Indonesian Tycoon Pays S$21m For Orchard Condominium

Indonesian tycoon Trihatma Kusuma Haliman is believed to have bought a seventh floor unit at the Le Nouvel Ardmore condominium near Orchard Road for $21 million, reported The Business Times.

This translates to $4,006 psf based on the 5,242 sq ft strata area, which includes a strata void area of 280 sq ft.

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Trihatma controls Indonesian property group Agung Podomoro Land, which has recently been under the spotlight in Indonesia.

This comes as the former Vice President Director of the listed company, Ariesman Widjaja, was held in custody by the Corruption Eradication Commission (KPK), Indonesia’s anti-graft agency, pending investigations on an alleged bribery case involving a land reclamation project north of Jakarta, said media reports.

Agung Podomoro Land is one of the major investors of the proposed Pluit City reclamation project.

Meanwhile, the apartment acquired by Trihatma will be the sixth unit sold by Wing Tai within the freehold project.

In 2015, Sun Tongyu, one of Alibaba Group’s founders, bought a penthouse located on the top two levels of the 33-storey project for a record $51 million ($3,676 psf).

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Designed by 2008 Pritzker Architecture Prize winner Jean Nouvel, the 43-unit condo received its TOP in April 2014.

Wing Tai sold the first unit at the project for $4,362 psf in 2011 to Edgar Cheng Wai Kin, the eldest brother of Group Chairman Cheng Wai Keung. In 2013, it sold two more units at more than $4,300 psf.

This was followed by Sun’s acquisition of the penthouse in April 2015, after which a fifth floor unit was sold for $15.84 million in July.

The developer would have started paying extension charges for the project, as it failed to meet the two-year deadline from the TOP date to sell all units within the project under the Qualifying Certificate (QC) rules, which is aimed at preventing foreign property developers from hoarding or speculating in residential land here.

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