Cambodian Tycoon Splashes S$8M on Singapore Property: Foreign Buyers Still Willing to Pay Hefty 60% ABSD

Foreign Buyers Returning to the Luxury Market? Cambodian Buyer Splurges Over S$8M on One Marina Gardens

Singapore's luxury residential market has witnessed another blockbuster transaction — a Cambodian national acquired a four-bedroom unit exceeding S$5 million at One Marina Gardens in Marina South, coughing up the hefty 60% Additional Buyer's Stamp Duty (ABSD) to bring the total outlay to around S$8.2 million.

According to property transaction records for October, two units at One Marina Gardens transacted at S$5.12 million ($3,108 psf) and S$5.13 million ($3,117 psf) respectively. One buyer was a Cambodian citizen, while the other was a Singapore Citizen.

As foreigners buying private residential property are subject to a 60% ABSD, this Cambodian buyer incurred an additional S$3.07 million to S$3.08 million in stamp duties alone, driving the effective total purchase cost up to between S$8.19 million and S$8.21 million.

Why Pay Such a Hefty Premium?

Amid rising global economic and geopolitical uncertainties, Singapore remains the region's most secure and stable safe haven for wealth preservation. At the same time, the Singapore dollar's continued strength against major currencies (including the US dollar) makes it even more appealing to overseas ultra-high-net-worth buyers.

Demand for large-format units in new launches has surged visibly in recent years, with three- and four-bedroom layouts increasingly sought after by affluent families.

At One Marina Gardens, the 1,647 sq ft four-bedroom premium units account for only 40 out of the 937 units, making them exceptionally scarce while commanding unblocked vistas of Gardens by the Bay.

Just this November, another four-bedroom unit of the same size on the 17th floor was sold to a Singapore Citizen for S$5.11 million ($3,105 psf). To date, 27 of these four-bedroom premium units have been snapped up, leaving just 13 available on the market.

One Marina Gardens: Marina South's Maiden Residential Launch, 68% Sold

These rare large units are situated within the project's 44-storey residential tower — the taller of the two blocks at One Marina Gardens; the other stands at 30 storeys. Launched in April this year, the development moved 38% of its units during its launch weekend and has now attained a 68% take-up rate, with an average transacted price of around $2,960 psf.

Notably, One Marina Gardens is the maiden residential project rolled out in the Marina South precinct. The area is envisioned as a sustainable, mixed-use, community-centric waterfront residential enclave. Although occupying a prime spot in District 1, the site is classified under the Rest of Central Region (RCR), drawing buyers eager to capitalise on its long-term growth potential.

The project is jointly developed by Kingsford Group, Obsidian Development, and Polarix Cultural & Science Park Investment.

This latest big-ticket transaction underscores that, while the punitive 60% ABSD has largely curtailed overall foreign demand, a select tier of overseas high-net-worth individuals remain undeterred when it comes to acquiring rare, premier large-format residences in prime locations.