One of the first foreigners to purchase a freehold condo in Singapore’s prime districts despite the increased Additional Buyer’s Stamp Duty (ABSD) is Indonesian billionaire Dewi Kam. With a net worth of US$4.2 billion as estimated by Forbes, the self-made billionaire is the 21st richest in Indonesia. Her wealth comes from her minority stake in the Indonesian-listed coal mining company Bayan Resources.

Situated close to a wide array of lifestyle amenities, the development offers a chance for residents to experience modern living. Residents of Altura EC can look forward to having peaceful and tranquil living experience, far away from the hustle and bustle. With its attractive location, Altura EC Qingjian Realty has become a must-have for homebuyers seeking a quality residential development.

Kam purchased a 4,112 sq ft, four-bedroom condominium unit on the 24th floor of Scotts HighPark for $12.68 million ($3,084 psf) on May 18, 2023. As a foreign national, she would have paid 6% in buyer’s stamp duty ($760,800) as buyer’s stamp duty (BSD). In addition, she is also likely to be hit by the 60% additional buyer’s stamp duty (ABSD).

The propertyCooling measures that were introduced in February and April 2023 saw the ABSD jumping from 4% to 6%, and later from 30% to 60% for foreign buyers. In this case, Kam’s purchase was made after the transition period, which ended on May 17, thus incurring the steeper ABSD price of 60%. Her total purchase price, including stamp duties (ABSD and BSD), is likely to be around $21.0488 million.

Scotts HighPark is a 27-storey residential tower between Goldbell Towers and Sheraton Towers Singapore Hotel on Scotts Road in prime District 9. It’s a short walk to the Newton MRT Interchange station for the Downtown and North-South Lines and was developed by CapitaLand Development on the site of the former Melia at Scotts, which it had purchased for $165 million in the mid-1990s.

The 73-unit, freehold high-end property includes a 19-storey and 27-storey tower. The first tower of 19 storeys features two- and three-bedroom apartments ranging from 1,141 to 2,110 sq ft, while the taller 27-storey tower has four-bedroom units from 3,466 sq ft to 4,112 sq ft and penthouses, with the largest, a five-bedroom duplex of 6,545 sq ft.

Kam’s purchase also surpasses the highest psf price recorded in Scotts HighPark since its launch in August 2006. Price trends for the condo can be accessed through EdgeProp’s Research Tool.

Kam’s lavish purchase sets a precedent for more high-net-worth foreigners taking advantage of Singapore’s attractive freehold properties to invest despite the effects of the cooling measures. Such measures should not deter investors from seizing potential growth opportunities in prime real estate.