Here’s What You Didn’t Know About Jho Low’s Singapore Condo
Low Taek Jho, more popularly known as Jho Low, is a Malaysian financier who has gained international notoriety for his alleged involvement with 1Malaysia Development Berhad (1MDB), the country’s state fund at the heart of a massive anti-corruption probe.
The Penang-born entrepreneur first made headlines in 2009 for spending extravagant sums in New York and Las Vegas parties. Low, who is said to have dated socialite Paris Hilton and supermodel Miranda Kerr, has also been associated with numerous high value transactions, including luxury real estate.
His property portfolio is said to comprise a plush condominium and towering penthouse in New York, a mansion in Beverly Hills and a “high rise lair” in Hong Kong.
In Singapore, Low reportedly owns two prized apartment units at the exclusive Twentyone Angullia Park. Here are five things you need to know about Jho Low’s super-luxurious Singapore condo:
1. It was previously “The Parisian”
The 54-unit Twentyone Angullia Park in prime district 9 is conveniently located at just 161m from Orchard MRT station. Completed in 2014, it is the flagship project of CS Land, formerly known as China Sonangol.
Prior to that, the freehold site on 21 Angullia Park was The Parisian, a 27-unit project completed in 1986. The project was acquired by developer Overseas Union Enterprise in a collective sale for S$228.1 million in December 2006, before being sold to China Sonangol Land for S$283 million in 2009.
The project was first launched in May 2012 at an average of S$4,143 psf.
2. It’s one of the most expensive homes to have been sold in Singapore
On June 19, 2013, a 7,718 sq ft triplex penthouse on the 34th floor – one of the two units said to be Low’s – was purchased at jaw-dropping S$42.9 million (S$5,560 psf), making it one of the most expensive homes to have been sold in Singapore.
Based on URA caveats, the second unit, a 2,260 sq ft, three-bedroom unit directly below the first, was sold for S$11.53 million (S$5,099 psf) on the same day.
3. Both Low’s units were overpriced
Both of Low’s units were sold respectively at S$5,560 psf and S$5,099 psf – the highest psf price to be transacted at the development.
In comparison, between 2012 and 2013, new units at the freehold Twentyone Angullia Park were selling at an average of S$4,541 psf, which means that Low paid more than 22.4% and 12.3% above market price for the respective units.
4. The developer faced Qualifying Certificate (QC) extension charges
Under the Residential Property Act’s Qualifying Certificate (QC) rules, all developers with non-Singaporean shareholders or directors are required to obtain the Temporary Occupation Permit (TOP) for their housing developments within five years and to sell all dwelling units within two years from the date of TOP.
To extend the deadline, developers will have to fork out an additional 8 per cent, 16 per cent and 24 per cent of the land purchase price for the first, second and subsequent years respectively.
In this case, TwentyOne Angullia Park at Orchard faced QC extension charges in 2017 after reported to be in talks with several parties, including ZACD Property Fund Management, for the bulk sale of the 38 units remaining in the project. The extension charges were estimated to be up S$15.2 million.
5. Prices hit a low in 2016
Prices at the development hit a low in July 2016, when the S$8.3 million sale of a 2,777 sq ft, four-bedroom unit translated to S$2,989 psf, the lowest price achieved at Twentyone Angullia Park since it was launched in 2012. It also marks the first time prices at the condo have fallen below S$3,000 psf.
However, prices at the luxury development appears to have rebounded since. The most recent transaction at Twentyone Angullia Park occured on April 2018, when a 2,260 sq ft unit on the 17th floor changed hands for nearly S$8.8 million or S$3,888 psf. Prior to that, 3,154 sq ft unit on the 20th floor sold for S$10.5 million (S$3,329 psf) in July 2017.
Price trends at Twentyone Angullia Park
This article was first published on EdgeProp.sg