Kheng Leong launches ultra-luxury condo 21 Anderson with prices from S$10 million

Business Times

30-04-2025

[SINGAPORE] Kheng Leong, the private real estate arm of the family of Wee Cho Yaw, has begun selling its ultra-luxury Tanglin project 21 Anderson.
Out of the condominium's 18 units, two 4,489 square feet (sq ft) four-bedroom units were sold in April, according to URA Realis data. One was sold for S$21 million or S$4,672 psf on Apr 10, while another was sold for S$23 million or S$5,127 psf on April 15. The two units were sold to a Singaporean and a permanent resident. The Business Times (BT) understands that another unit was sold on Apr 24.
According to sources, five other units have been reserved. Of the units remaining, there are two-bedder units priced at S$10 million (S$3,128 psf) while the remaining four-bedroom units are priced from S$22.5 million (S$5,025 psf) to S$25.4 million (S$5,663 psf), sources said. One five-bedroom triplex penthouse is still on the market for S$58.6 million (S$5,604 psf).
21 Anderson has 18 units – two two-bedders of 3,197 sq ft each, 14 four-bedders of 4,489 sq ft in size, and two five-bedroom penthouses that span 10,452 sq ft.
Kheng Leong acquired the prime Tanglin area property – then also called 21 Anderson – in 2021 for S$213 million or about S$2,490 psf of strata area.
BT understands that the developer embarked on addition and alternation works to reconfigure the block of 34 units into one with 18 extra-large apartments. The project is expected to receive its temporary occupation permit (TOP) later this year.
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At the high end of Singapore's condo market, in the S$4,500 to S$5,600 psf range that most of the 21 Anderson units are priced at, only 13 units have been sold over the last two years, according to caveats data. Sales have slowed since sharply higher Additional Buyer's Stamp Duty (ABSD) rates for foreign buyers kicked in from April 2023.
In comparison, 15 caveated sales in that psf price range were transacted in the 12-month period between April 2022 and April 2023, while 38 caveated deals were done in the corresponding 2021-2022 period.
At the top of the luxury residential segment, a 3,089 sq ft unit at freehold The Marq on Paterson Hill holds the record for the highest psf transaction at S$6,650 psf, in a S$20.5 million sale sealed almost 13 years ago in November 2011.
In January 2025, a Park Nova penthouse changed hands for S$38.9 million, or S$6,593 psf, surfacing out of the slump that has permeated the prime market since 2023.
In May 2024, a 7,761 sq ft luxury apartment on the 57th floor of Skywater Residences in Shenton Way was sold for S$47.34 million or S$6,100 psf. The transaction set a new benchmark for 99-year leasehold condominiums.
New projects at the top end of the market are few and far between, but elsewhere in the Core Central Region (CCR), several projects are expected to be launched in the next few months. These include W Residences Singapore Marina View by IOI Properties, the Orchard Boulevard project by UOL and SingLand, and the redevelopment of Robertson Walk by Frasers Property and Sekisui House.
According to URA data, prices of non-landed properties in the CCR rose by 0.8 per cent in the first quarter of 2025, moderating from the 2.6 per cent increase in the previous quarter.