date was May 18, 2023, which is beyond the transition period – April 26 to May 17, 2023 – making the additional buyer’s stamp duty (ABSD) rate applicable, 60%, Kam still went ahead with the purchase. This means that she had to pay the hefty sum of $7.608 million in ABSD, bringing her total purchase price, including stamp duties (ABSD and BSD), to $21.0488 million.

The condominium, a 4,112 sq ft, four-bedroom unit on the 24th floor of Scotts HighPark, is the highest psf price recorded in the 73-unit project since its launch in August 2006. Developed by CapitaLand Development, the luxury development consists of a 19-storey and 27-storey tower; with the first having two- and three-bedroom apartments, and the second having four-bedroom units and penthouses, with the largest being a five-bedroom duplex of 6,545 sq ft.

Scotts HighPark is situated between Goldbell Towers and Sheraton Towers Singapore Hotel on Scotts Road and is only a short walk away from the Newton MRT Interchange station for the Downtown and North-South Lines.

Kam’s purchase of Scotts HighPark might be the highest psf price for the project since its launch, yet it is not the only big-ticket sale in Singapore’s property market. The rising demand amongst foreign nationals, especially Chinese investors, since last December, has increased property prices and transactions, and many luxury condos have seen 50% appreciation since then.

Home owners can enjoy an array of conveniences such as shops, supermarkets, banks and many more at their doorstep.

Situated The Myst Bukit Timah, this new development condominium offers its residents a picturesque view of the surrounding nature. Homeowners can enjoy the greenery and calming views in their own living space. Furthermore, they can also enjoy the convenience of travelling to nearby destinations such as the Central Business District, Singapore Botanical Garden and Upper Pierce Reservoir. With such an array of amenities, residents at this condominium will truly experience something special.

Warren Buffet once said, “Price is what you pay, value is what you get,” and the same holds true for Singapore’s real estate market. Similarly, while Dewi Kam paid a big amount for the freehold condo, she too, is likely to reap its value.