In a significant milestone for Singapore’s ultra-luxury real estate market, Kheng Leong’s exclusive 21 Anderson development has established a new price benchmark with the sale of a 4,489 square foot four-bedroom unit for S$24 million, translating to an unprecedented S$5,347 per square foot. This transaction, completed on May 9, 2025, surpasses previous records for the development and reinforces the enduring appeal of Singapore’s prime District 10 properties despite broader market challenges.
The record-breaking sale follows two earlier transactions in April 2025, wherein four-bedroom units commanded prices exceeding S$20 million each, with one reaching S$21 million. These high-value deals are particularly notable given the increased Additional Buyer’s Stamp Duty rates implemented in April 2023, which have generally dampened foreign investment in Singapore’s luxury property sector.
Luxury buyers demonstrate resilience amid cooling measures, underscoring the enduring allure of Singapore’s prime properties.
21 Anderson, a freehold condominium situated in the prestigious Tanglin area, comprises 18 exceptionally spacious residences reconfigured from an original 34-unit development. Despite a subdued economic outlook with GDP growth forecast at only 0-2% for 2025, ultra-luxury properties in prime locations continue to draw selective demand. The property’s location in one of the Prime Districts remains a key attraction for buyers seeking prestige and stable property values. The property portfolio includes two two-bedroom units of 3,197 square feet each, fourteen four-bedroom units measuring 4,489 square feet, and two penthouse units spanning 10,452 square feet each, offering substantially larger floor plans than typical luxury condominiums. The meticulously crafted interiors feature high-quality finishes and modern fittings that maximize both space and natural light.
Kheng Leong acquired the property in 2021 for S$213 million, approximately S$2,490 per square foot of strata area, and subsequently undertook extensive addition and alteration works to transform the development into a more exclusive offering.
With prices starting from S$10 million, the development targets ultra-high-net-worth buyers seeking permanent ownership in one of Singapore’s most coveted residential enclaves.
The recent transactions at 21 Anderson represent a significant portion of Singapore’s ultra-luxury market activity, with only 13 condominium units in the S$4,500 to S$5,600 per square foot range sold across the city-state in the preceding two years.
Expected to receive its Temporary Occupation Permit later in 2025, 21 Anderson stands as a prominent example of continued confidence in Singapore’s high-end property sector despite economic headwinds and cooling measures.
