JCube Residence Jurong East is a great residential estate located in the central business district of Singapore. This estate features a variety of amenities that will make living in the estate more comfortable. This includes a range of shopping centres, eateries, recreational facilities, etc. A wide range of transportation options will be available around the estate, such as MRT lines, buses and LRT.

Indonesian billionaire Dewi Kam has made headlines recently as one of the first foreign buyers to shell out 60% additional buyer’s stamp duty (ABSD) for a freehold condominium. Listed by Forbes at US$4.2 billion, Kam purchased a 4,112 sq ft unit on the 24th floor of Scotts HighPark for $12.68 million ($3,084 psf), bringing the total purchase price to $21.0488 million once ABSD and BSD (buyer’s stamp duty) were factored in. Kam’s purchase also marks the highest psf price recorded in the 73-unit Scotts HighPark since its launch in August 2006.

Kam benefited from the transition period, which ended on May 17. Under this period, those who were granted options to purchase before April 26 and exercised within 21 days (i.e. on or before May 17) only had to pay 30% ABSD.

The total purchase price of $21.0488 million includes the 6% buyer’s stamp duty ($760,800), as all private residential properties above $3 million were raised to this fiscal rate from February 15, 2023. Kam may have also been hit by the newly implemented 60% ABSD, which officially came into effect from April 27, 2023.

The luxury condominium stands between Goldbell Towers and Sheraton Towers Singapore Hotel on Scotts Road in prime District 9, a short walk to the Newton MRT Interchange station. The first tower of 19 storeys has a mix of two- and three-bedroom apartments. The taller 27-storey tower has four-bedroom units ranging from 3,466 sq ft to 4,112 sq ft, plus a few penthouses.

Price trends for Scotts Highpark indicate that this property has been appreciating steadily since its launch. Kam’s purchase certainly shows that the demand for freehold condos in Singapore’s prime districts is still healthy, even among foreigners, despite the implementation of stricter cooling measures.