Kheng Leong’s 21 Anderson targets ultra-rich with $58 mil penthouses and large-format, freehold units

Kheng Leong Co, the private property arm of the late billionaire banker Wee Cho Yaw’s family, quietly launched its ultra-luxury freehold condo, 21 Anderson, last month. Despite the understated debut, the boutique development with just 18 units has already seen seven units sold or under negotiation, including one at a benchmark-setting price.

As of May 6, three caveats have been lodged for units at 21 Anderson, which is located in the exclusive Ardmore Park–Draycott Park–Anderson Road enclave. All three are expansive four-bedroom units of 4,489 sq ft, priced from $20.97 million ($4,672 psf) to over $23 million ($5,127 psf). The most recent caveat, lodged on April 24, was for a seventh-floor unit sold at $21.6 million ($4,811 psf).

According to URA Realis, one of the three units was purchased by a Singapore citizen, while the other two were snapped up by Singapore permanent residents (PRs).

Among the two units bought by PRs was the one that achieved the third-highest psf price in Singapore’s residential market this year — at $5,127 psf. The top two deals were recorded at the 54-unit Park Nova in January. On Jan 21, the largest penthouse — a 5,899 sq ft, five-bedroom unit on the 20th floor — was sold for $38.888 million ($6,593 psf). Four days earlier, a 2,906 sq ft, four-bedroom unit on the 19th floor fetched $16.588 million ($5,708 psf).

At 21 Anderson, there are two units per floor in a nine-storey block. The first level holds two-bedroom units of 3,197 sq ft, while the second to eighth floors feature four-bedroom units of 4,489 sq ft.

Two five-bedroom duplex penthouses, each 10,452 sq ft, crown the development. They each come with a 500-bottle walk-in wine chiller, roof terrace with pergola, landscaped garden, a 9m lap pool and sauna. They offer views of the surrounding greenery, Ardmore Park, the Shangri-La Singapore, and the former Raffles Girls’ School campus.

The exclusive boutique condo has nine storeys, with each floor containing just two units (Artist’s impression: 21 Anderson Brochure)

‘Large-format, freehold units outperform’

Wee Teng Yuan, deputy director of Kheng Leong, believes 21 Anderson’s success lies in its scale and exclusivity. 

The two-bedroom units are priced at $10 million ($3,128 psf), four-bedroom units from $20 million, and penthouses carry a guide price of $58.6 million ($5,604 psf).

“There’s a void in the market for large-format, freehold units,” notes Dominic Lee, head of luxury team and investment sales at PropNex, which brokered the $5,127 psf deal.

According to Mark Yip, CEO of Huttons Asia, 21 Anderson caters to ultra-high-net-worth individuals (UHNWIs) seeking spacious living, bespoke finishes and complete privacy. Fewer than 20 residential transactions in Singapore have crossed $5,000 psf in the last three years, excluding off-market deals (see table, Ultra-luxe non-landed home transactions of at least $5,000 psf). 

“These price points reflect the confidence UHNWIs place in Singapore’s ultra-luxury homes,” says Yip.

All the four-bedroom units at 21 Anderson have a floor area of 4,489 sq ft and an 18m frontage (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Designed by ‘Three Masters’

The design architect behind 21 Anderson is Ernesto Bedmar, an Argentinian-born Singaporean who runs his eponymous firm, Ernesto Bedmar Architects. The firm is known for designing high-end Good Class Bungalows on Chancery Lane, Gallop Road, and Nassim Road and resort-style villas in Sentosa Cove, Phuket, and Bali.

Bedmar also designed Kheng Leong’s luxury project 32 Gilstead, a boutique development of just 14 units.

Shunmyo Masuno, a Japanese Zen monk and renowned garden designer, designed the landscaping of 21 Anderson. He also designed the grounds of 32 Gilstead and Nassim Park Residences. The latter was a joint development by Kheng Leong, UOL Group (also controlled by the Wee family) and Orix Capital Partners.

Studio Liaigre, founded by French interior designer Christian Liaigre, is behind the interiors of 21 Anderson. The studio also designed the interiors of Nassim Park Residences.

Wee describes Bedmar, Liaigre and Masuno as the project’s “Three Masters,” crediting them for leading the extensive addition and alteration (A&A) works that transformed 21 Anderson into a luxury residence.

The dining room is separated from the foyer by a feature wall designed by Studio Liaigre (Photo: Samuel Isaac Chua/EdgeProp Singapore)

‘New lease of life’

Kheng Leong acquired the former 21 Anderson from Hong Kong-listed Far East Consortium International (controlled by the Chiu family) for $213 million in September 2021.

Previously, 21 Anderson operated as a serviced residence for 13 years, with 34 units in a 10-storey block.

The building has undergone a top-down transformation. Its façade, interiors and landscaping have been completely rebuilt. Mechanical and electrical systems, as well as some structural elements, have also been newly installed.

“Virtually all aspects have been refreshed to give the building a new lease of life,” says Wee.

Speed was one of the main reasons for pursuing extensive A&A works rather than redevelopment. The project is expected to receive its temporary occupation permit (TOP) by 3Q2025, meaning buyers could move in as early as next quarter, instead of waiting several years.

Each residence features a signature wall separating the foyer from the formal dining area and a dedicated library with shelving and wallpaper designed by Studio Liaigre (Photo: Samuel Isaac Chua/EdgeProp Singapore)

Ultra-luxury details and finishes

Beyond expansive layouts, 21 Anderson offers a suite of top-tier amenities, luxury finishes and concierge service. All units have private lift access and generous frontages with full-length balconies: two-bedroom units span 15m, while four-bedroom units stretch to 18m.

Each residence features a signature wall separating the foyer from the formal dining area and a dedicated library with shelving and wallpaper designed by Studio Liaigre. All units have both wet and dry kitchens and a Japanese-style onsen bathtub in the master bathroom.

Finishes lean toward the bespoke. Living and bedroom floors are laid with engineered oak timber. Balconies are clad in rare green natural stone from the Middle East. Bathrooms feature a mix of Asian lava stone slabs, dark-stained cypress veneer and Rosa Zarci marble from Spain, known for its distinctive golden-pink tone.

Despite having only 18 units, the development boasts 49 parking spaces, including two reserved spaces for each penthouse.

“Ultra-rich foreign buyers interested in landed properties may also discover comparable space, privacy and exclusivity in these high-end homes, without the restrictions on foreign ownership,” says Marcus Chu, CEO of ERA Singapore.

Another major draw is the project’s coveted address in the prestigious Ardmore Park enclave in District 10. Coupled with its freehold status, large-format layouts and exclusivity, 21 Anderson is positioned as a prized asset for “legacy planning”, adds Chu.

21 Anderson features two five-bedroom duplex penthouses of 10,452 sq ft each, with a guide price of $58.6 million ($5,604 psf) [Artist’s impression: 21 Anderson Brochure]

Similar calibre of buyers

Wee acknowledges that the April 2023 hike in additional buyer’s stamp duty (ABSD) for foreigners, from 30% to 60%, “directly affected an important pool of buyers”.

Even so, 32 Gilstead, another freehold boutique project by Kheng Leong in prime District 11, has sold 12 of 14 units since its launch in April 2024. These units, each exceeding 4,000 sq ft, have transacted at an average of $14.4 million ($3,465 psf).

Wee sees 21 Anderson attracting a similar buyer profile, although the price quantum and psf are higher, with four-bedroom units starting from $20 million or over $4,600 psf.

According to Kheng Leong, most buyers are Singaporeans and PRs, including many mainland Chinese nationals. Some potential buyers are also exploring acquiring two adjacent units — either side by side or stacked vertically.

The rooftop terrace of the penthouse comes with a 9m lap pool, sauna, dining area and landscaped garden (Artist’s impression: 21 Anderson Brochure)